Hey all, this is a quick question regarding financing.
Can someone please explain to me how seller financing works on a property? and also do i have to put up any capital or when the title is handed over can i pay back the owner from the income of the property?
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Seller basically drafts up a contract and decides on a rate and term to calculate a monthly payment. You pay him however you want check or you can use unit rents.
Have you thought about just getting an approval for a mortgage and not use the seller?
It does get complicated when you buy the seller out because even on a cash out refinance you will always be maxed at 80% cash out for a primary and 75% for an investment.
Getting an approval for a mortgage has gotten a lot easier since COVID...