My first subto - seller financing deal

My first subto - seller financing deal

Devin PetersonBusiness Member
Lender · Sarasota, FL · Member since 2022 · 2k+ posts · 664 votes

I'm gearing up to have a discussion with a seller of a property that I have pretty good odds of getting the house. Here is the scenario:

The street I grew up on, a few doors down a woman recently passed away and she was very close to our family. Her sons want to sell me the house because they know my mother still lives 4 houses down and being close to family is important. they are willing to give me "first dibs" by talking to me about prices and options.

The sellers: One brother is retired, lives in FL (the property is in CT), and is pretty much removed from the situation. The other brother is a local attorney and pretty well-off. I don't imagine they are in dire need of money. I know they are successful in their respective careers. Ages are 60-65 years old. I'm trying to develop a way to make them understand how sub-to or seller financing would be the best option.

I run a creative non-bankable / investment mortgage brokerage for a living so I understand the philosophical notion that every person has a trigger, and you have to find the purpose and keep hitting that button to drive a point. I'd imagine in a situation like this the approach isn't much different. Define the problem and find a solution to a space in their lives that this deal can solve.

I'm wondering what some good questions would be to prep for when I have my phone call with the sellers in the next week or so. I also would like to know what kind of due diligence and constructive research can/should I conduct on my own relative to the numbers of the deal. Any subto/seller financing spreadsheets anyone can share?

Excited about this opportunity and really just want to capitalize because I know there is a way and I think I have a pretty clear advantage.

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  • Wholesaler · Orange County · Member since 2022 · 31 posts · 29 votes
    2y

    Hey Devin, Happy to help you out with this. Send me a message and lets hop on a call! 

    I currently buy or wholesale 5+ Subject to/Seller Finance deals a month so I am pretty familiar with process and deal analyzation. 

  • Meriden, CT · Member since 2018 · 698 posts · 500 votes
    2y

    @Devin Peterson - you know the connections to talk to already.  Speak with Irving, David Haberfeld, Nick Devine, etc.  There is a guy Petyr (I think that's how you spell it) that is probably the top SubTo guy in the state.  Nick can get you introduced if needed.

  • Devin PetersonBusiness Member
    OP
    Lender · Sarasota, FL · Member since 2022 · 2k+ posts · 664 votes
    2y
    Quote from @Samuel Eddinger:

    @Devin Peterson - you know the connections to talk to already.  Speak with Irving, David Haberfeld, Nick Devine, etc.  There is a guy Petyr (I think that's how you spell it) that is probably the top SubTo guy in the state.  Nick can get you introduced if needed.


     Yes of course I spoke with Nick and Irvinig a little already. You should have come to BPCON! It was electric!

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