Hey guys I’m 23 years old and been reading a lot trying to find out how to be an investor in real estate , I have no income due to me being in college , but I came across a very difficult topic that know one seems to explain well. “Owner finance “ . A few say it’s best for me since I have no income and I can avoid a loan process, but then a couple say no I need income . Ofcourse I have money saved for down payment if need be around 20 to 30k , but that’s all I have saved, I don’t have a job, I try to prospect as a real estate agent to make money while in school, but I hate college and I want to start investing so bad, and I hear that some use owner finance to start, PLEASE HELP SHINE SOME LIGHT !! 😫
First of all no need to make multiple posts; one will work.
Owner financing just means you get a loan and make payments to the seller. You decide together, the purchase price, down payment amount, interest rate, number of payments etc and create a contract. You will get a title company to assist with the closing and possibly the payments.
Whether the seller gives you a loan without income is completely up to them. There are no rules, just two people coming to an agreement.