Looking for some more insight in purchasing a Multi Family of 5 units or more through owner financing.
From you experience, what do % owners usually want as down payment.
Have you ever bought one with 0 money down?
How do you hunt down these properties that have a probable chance of owner financing, in other words, while looking at details online, what traits are you looking for that could show you the owner may finance the property.
Very Important question: Lets say you have found a really good deal for a multi family and you are strictly looking for an owner financed deal. You like the numbers on the t12 and rent roll and have seen the area and exterior of the property. Do you setup a showing knowing you will make an owner financing offer, or do you mention to the Seller's agent that you're interested in setting up a showing but only if seller is willing to owner finance? Mentioning beforehand will save you and the agent some time, would it not? If owner is not considering financing at all, isn't it just wasting time to go see the inside and then make a useless offer after?
Also, surprise surprise, I am looking for an owner financed Multi so reach out to me if you have something!
Another question on top.. What interest rate have you seen on owner financed properties? is there a typical % or does it completely vary? Have you seen owner financed rates match with traditional bank loan rates?
I have a HML backing me for my multi family ventures, but the high interest will kill cashflow, so that is why I'm looking for owner financed deals where the interest could be better.