The Entrepreneur Forum | Financial Freedom | Starting a Business | Motivation | Money | Success

Where do you start with negotiating?

Learn how to build wealth and win financial freedom the Fastlane way!

Say "NO" to mediocre living rife with jobs, ascetic frugality, and suffocating savings rituals— learn how to build a Fastlane business that pays both freedom and lifestyle affluence. Join more than 70,000 entrepreneurs who are making it happen.
Join for FREE Today
Get the books
Remove ads? Join Fastlane INSIDERS
(Registration removes this block)

yveskleinsky

Silver Contributor
Speedway Pass
Jul 26, 2007
2,217
508
44
I am looking at writing up an offer (different property than the cash at closing one) and the owner is willing to finance. He wants me to go first as far stating terms. I have never done owner financing before and am unsure of how to frame my offer without insulting the guy. I was thinking of starting at offering full price ($85k) with 5% down, at 5% over 30. Any thoughts?
 
Don't like ads? Remove them while supporting the forum: Subscribe to Fastlane Insiders.

AroundTheWorld

Be in the Moment
FASTLANE INSIDER
Speedway Pass
Jul 24, 2007
2,874
1,915
.
I say go for it...

It is a starting point, and if he doesn't like it, he will show you what he would like.

I personally would never loan out money at 5% - but he might surprise you.

I recently asked for an owner carryback at 7% on a commercial property.

They accepted - I never thought they would.

So.... ask for what you want!
 

Jason_MI

New Contributor
Jul 25, 2007
106
8
My first thoughts would be:

1. What do you WANT?
2. What do you NEED?


Write those numbers down, then we can start talking about what your offer might look like; having a 'range' makes things a little easier for both of you; you don't give away the bank and shortchange yourself, and also help to meet what they're looking for.
 

yveskleinsky

Silver Contributor
Speedway Pass
Jul 26, 2007
2,217
508
44
what I would need

Good questions. I would need: for the rents to cover the mortgage. So based on that, the price is right. I need help with money at closing- I would need to furnish the place as well as install some sort of alternate heating source, and of course any downpayment assistance would be great! So, I would say that I need help with about $7k-$10k in the form of cash at closing.
 
Don't like ads? Remove them while supporting the forum: Subscribe to Fastlane Insiders.

Post New Topic

Please SEARCH before posting.
Please select the BEST category.

Post new topic

Latest Posts

New Topics

Fastlane Insiders

View the forum AD FREE.
Private, unindexed content
Detailed process/execution threads
Ideas needing execution, more!

Join Fastlane Insiders.

Must Read Books...

Explore books recommended by MJ DeMarco and other members of the Fastlane entrepreneurial community.
Fastlane Bookstore
Top