NEED ADVICE on L/O deal... How would I ?!...
I spoke with a FSBO yesterday who is asking $165k for his 3/2. He probably would accept less down the road. From what I know this is reasonable for the area he is in and the house sounds like it has plenty of upgrades etc.
I am considering purchasing the property to get some tenant buyers in a L/O. Here is the deal with the seller:
He owns the house free and clear and is downsizing to a condo, so I assume he won't need the full $165k. But he needs the cash upfront atleast enough to purchase the condo. The closing won't be until July (for whatever reason).
What creative options do I have to get the property? With getting a mortgage for it myself being a last option. He seems as though he would probably go for seller financing, but we would have to work it so he gets some cash upfront. How does that work? The property values around here are going up, so I figure getting a tenant/buyer in for a few years to L/O it should be profitable.
Any advice would be appreciated!
Thanks!
Martha 
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