Hello, I am new to real estate investing. A little about myself. I live in California and rent an apartment. I purchased a townhome last year in Nevada & I have tenants who are paying off the mortgage.
There is a person in California who asked me to move into their house to rent but I am more interested in buying the place as it can be turned into a multifamily property. I want to offer me purchasing their home but I dont want to go the bank route because I can't afford to put a downpayment more than 50k & have a mortgage of 7k. So I came across seller financing...
Does it work? Would I be paying more that route vs a bank loan? How does one setup a payment plan. I am still doing my own research on it but looking to get any additional information. Thank you in advance.
Flipper · Mission Viejo, CA · Member since 2014 · 2k+ posts · 1k+ votes
2y
@Alondra Ramos yes you can do Seller Financing anywhere. Like everything else in Real Estate, you just need to negotiate the terms, length of loan, interest rate, early payoff, etc. It's so easy that you really don't need anyone, but an escrow company involved in the transaction, so you would be saving lots of money. The escrow company can create the deed of trust and loan documents for you.
@Alondra Ramos yes you can do Seller Financing anywhere. Like everything else in Real Estate, you just need to negotiate the terms, length of loan, interest rate, early payoff, etc. It's so easy that you really don't need anyone, but an escrow company involved in the transaction, so you would be saving lots of money. The escrow company can create the deed of trust and loan documents for you.