Small Commercial Deal

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Posted by Brandon on July 16, 2008 at 21:03:13:
I found a property in rural Missouri for 80k. The seller owes 17k and is open to some financing but not for a full 15 years or beyond because he's 67 years old.
The property itself is 9 units and pulling in over $3k/month with one vacancy and it has a great income history. The owner pays utilities which average $1k/month. Even paying utilities, it's a killer deal.
I'm a college student and I only make about $1k/month. I don't have any debt but I have a limited (yet good) credit history. I don't really have to spend my own money every month. I have $5k for a down payment and could potentially get my parents to loan me a larger down payment.
Any financing ideas? I was thinking of proposing some owner financing with a balloon in 5-7 years. Alternatively, do you know of any lenders that would be interested in a deal like this? Thanks!

Follow Ups:

Re: Small Commercial Deal Ed Garcia 06:39:20 07/18/08 (0)

Re: Small Commercial Deal John 05:08:51 07/17/08 (5)

Re: Small Commercial Deal James Harris 17:11:04 07/17/08 (0)

Re: Small Commercial Deal Brandon 12:48:41 07/17/08 (3)

Re: Small Commercial Deal John 14:10:49 07/17/08 (2)

Re: Small Commercial Deal Brandon 18:43:18 07/17/08 (1)

Re: Small Commercial Deal John 05:26:53 07/18/08 (0)

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