Updated about 5 years ago on . Most recent reply
Owner Financing
Good Afternoon BP. I came across a woman who has 8 properties to sell. As an agent the selling part is easy. As an investor I'd like to put my hands on a few of them and am not sure how to package the deal to make appealing for her. She is willing to owner finance some of them and I think this is my big chance to "START" Please help me. I'm having a difficult time. If possible I'd love to have a teleconference or web chat any help would be greatly appreciated.
Most Popular Reply
Definitely need more details in terms of actual numbers. But a favorable loan for the seller might be offering to pay 10-12% interest only payments amortized over 30 years with a 7 year balloon. It can git your foot in the door, but you'll need to have a strategy for refinancing before 7 years. It will take 12 months before you can get a conventional loan.
Down payments are typically high at nearly 50%. That gives the seller the ability to sell the note if they want rather than wait 7 years.
Otherwise a combination of both conventional and hard loan could be done if you can qualify and structure it properly.