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Updated over 7 years ago on . Most recent reply

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Devon Angle
  • Columbus, OH
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Using Seller Finance, but needs ton of work?

Devon Angle
  • Columbus, OH
Posted

So I came across a Multi-Family that is currently being rented out, but the build needs a ton of work. Has anyone ever done sellers financing, then done rehab, an turn around an get a mortgage under your own name? Feel like there is a lot of risk to this, but also a lot to gain. Just looking for thoughts. 

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Steve Vaughan#1 Personal Finance Contributor
  • Rental Property Investor
  • East Wenatchee, WA
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Steve Vaughan#1 Personal Finance Contributor
  • Rental Property Investor
  • East Wenatchee, WA
Replied

The main risk to me would be to rehab something you don't own like with a Land Contract or Contract for Deed. You own zip with those until you pay them off.

Mortgage/Deed of Trust only or no deal for me.

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