My name is Justin. I’m fairly new to the Bigger Pockets platform and was listening to a podcast recently that caught my attention. The topic of discussion was ‘seller financing.’ The podcast made me realize that this is a great option for those who might not be able to secure traditional financing.
I’m not very verse in this type of financing. For those of you who have experience or some knowledge about this type of financing, can you please help me understand what is it that I should be aware of? How is a deal such as this structured; what parties are involved in this type of arrangement; what costs are associated; are there specific covenants or terms that need to be included in the contract; etc?
Any and all feedback will be greatly appreciated!