Seller-Finance Auto Payments and Statements

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Seller-Finance Auto Payments and Statements

Tony S.
Rental Property Investor · Charlotte, NC · Member since 2014 · 79 posts · 33 votes

Hey guys,

How do you automate seller-finance payments so that they auto deduct from your account every month and auto-deposit into the seller’s account?

Also, how do you generate automatic statements every month?

Any help would be greatly appreciated. Last time I did seller finance, I literally mailed a check monthly and manually generated loan statements. Now I want to do it right this time around so I don’t have to think about it (especially since I have a 25 year term on this seller finance note).

Thanks,

Tony

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Chris SeveneyBusiness Member
Moderator
Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
3y

@Tony S.

Use a licensed loan servicer. That’s the best way as they do all of that for you. Costs around $25/mo but well worth it. A firm investors use is bifi loan servicing

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  • Chris SeveneyBusiness Member
    Moderator
    Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
    3y

    @Tony S.

    Use a licensed loan servicer. That’s the best way as they do all of that for you. Costs around $25/mo but well worth it. A firm investors use is bifi loan servicing

    7e investments53 Reviews
    WebsiteView Page
    1Reply
  • Ken P.
    Rental Property Investor · Northville, MI · Member since 2013 · 263 posts · 183 votes
    3y

    I set up auto payment from my bank to the seller's bank, with his bank account # on the checks.  One month's check did go missing one time about 5 years into the loan, and I had to stop payment and have a new check cut.  The banks are literally across the street from each other, but of course the checks come from some processing center half way across the country. 

    1Reply
  • Kevin Crowell
    Real Estate Professional · Mansfield, MA · Member since 2012 · 74 posts · 28 votes
    3y

    Hi Tony,

    A licensed servicer is the way to go. It makes things so much easier for you. There are plenty of them out there. Yes, BIFI is an excellent choice, as Chris pointed out, but do what is right for you. In the end, it's your call. Good luck with everything. 

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