All Forum Posts by: Account Closed

When making an offer on a property do you prefer to first ask what they are looking to get or offer what you are looking to pay? 

My neighbor is thinking of selling his rental property(now vacant). He's older and owns free and clear. He showed us the inside and it's all original (1979),It needs a totally rehab. I want to ask him to do seller financing. If I can come to an agreement, what next? Do I myself contact a title company and start the paperwork? Does he? Anyone know the average cost to do this(I live in MD)? Can anyone explain to me step by step the process after the buyer/seller agree to terms? Also, after say 5 years, how do you go about transitioning from a seller financed loan to a traditional loan? Sorry if that's a silly question :/

Thank you, I am in the building trust and rapport phase with him right now.  He's the nicest man ever :) We even had a friend who was looking for a place and refereed him to our neighbor.  He just hasn't decided what to do yet. We don't even want to push/rush him because the longer he waits the better financially we are.  I just need a plan in case he wants to sell now.  My husband even mentioned trying to somehow motivate him to rent it out for another year and agree to sell it to us at that time.  

My neighbor has rented out his townhouse for many years.  He owns it free and clear. He is older and the plan is to eventually sell.  His last tenants recently moved so he is undecided on renting or selling.  I feel he is fairly open to selling.  My husband and I would love to possibly buy it ourselves as a rental property. I would like to approach him with the idea of seller financing.  I have no idea if he has any knowledge on the subject, lets just assume he doesn't.  I have never used seller financing myself so I was hoping to get advice and tips from people who have.  

Do you know if he happens to own it free and clear?  If so, you might be able to come to some sort of seller financing agreement.  I am VERY new to the investing world but this is a option we may be using in the near future with our neighbors house.  I am still educating myself on the subject but it sounds like it can be a good option for getting around a traditional loan if he owes little to no money on the house.    

Hello, my name is Karen and I am from Maryland.  I am very new to this site however I have quickly come to realize how amazing it is.  I basically spend my free time listening to the podcast (thanks Josh and Brandon) and exploring post on topics I am trying to familiar myself with.  I am very fresh to the real estate world.  I am basically in the early learning phase. My husband and I are still currently exploring our options as far as investing goes but the buy and hold method always seems most appealing.  I look forward to learning as much as possible from everyone and hope to one day help contribute to others successes.