Stockton, CA 路 Member since 2021 路 13 posts 路 0 votes
5y
To be honest I really don't know,was hoping to maybe find someone that has property they might be having trouble with or maybe jus unable to sale or been sitting on the market for a while,and eager to have someone else take over but still receive a monthly payment
Rental Property Investor 路 Upstate, NY 路 Member since 2012 路 3k+ posts 路 3k+ votes
5y
I did it back in the 80's as it was the only way I could get financing. I was fortunate enough to have an older RE Agent as a friend & he knew who in the area was thinking about selling/downsizing/recently widowed etc. But in those days my offer was in keeping with a 18-19% interest so most jumped at it.
I approached older homes in need of repair but large enough to rent rooms as that was the only way I could afford the rehab & payments. I avoided pre-payment penalties & after rehabbing for several months/year I would refi with a bank. By that time I had befriended a bank manager who allowed me to get 3-4 'principal home' mortgages as rates were finally coming down to 8-9% & I had a great income.
I still own a couple of them as rentals & the appreciation has been exponential. In fact one I got in '85 for $72k is next door to a smaller ranch that sold 3 years ago for $684k was completely rehabbed down to the basement & re-sold for $1.1million.
Real Estate Agent 路 Columbus, OH 路 Member since 2021 路 11 posts 路 8 votes
5y
@Norvell Eugene Reed
I don鈥檛 think you necessarily need to convince the owner as said above. Since the buyer and seller set the terms together - then I see it as a win-win. I think the most important thing would be explaining seller financing since it鈥檚 not that common.
One type of landlord to look for would be landlords who have a few properties they use as a monthly income stream. Setting up a seller financing deal would give them the same income monthly, with less headaches of dealing with maintenance issues, tenants, etc.
That鈥檚 what I鈥檝e been looking for anyway. I look at rental properties currently available for rent, and do some research, and reach out to landlords. It鈥檚 not usually a straightforward conversation about seller financing, but starting a conversation - learning how many rental properties they have, how long they鈥檝e owned them, etc., depending on the conversation, mention seller financing and express interest in working out a deal if they鈥檙e interested, and so on.
At least my that鈥檚 currently what I鈥檝e been working on.
I鈥檇 also be interested in knowing other ways people approach this!
Stockton, CA 路 Member since 2021 路 13 posts 路 0 votes
5y
I very interested in owner financing I believe at the moment that would be my best option.I plan on exercising your suggestions,but any other ideas u may come up with im open to hear