Getting first property through owner financing?
I've been wanting to get into REI for sometime and I've came up on a possible duplex but it's owner financed. What are y'alls opinions on a duplex for a beginning property and also on having it owner financed?
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Owner financing can be a great thing especially if you can't qualify for financing on your own or if you don't have much cash for a big down payment. With that being said it all depends on the terms that you and the seller are able to agree on. Also make sure you get some good comps to really nail down the value of the duplex. It's not uncommon for sellers to offer owner financing when they overprice their property and know it won't appraise.