Rental Property Investor · Chesterfield, VA · Member since 2018 · 9 posts · 2 votes
Ok so, I found a great investment property but the bank wants too much money up front in order to finance my deal. THE NUMBERS DON’T MAKE SENSE FOR MY BOTTOM LINE. There are real estate agents involved on both sides of the deal. My question: Is it too late to start asking the seller about owner financing?
Investor · Kingsport, TN · Member since 2016 · 412 posts · 254 votes
7y
@Colin Davis you're going to have to explain more. I don't see anything being much of a deal if it can't even support itself with conventional financing.
Investor · Kingsport, TN · Member since 2016 · 412 posts · 254 votes
7y
@Colin Davis you're going to have to explain more. I don't see anything being much of a deal if it can't even support itself with conventional financing.
Investor · Parker, CO · Member since 2014 · 42 posts · 44 votes
7y
It doesn't sound too late as there is no mention of signed documents or committed funds. Without information on the numbers the bank is going to want a large down payment to protect its interest, seller financing if they are willing can provide more favorable terms and everything is negotiable just work to make it favorable for both sides.
China, ME · Member since 2014 · 3k+ posts · 4k+ votes
7y
@Colin Davis It is highly likely that the seller will still have to pay one or both agents at closing, so you're not going to save money by trying to circumvent them.
That seems to be what you're suggesting. It's not good for your reputation and it's not good business. Not to mention that "tortious interference with contractual relations" can get you sued.
The bottom line is that if the numbers don't work, then they don't work. Move on to find a better deal.