Contacting for rent homes on zillow and asking them to sell

12 Replies

My wife and I will be moving to Indianapolis. We are looking to buy a multifamily home. 1-4 unit. While I have great credit and down payment funds I will not qualify for a traditional mortgage. I plan on going full time for my REI company at the time of moving out of state. I can't get a mortgage without a job lined up in Indy.

Have any of you ever tried emailing for rent listings on Zillow soliciting owner finance? I am thinking something to the effect of sharing my wife and I moving for grad school. We are looking for a home and we are looking for owner finance. Selling them on the plus of still receiving cashflow but no maintenance etc. What do you guys think? Better to ask if they want to sell first then go for terms?

I have never done this on Zillow but I have on Craigslist and not all that much.  

I would think those advertising might be scared off by owner financing but, like most things, I am sure it is worth a try.  You may run into a tired landlord looking to unload the property.

I wouldn't expect your deal rate to be too high but I would definitely be curious if it works.

Good luck!

-Rob

If you have great credit and a down payment, why don't you qualify for a traditional mortgage?

You will never know if you don't try !!!

@Michael Clemson I live in MO but am moving to Indy. In order to qualify for a mortgage before moving I would need to have a w2 job lined up where I'm moving to. However at that time I am going to be working from home for myself. So I won't have that. So I have to look at creative means unfortunately. 

Right!  I guess I just meant that it might take a while to find one, but I think it is worth trying out.

We don't need to move till July so I've got sometime. There are a few other means vs seller financing but that would be my ideal. I think I will look for sellers first then sell them on terms.

Since you have a job, credit, and DP funds now - why don't you just buy / mortgage the property in Indianapolis now - before you move there?

stephen
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Originally posted by @Ryan Dossey :

My wife and I will be moving to Indianapolis. We are looking to buy a multifamily home. 1-4 unit. While I have great credit and down payment funds I will not qualify for a traditional mortgage. I plan on going full time for my REI company at the time of moving out of state. I can't get a mortgage without a job lined up in Indy.

Have any of you ever tried emailing for rent listings on Zillow soliciting owner finance? I am thinking something to the effect of sharing my wife and I moving for grad school. We are looking for a home and we are looking for owner finance. Selling them on the plus of still receiving cashflow but no maintenance etc. What do you guys think? Better to ask if they want to sell first then go for terms?

@Stephen S. That was my initial plan. However I have since been told that I would be required to have work lined up there. As an owner occupant get a mortgage out of state without a job there. 

@Ryan Dossey house hack - live in one unit while renting out the rest.  Most of these properties are old and in rough neighborhoods that you and your wife will not want to live in.  Yes, there are a few exceptions but for the most part this is how our market is here.  

I will PM you the contact info for a local credit union that may be able to help you out.

Hope that helps.

Ryan,

Welcome to Indy! If I can help you in anyway once you relocate here, feel free to contact me.

Can't wait to have you as a Hoosier :-)

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