All Forum Posts by: Adam Schuette

I agree with James Wise. Check with the brokers in your area. If there is a Keller Williams I would highly recommend them (great training as well as large incentives for seasoned agents). Good luck on your adventure and enjoy the process!

Hi Richard, welcome to BP!

I am a Realtor in Santa Barbara but I have an investor that lives in Rancho Cucamonga that would be interested in any deals you found as well. Feel free to put me on your buyers list as well. Happy hunting!

Hi Larry,

I have asked myself this question multiple times. I guess I should have hopped on Bigger Pockets to do what you did and just ask lots of people at once. There is a lot of great information here, so thank you all for contributing to this forum and placing multiple ideas to release stress. 

I dealt with a lot of this on my own in the beginning which in turn can hurt yourself, your business and those around you. Over time I found that I can't just take time for myself because I constantly found my mind wondering in multiple directions anyway. I had to find something that would distract my mind from work and then after this distraction immediately talk with people about it and get opinions (For me it was either a competitive game with friends, whether basketball or cards). Unfortunately we are all different and you will have to find what works best for you. Just don't stop trying, keep trying new things until you find your release but most of all be vocal about it and don't hold it in. 

Although a little morbid, one of the main things that helps me get my mind straight is to remind myself that we do not have tomorrow promised to us and even a moment of worrying only takes away from a moment we can be happy. Cheers to you fighting bad stress and turning it into healthy stress, keep it up!

Originally posted by @Tim Soto:

Hi Adam, 

I've done seller financing on both sides, just not on raw land. Based on my experience, the one most important thing that I take into consideration is to make sure that the down payment is large enough to hurt the buyer if they default. Make the terms a little more in your favor, seeing as you're taking on most of the risk, but be reasonable enough not to set the buyer up to fail. 

Seeing as you're in California, which is a non-judicial state, it would be a lot easier to foreclose, than if you were in a judicial state. Hope this helps.

Kindest regards,

Tim

 Hi Tim,

When setting up seller financing, have you usually put all your terms and paperwork together before you find a buyer. Or just have an idea of what you want and deal with the terms and paperwork after you find a buyer?

Thank you for the response.

Originally posted by @Walt Payne:

@Adam Schuette  I have never done a seller finance deal, but I would surely do everything my lawyer says I can to protect myself, and assume that the buyer will default and cover my assets. 

I have read that raw land is the most defaulted of mortgages. I think that sometimes it is treated as speculation, and if the value doesn't go up, or not fast enough, buyers will walk.

 I have yet to speak with a lawyer on this but it sounds like it might be worth a consultation to save some headache later. Thanks

Hello,

I have never done seller financing before and it would be on raw land. Are there any pitfalls that I should be aware of when having the contract written up? Or anything that I should be sure to add in the contract?