All Forum Posts by: Lorra Smith

Thank you for your response. What is most appealing to me about this is not having to put a lot of my own money in as a down payment. Of course, even if I had a tenant occupying the property, I would still be the one ultimately responsible for the monthly payments to the seller and if I had any vacancy, I still have every intention on satisying that monthly payment to the seller so I still consider myself to be trustworthy in this type of situation. 

Thank you for your response. I have great credit and financial discipline. I was looking at the seller financing option/rent to own as opposed to using a bank to purchase my first rental property because this way I don't have to put 20% down. I was thinking I could go this route and have a tenant occupy the property to pay for the financial obligation that I would have to the seller. Is this something that can be done?

Hello, I am a brand new member to Bigger Pockets and am just starting to figure things out, mainly how to acquire my first rental property. Has anyone used seller financing or rent to own to acquire their first rental property? If so, what did that look like for you? I am trying to avoid using banks. Thanks in advance!