saw an ad for new beach front home that a builder is willing to seller finance. I called him and he said he is asking $375,000 and he owns several homes on the lake and that he is 68 years of age and that he and his wife want to travel now. I am suppose to meet him today. My concerns are that If I sign the contract to do seller finance, should I agree to close in 90 days? The monthly payment would be $2700.00 a month for 30 year promissary note. Also we have not agreed on a purchase price yet. I hear the lake of the ozarks a beautiful place. It's a brand new house. I called a property management compnay on the lake and asked them what are rents going for and they said it is usually $300 a night and they get half of that.
My questions are :
1. Is this a good deal? He is offering no money down and seller finance for 375,000.
2. What should my offer be?
3. How would I be able to pay $2700 a month if I do the deal?
4. I do not beleieve the lease options would cover that payment plus more especially as we approach winter months.
Please offer suggestions.
"If you cannot do great things, do small things in a great way.”
Napoleon Hill quote