Updated over 5 years ago on . Most recent reply
Seller financing help
In speaking to one of my real estate clients, I found out that his mother is wanting to sell her home. I could easily comp it and sell it at 335-340, however she is willing to let it go for around 300.
I really like the house and would love to have it for myself, however right now financially I won't qualify for a mortgage being a new real estate agent with less than 2 years of income.
I'm pitching seller financing to them to see if they would be interested in doing that. it would be a 5 year balloon payment on a 30 year amortization.
my thoughts are to refinance it at around 2-3 years and pay her off. what are your thoughts? she would be making more than 300 in the end because of the interest, and I would be able to get a home worth more than what I'm paying for it, and would be able to rent out my current property.
how would this be structured? I've never one a seller financed deal before, if you have- would you be able to walk me through the process?
- Brandon Ribeiro
- Podcast Guest on Show #2
