Contract For Deed
Hello all!
First off, thank you to any and all of you who will take the time to not only read this post but also the advice you may offer.
I am just starting out in the rental properties and I am close to purchasing my first property. My concern is I am looking to scale relatively quickly and I know that the bank will not give me multiple loans to continue to buy properties. So I am trying to find a way to obtain more properties through some special financing. I was thinking about doing a Contract for Deed. My question is what are common terms for doing a contract for deed? Or does it all depend on what we can work out? My concern is that the seller will want to receive a monthly check that is more than likely higher than the cash flow he is receiving from the property itself to make it worth his time. For me, that does not make any sense to do then because I would be incurring negative cash flow.
Hopefully all of this is not too confusing and someone may have some words of wisdom.
Thanks again!