What are the benefits of seller's financing? What are some of the best ways to go about it if i want to make the property a rental?
The property is a 4bdr, 2.5 ba, the asking price is $80k and it needs about $15k of work done.
I assume you own the property @Brittany Dent? Your benefit would be that by offering seller financing you may get an anove-market price for the house. You will also be able to spread out your capital gains tax payment and you have an ongoing income stream without doing anything. You can foreclose if they dont pay. Just be sure you understand the laws in your state or have a good attorney.
Hi Rob, maybe I stated my question wrong but i'm actually looking to buy the property and use seller financing as the tool.
look for a motivated seller who will let you take over his mortgage. But it all depends on the deal, what terms you can negotiate. I guess this is a general question, but of course you don't have to qualify like you would with conventional financing. If you are really clever, you could do it with nothing down. It's all subject to the terms.
This is a very good way of buying and renting out or selling the financing with a wraparound. There's lots of ways to structure the deal. Takes knowledge and experience.