Updated almost 6 years ago on .
How to set up and details for seller financing
I am looking at a house where the owner wants to walk away with 20k after all fees are paid.
She owes approximately 50k
ARV is 82k
$5K of work to get to rentable condition
predicted rent will be $1100
I plan to offer to give her $20k down and take over her payments. I plan to refinance and pull some of my money back out.
In my head the deal makes sense. I just don't know how to execute it.
Do I hire a RE lawyer to structure it? What is the approximate cost?
If I am able to take over the loan, I would assume to send the payment directly to the bank. Is that correct?
Since 2017 I've purchased 4 houses, but all with traditional financing through a bank. I'm looking at other options to be able to grow my portfolio a bit quicker and to practice other ways to buy properties.
Thanks for all of you help in advance.