Should I use Owner Financing?

[David Stone]

Looking at at buying 3 duplexes from one owner. ($200k+) This would be my first investment besides my house which has like 35k in equity. I don't make very much ($22k/year). So I'm wondering if the seller financing would be better than the traditional bank option? Not really sure exactly how selling financing works exactly. As far as length of loan and interest rates.

[Anthony Angotti]

I was typing up a reply but then my iPad cleared it. Two things.

One if buying a package deal make sure each house stands on its own merits. I'm not a fan of package deals because people are usually trying to add a junker in there.

Second, seller financing might actually be your only option in this case. Here is a link that explains things very well. Post any follow up questions: https://www.biggerpockets.com/renewsblog/2013/11/0...

Also, the benefit to seller financing is that the terms rates etc. are all up to you and the seller. There is complete flexibility as long as they own the property outright. Present it to them like its a way to collect the money that would be their "rent" monthly without being a landlord and not having to do anything except sit back and collect for 10 years.