As promised from one of the bloggers, here's the details on my fourplex offer. This was actually printed out and attached to my offer to the seller. Why did I do this? For several reasons.
1) I have to prove to the seller that a property is "valued" at what the property can take in and I will only buy a property if the numbers work.
2) On this deal, I am asking the seller to carry back his equity in the amount of 168k. I figure that the seller will feel more comfortable with the carry back when he relaizes that I don't have huge amounts of negative cash flow.
For creative offers like this , keep in mind that you can get lower mortgages by reducing the SALES PRICE or TERMS OF THE LOAN. In this case, I am offering only 3% to the seller for the carry back. This allowed me to increase my offer price so I didn't have to be low balling him.