New Investor through seller finance

Doris Garcia

Member since 2023 · 8 posts · 2 votes

Hi everyone!

New to the investing world here 🖐 I am looking to invest anywhere in the Orlando, Fl area through seller finance.

What are the questions I should ask?

I am learning everyday but can't wait any longer and need to just do it lol!

Any advice?

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Marlon FongPro Member

BiggerPockets Support · Bridge City, TX · Member since 2016 · 1k+ posts · 367 votes

Welcome to the site @Doris Garcia It's great to have you here.

Here are some recommendations for you:

Find and connect with other BP members that are in your area: http://www.biggerpockets.com/m...

Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/a...

Read Beginner’s Guide: http://www.biggerpockets.com/r...

Check out BP Money Podcasts: https://www.biggerpockets.com/...

Wishing you the best!

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Marlon FongPro Member
BiggerPockets Support · Bridge City, TX · Member since 2016 · 1k+ posts · 367 votes
3y
Welcome to the site @Doris Garcia It's great to have you here.

Here are some recommendations for you:

Find and connect with other BP members that are in your area: http://www.biggerpockets.com/m...

Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/a...

Read Beginner’s Guide: http://www.biggerpockets.com/r...

Check out BP Money Podcasts: https://www.biggerpockets.com/...

Wishing you the best!
2 Reply
Dustin Lauer
Lender · Orlando, FL · Member since 2016 · 340 posts · 115 votes
3y
I would learn from the Pros in this space. Tons of resources here on BP. Alex Quezada has a group that meets up in Orlando and they talk about creative / seller financing often. I haven't been personally as I'm bad about getting out and networking! Pace Morby has a ton of excellent content on seller financing and has more properties under management than almost anyone using that strategy. Personally I am not sure how they negotiate all those deals, but best of luck to you as you hunt for deals in my hometown of Orlando!
1 Reply
Kevin Bartlett
Realtor · Member since 2023 · 177 posts · 41 votes
3y
Welcome to the BP Community, Doris! Lots of good insight here, Marlon noted a lot of great information for you too.
0 Reply
Eliott Elias
Investor · Austin, TX · Member since 2021 · 9k+ posts · 5k+ votes
3y
These are the key components to owner finance. Down payment, interest-rate, amortization schedule, balloon (if there is one).
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Shawn McCormickPro Member
Realtor · Central Florida-Orlando · Member since 2014 · 1k+ posts · 892 votes
3y
@Doris Garcia If you are looking to network with other investors and find mentors that can teach on the subject, I would suggest joining the local REAI (CFRI) and go to some meetings. There is a sub group meeting once a month just for creative deal structuring hosted by Augie Byllott. He is a master of that and the meeting is free once you join CFRI, so you get advice and questions answered by experts that are local.
I personally have done some seller finance and always make it one of my offers when dealing with a seller. Since there are no banks involved, the terms are what ever makes the deal happen..down payment, interest, balloon, amoritization schedule, options are all things that can be negotiated and even changed later on down the line.
Finding these types of deals is much, much harder. Wholesalers will rarely have one they offer (usually if anyone finds one, they keep it for themselves!!).
Best of luck!
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Steven Foster Wilson
Rental Property Investor · Columbus, OH · Member since 2017 · 3k+ posts · 3k+ votes
3y
Hey Doris, welcome to BiggerPockets! First of all, congratulations in taking the first big leap into your real estate journey! Here are some questions you might find useful when looking to invest in real estate through seller financing.

1. The purchase price of the property
2. The Downpayment required for seller financing
3. The interest rate on the seller-financed loan
4. The length of the loan term
5. If the loan fully amortized, or if there is a balloon payment due at the end of the term
6. The monthly payment amount
7. The annual insurance premium amount
8. The annual property tax amount
9. The penalty if you pay off the loan early
10. The condition of the property
11. The average market rent in the area
12. The vacancy rate in the area
13. Check if there are any zoning restrictions or other legal considerations you should be aware of
14. Find out the typical closing costs associated with the transaction

Always remember to do your due diligence and conduct a thorough analysis of the investment opportunity before making a decision. All the best to your real estate journey!
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Doris Garcia
OP
Member since 2023 · 8 posts · 2 votes
3y
Thank you so much! :)
1 Reply
Doris Garcia
OP
Member since 2023 · 8 posts · 2 votes
3y
I am subscribed to Pace lol I learned so much from him and bigger pockets too🙏Thank you!
0 Reply
Doris Garcia
OP
Member since 2023 · 8 posts · 2 votes
3y
Thanks for the warm welcoming everyone!
I appreciate all the tips! ❤
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Doris Garcia
OP
Member since 2023 · 8 posts · 2 votes
3y
@Steven Foster Wilson
You are awesome!
Thank so much for taking the time to share some tips with me, I really appreciate it! 🙏
1 Reply
Steven Foster Wilson
Rental Property Investor · Columbus, OH · Member since 2017 · 3k+ posts · 3k+ votes
3y
Quote from @Doris Garcia:

@Steven Foster Wilson
You are awesome!
Thank so much for taking the time to share some tips with me, I really appreciate it! 🙏

You're welcome. Glad to be able to help out.
0 Reply
Steven Foster Wilson
Rental Property Investor · Columbus, OH · Member since 2017 · 3k+ posts · 3k+ votes
3y
Quote from @Doris Garcia:

@Steven Foster Wilson
You are awesome!
Thank so much for taking the time to share some tips with me, I really appreciate it! 🙏

You're welcome! Feel free to reach out. I would love to help out as much as I can.
0 Reply
Dmitriy Fomichenko
Solo 401k Expert · Anaheim Hills, CA · Member since 2012 · 18k+ posts · 6k+ votes
3y
Welcome to BP @Doris Garcia ! You have found the right place for a plethora of information on REI.

Good luck on your journey!
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