So I have been watching this house in my neighborhood like a hawk. It has been listed for almost a year and hasn't sold. Its listed for 250k and probably worth that if it weren't on a busy street. It is in a great neighborhood but is priced too high and the seller just wont bring it down. They have took the for sale sign down currently and I am thinking about talking to the seller. The school district is great and it would make an awesome rental. It is fully updated and could probably rent for $1650 or slightly higher. I want to knock on the door and make them an offer but am struggling on how to present it... Should I ask if they would be willing to do a seller financing deal and find a lease option tenant? Or ask if they would do seller financing and keep it for myself?
It does not hurt to ask. So go for it. If it is still listed I would go to their Realtor. If not go direct to the sellers.
Owner financing is pretty rare. Very unusual that it makes sense for a seller to do. Even more unusual on a residential property but again you will only know their answer if you ask.
Look up the property address on chester county's website. You can find out what his current mortgage situation is.
It all depends on how much equity he has. If he owns it outright and you bring a nice chunk of cash to the table its a possibility.
The average Joe and Jill homeowner aren't very open to or educated about seller financing, but I would still talk to them. All of mine have been from landlords.
These people don't sound very motivated but it still could be a great learning experience to knock on a door @Shawn Connors !
if your plan is to rent it out I don't really see any positive cashflow for you, unless you put a very big down payment.
But it never hurts to ask.
Join the Largest Real Estate Investing Community
Basic membership is free, forever.