Needs more details on seller financing

[Edisson Casseus]

If the seller carries the mortgage, do I still control everything else such as being able to borrow against the asset and rehab to add value.

[Christopher Phillips]

@Edisson Casseus

Depends on what you mean by seller financing. If you mean you take possession of the property and the previous owner still has a mortgage on it, no, because you don't own it.

If you get title and you sign a promissory note to the seller to make payments (essentially the seller becomes the banker), you can get a loan for two situations: 1> a loan with a bank to refinance out of the promissory note, which pays off the seller what you owe, and places a new lien on the property. 2> Potentially a rehab or 2nd mortgage "IF" you can find a bank willing to take a 2nd position on the property. Many don't like to do that anymore. If you have the equity, a HELOC might work.