All Forum Posts by: Katie Golden

Rob, 

Great advice. How would you approach people with this? 

Rob, 

Wow that was great information for me. I am exploring options, knowledge is key in knowing which way to go. I realize now I will have to save more reserves for me to get approved w a hard money lender. I hear of people using them but they prob had the savings to show to get approved.

I am trying to figure out a way to pitch to father, but that is also scary (honestly more lol). I was hoping to do my first one (flip) on my own w lender without family help. 

This is great info that will help me for sure. So I Sincerely Thank you!! 

Katie

Thanks Tim, 

Okay so find the deal, but dont lock it up with seller financing.. then apply for hard money for it all?  And down payment required by hard money lender is based on what? 

Thanks !

Hello, 

I am looking to preferably build rental portfolio. I want cash flow. I have been talking to sellers that have distressed properties.  So I was thinking of acquiring these distressed homes w short term seller financing, (2 year avg), and then Brrrr them to build portfolio. 

My question is with the 1st rehab I acquire, would hard money lenders loan on SF deals? And should I acquire the deal 1st, 2nd apply for rehab loan? Or do you apply and then find your deal based on what they would give me?

New to the hard money lending! Appreciate any info and guidance here! :) 

(Btw I have 1 deal under my belt, SF but needed no rehab!, so I have tenant. Those are RARE, most need rehab).

Interested in that last response myself. 

Hello Everyone, 

 So this is my first official question, hoping I can get some guidance! I am a new investor, have been learning a lot on seller Financing / LO investing.  I am located in Virginia :)  

For anyone that has knowledge in this type of investing I would GREATLY APPRECIATE your help right now! I don't want to mess this up of course! :) 

Situation: Sellers Home is owned Free and Clear, they have agreed to seller financing. And my end goal is to stay in the middle, place New buyer in home either with Lease option agreement or Contract for Deed. ….  

1. What contracts do I need with the Seller in order to be able to do a LO or Contract for Deed with new tenant/Buyer?

( I will say the names of contracts are really confusing me lately)

*2. I want title to the property correct? or else I can NOT do a L/O or Contract for Deed with new Buyer right??

3. Do I need an attorney to close my deals in VA, or is it just wiser to have attorneys close all my deals? OR should I just use the attorney to draw up various contracts and use title companies to close always?

 4. What are questions to ask a title company to see if they are experienced with these type of closings?  

(the one title agency I spoke with said they didn't know how you would seller finance a home you have seller financing on already, that would create 2 liens and no one would probably buy a home with it having that lien already.) 

*This is where I get confused, not sure how to acquire the property so that I can then create a Contract for Deed or L/O with new buyer.

All the Bests, 

Katie 

Hey everyone. 

I was reading this thread, I am also trying to do a seller financing deal. 

Here are my questions I have that are keeping me from moving forward. 

*my seller owns free and clear

1. Is there a way to obtain the Deed from seller with seller financing? Or is "equitable title" enough to allow me to then seller finance or Lease option to new buyer?

2. Does anyone know what contract is used in VA for seller financing?

3. What is the note? Attorney I spoke with says I would need a note and contract and Deed of trust? What is the note doing?

4. Also a title company I spoke with to obtain pricing and (feel them out).. they looked at me like I was crazy when I asked if they had closed any seller financed deals that then were also seller financed to new buyer.  (I stay in middle) they said "why would anyone buy with $220k lean on the property already?  That would be hard to convince a buyer to buy when 2 liens on any property, not sure how that would be done". 

I have been learning about this for months and everyone says you can use seller finance and then turn around and use the same for new buyer. (I'm the investor in middle)

Thank you for your help, and expertise in this would be HUGELY appreciated!!!!!!

-Katie Golden