First step into a house hack/brrrr

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Jeff SchemmelBusiness Member
Real Estate Agent · Saint Paul, MN · Member since 2014 · 384 posts · 401 votes
5y

I think you should call.  If they are open to seller financing, your 2nd question may not matter at all!  I know some investors who have gotten a killer deal just door-knocking for seller financing deals.  Just focus on being yourself and make it clear what you're looking for.

-Jeff

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  • Matthew CrivelliBusiness Member
    Lender · MA · Member since 2021 · 1k+ posts · 1k+ votes
    5y

    I don't see the harm in seeing if its something you want to pursue. What's the harm in contacting him now? As long as its a solid deal and you have the necessary funds to close a loan.

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  • Brendan F. Nagle
    Member since 2018 · 104 posts · 94 votes
    5y

    Call both, worse case, one says no. You aren't out anything. 

    0Reply
  • Jeff SchemmelBusiness Member
    Real Estate Agent · Saint Paul, MN · Member since 2014 · 384 posts · 401 votes
    5y

    I think you should call.  If they are open to seller financing, your 2nd question may not matter at all!  I know some investors who have gotten a killer deal just door-knocking for seller financing deals.  Just focus on being yourself and make it clear what you're looking for.

    -Jeff

    2Reply
  • Ernest Partin
    Rental Property Investor · Boston, MA · Member since 2018 · 99 posts · 33 votes
    5y

    Call the owner. I am sure you are in the process of financing already. Even if not pre approved yet, make sure it's in the ball park of what you expect to get approved for. Good luck king! Sending great energy your way!

    0Reply
  • James McCard
    Investor · New Hartford, CT · Member since 2016 · 282 posts · 104 votes
    5y

    It is not a bad thing to reach out. Like some others mentioned you might not even need financing. To me it is a fake it until you make it thing! 

    0Reply
  • Samuel Whelan
    Lender · Cheshire, CT · Member since 2019 · 19 posts · 25 votes
    5y

    @Eric Garces if you're just starting out and aren't sure what your buying power is then it'd be a good idea to sit down with a lender and find out. That way as you go door to door or make contact with people you'll have some ideas as to what your left and right limit are before you get into a deal you can't deliver on. Seller financing is a great tool as others have said, but a good craftsman makes sure they have a full tool-bag so that if one option isn't getting the seller interested, you can just pull out another. 

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  • Shanna Vataj
    Real Estate Agent · Westchester, NY · Member since 2021 · 77 posts · 35 votes
    5y

    @Eric Garces

    If you know he’s definitely willing to sell, I’d contact him now and give him a timeframe for your preapproval. Neat Capital does instantaneous ones online. A pre-qualification will take longer but not more than a few days. This market is crazy. take advantage of your off-market knowledge and get your name to him ASAP.

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