Contractor · Pittsburgh, PA · Member since 2013 · 143 posts · 36 votes
11y
Nicholas,
I call almost every for sale by owner sign I see, and I ask them if they are interested in engaging in a seller finance deal with me. I explain the pros and cons of it, and I'd say about 9.9times out of 10 they say no. However, I 've bought 2 houses that way and I actually just had a promising call yesterday when I called one waiting to pick my daughter up from school.
You could always dip into the equity of your current house(s) and use that as a down payment, or depending how much you have, pay cash.
Have you used fha currently?? You can use that for up to a four-plex I believe (but not certain!). You could live one of the units...rent the other(s) out. Brandon Turner from this podcast is a big advocate for this, as am I - I used fha for a duplex of mine, worked out great.
Contractor · Pittsburgh, PA · Member since 2013 · 143 posts · 36 votes
11y
Nicholas,
I call almost every for sale by owner sign I see, and I ask them if they are interested in engaging in a seller finance deal with me. I explain the pros and cons of it, and I'd say about 9.9times out of 10 they say no. However, I 've bought 2 houses that way and I actually just had a promising call yesterday when I called one waiting to pick my daughter up from school.
You could always dip into the equity of your current house(s) and use that as a down payment, or depending how much you have, pay cash.
Have you used fha currently?? You can use that for up to a four-plex I believe (but not certain!). You could live one of the units...rent the other(s) out. Brandon Turner from this podcast is a big advocate for this, as am I - I used fha for a duplex of mine, worked out great.
Flipper · Port Deposit, MD · Member since 2014 · 280 posts · 171 votes
11y
I like the term used. "Stuck with" really makes it sound like you are "stuck with" the job of cleaning grease traps, or "stuck with" a neighbor who likes to let his dog poo in your yard.
Oh how I would love to be "stuck with" two properties.. ;)