Owner Financing Tampa Florida

[Jonathan Jackson]

Question BP family, I'm in the process of buying my 1st investment property a 3 bedroom 2 baths in the Tampa Fl area. I've been looking online on Craigslist but it seems as if I'm not finding any homeowners that's doing owner financing so my question is do I need to find a agent to assist or is there any other sites I can use to find some properties...

[Brian Gibbons]

Originally posted by @Jonathan Jackson:

Question BP family, I'm in the process of buying my 1st investment property a 3 bedroom 2 baths in the Tampa Fl area. I've been looking online on Craigslist but it seems as if I'm not finding any homeowners that's doing owner financing so my question is do I need to find a agent to assist or is there any other sites I can use to find some properties...

 Hi Jonathan,

Terms Investing, such as Owner Financing, Sub2, Land Contracts and Lease Options are creative tools best suggested to owners-sellers without agents.

Find motivated sellers (expireds, cancelleds, tired landlords, fsbos, for rent by owners, evictions, divorce, etc)

Mail them a yellow letter

Follow up 7 times over 3 months.

Have a good presentation, compare selling a) with an agent and paying the cost to sell w commissions, closing costs, etc. to b) renting to c) selling to you on terms, where they net more money down the road.

You make money by helping the seller with debt relief.

Here are questions you can ask the seller both on the phone and in person.

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MOTIVATED SELLER - QUESTIONNAIRE CHECKLIST
Property

• Can you tell me a little bit about your home? (# of bedrooms, baths, size etc.)
• What do you like most about the home?
• What do you like the least?
• Are there any repairs needed?
• What is your sales price and how did you arrive at it?
• What do you think your house would appraise for in excellent condition?
• What do you think your property could rent for?
• Is your property listed with a real estate agent?
• If you don’t mind me asking, why are you selling?

Financing

• Do you own the house free and clear?
• Do you know if your mortgage loan assumable?
• Would you sell the house for what you owe?
• If not, how much are you looking to get above what you owe? (Subtract that from sales price to
get loan balance.)
• How much are the monthly payment on the mortgage?
• Are the payments current?

Negotiation

• If I paid you all cash and closed quickly, what is the least you could take?
(Follow-up by asking if that is truly the least they would take.)
• Will you consider leasing the property to me with an option to buy if I guarantee the mortgage
payments and maintenance?
• Do you have a problem with someone living in the property until I get it sold?
• Would you consider optioning the property to me, if there is absolutely no risk or cost to you?

@Steve Vaughan may want to add here.