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Hi All,

I've posted here in the past regarding my last 2 deals and the advice provide was valuable...thanx a bunch :-) I'm in the process of purchasing my 6th property. This property is in my farm area. In fact, it is on the same block where I have 4 other properties. Here's the scoop:

- 5 bedroom, 2 bath row home
- Located in Philadelphia, PA suburbs
- The house comps for $105k - $110k (i know this block very well)
- House will rent for $1295 / month (I currently rent two - 5 br houses on this block for $1295)
- Monthly mortgage: $780 PITI (based on 20% down payment, 30 yr fixed, 7%)
- Monthly cash flow: $515 / month
- Estimated repairs $2,000 (house is in move in condition, the $2k is cover to misc repairs to comply with Building Code)

I'm preapproved w/ my lender for a purchase price of $95k. I'll need to put down 20%. I'd like to minimize the out-of-pocket cost since I'm already putting down 20% down, $19k.

The owner originally wanted $125k, I've been able to negotiate them down to $105k. I have an existing relationship with the owner. I bought a house from them on the same street 2 years ago. They know that I'm a proven player. So I'm thinking of structuring the following deal:

- Purchase price: $95k (mortgage from lender $76k + my down payment $19k)
- Remaining 10k, I'd like the seller to extend a payment plan to me.
--- To help sell the payment plan idea, I would pay $2k upfront and spread the remaining $8k balance over 24 months.
--- The monthly payment works out to $333 / month. The cashflow from the property will cover the payment.

Does this sound plausible? Thanks in advance :-)
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