Do any of you have a creative way to ask or find out if an owner is willing to take back a mortgage? Do you guys do due diligence to see if there are any bank liens on the property first.
Who's got the secret out there in the bigger pockets cloud of smart investors. (smile). After renting out my two apartments I'm going on the hunt again. :)
@Kimberly H. - mine have all been from tired boomer-aged landlords that own free and clear. I seek crude for rent signs taped to houses, CL ads with landline phone numbers, etc. I can also quickly look up the sales history for properties in my counties. If they bought long ago, it's a bonus.
After building a little rapport, I ask what they would like to see happen. I ask if they are interested in monthly income without tenant headaches then go from there. I provide references and talk about someone they may know that sold to me carrying the paper. It's not for every seller as you know but worth asking landlords. Joe and Jill homeowner are a waste of time for seller-carry's I have found. People fear what they don't understand or can't do because they have to buy again. Good luck!
@Steve Vaughan - Great Advice.... still a bit of homework, which I'm not opposed to.