Seller Financing in Maryland

[Joe Maurer]

Hello all:

I have seen some material on this topic but it was listed several years ago. I’m starting a new thread because I’m not sure if rules have changed and I want to stay current.

A friend of mine is looking to sell her home and move into an apartment. I am interested in purchasing it for a buy and hold rental. Since this just came up and I don’t have a lot of cash for a down payment, I thought about doing the seller finance option. I have heard podcasts in which this would work if the owner had paid off their mortgage and owns the home. What about if the owner still pays her mortgage? Would there still be a way to do this?

Obviously this would be a win-win for both of us if it’s done right and on the up and up. I would want to make sure that she completely understands where I’m going with this so it is a win for her.

Also, are there any rules that I need to know about doing a seller finance in the state of Maryland? If so, where could I find this information?

I currently have a buy and hold that I‘ll need to raise the rent on for the next lease. Before I found BiggerPockets, I was mainly concerned (scared?) with vacancy versus earning a greater profit per month. Now that I have a little information on my side, I should be able to adjust it so it works for me. Adding another home like the one above would be great for my portfolio and it would make me feel better about taking the big leap in this game!

Thanks in advance,

Joe