Software for seller financing

Investor · Baltimore, MD · Member since 2019 · 168 posts · 47 votes

Hello and happy holidays! I have a possible seller financing opportunity, where I would be the buyer. Can anyone recommend software which would accept monthly payments (from me to seller) and create proper 1099 forms for tax purposes at year end? Thank you!

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Chris SeveneyBusiness Member

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Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes

Quote from @Arthur Schwartz:

you do not want software its too expensive - you will want to use a third party loan servicer. For example we are lenders and buy notes and we use madison management out of nevada. Other companies people use are SNSC, FCI, Landhome, Homekey and others.

That would be your best bet. The lender is the one who sets this up as they are the ones who typically pay since its them who is to provide this as well as keep track of the loan, but only be a borrower if they use a servicer.

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Chris SeveneyBusiness Member
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Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
1y
Quote from @Arthur Schwartz:

Hello and happy holidays! I have a possible seller financing opportunity, where I would be the buyer. Can anyone recommend software which would accept monthly payments (from me to seller) and create proper 1099 forms for tax purposes at year end? Thank you!

you do not want software its too expensive - you will want to use a third party loan servicer. For example we are lenders and buy notes and we use madison management out of nevada. Other companies people use are SNSC, FCI, Landhome, Homekey and others.
That would be your best bet. The lender is the one who sets this up as they are the ones who typically pay since its them who is to provide this as well as keep track of the loan, but only be a borrower if they use a servicer.
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Arthur Schwartz
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Investor · Baltimore, MD · Member since 2019 · 168 posts · 47 votes
1y
great info! thank you!
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Patrick Roberts
Lender · Charleston, SC · Member since 2019 · 1k+ posts · 1k+ votes
1y
Echoing what Chris said - use a third party servicer. Way simpler and more protective for everyone for about $30/month.
Out of curiosity, will you be at red stick REI in January? If so, Id like to chat with you about this stuff. We're ramping up to offer seller financing in BR this year, and we buy seller finance notes in LA in some circumstances. I'm originally from BR and am fairly active there.
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Arthur Schwartz
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Investor · Baltimore, MD · Member since 2019 · 168 posts · 47 votes
1y
Honestly I was not aware of this group! where and when is the meeting? I will do my best to be there......
Thank you also!
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Patrick Roberts
Lender · Charleston, SC · Member since 2019 · 1k+ posts · 1k+ votes
1y
It's a monthly REI networking meetup at Red Stick Social on Government in midcity. It's at 630p on the first Tuesday of each month (1/7 this month). There's a FB group and a webpage. Pretty solid group.
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Chris SeveneyBusiness Member
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Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
1y
Quote from @Patrick Roberts:

Echoing what Chris said - use a third party servicer. Way simpler and more protective for everyone for about $30/month.
Out of curiosity, will you be at red stick REI in January? If so, Id like to chat with you about this stuff. We're ramping up to offer seller financing in BR this year, and we buy seller finance notes in LA in some circumstances. I'm originally from BR and am fairly active there.

we see a lot of inventory so also happy to chat offline about this
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Patrick Roberts
Lender · Charleston, SC · Member since 2019 · 1k+ posts · 1k+ votes
1y
Quote from @Chris Seveney:

Quote from @Patrick Roberts:

Echoing what Chris said - use a third party servicer. Way simpler and more protective for everyone for about $30/month.
Out of curiosity, will you be at red stick REI in January? If so, Id like to chat with you about this stuff. We're ramping up to offer seller financing in BR this year, and we buy seller finance notes in LA in some circumstances. I'm originally from BR and am fairly active there.

we see a lot of inventory so also happy to chat offline about this

Yeah, absolutely. I'll shoot you a DM.
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