All Forum Posts by: Sarah Castellanos

Thanks for the advice!

Has anyone ever done seller financing with an owner who needed to stay in the property until finding a new home? 

You got that right!! Congrats to you.

I passed on this investing opportunity, but it's a great location and home to invest in.  Decided to list it at $195,000. Contact me for more info. 

1730 W. Stadium Blvd Ann Arbor, MI 48103.  INVESTOR OPPORTUNITY!! Zoned RC-1 Home is being sold As-Is, with buyer to assume all repairs. All dimensions are estimates and should be verified with buyers agent. Prime location on the west side of Ann Arbor that is close to schools, UofM University, the Big House, downtown, restaurants, shopping, expressways and minutes from public transportation. Lots of possibilities with this home. Renovate, Rent or Raise your family… you really can't beat the location and surrounding amenities!

Will do. I'll message you details

Hello All, I’m a Real Estate agent here in Ann Arbor Michigan, and I have a pocket listing near downtown Ann Arbor that is 100% geared towards investors. Needs a complete rehab! Roof was leaking for an unknown amount of time and house is severely damaged. It will be listed at $195,000 soon.  Full rehab could produce a $400,000 list price if doing a flip! Please DM me for more info.  

-Sarah

I agree with both comments as well! I think it's a great idea to be diverse when investing. Pulling some, not all of your money out of your 401k is diversifying yourself. Again, everyone's goals are different, but I think there are a lot of avenues with real estate and you have a bit more control of your money in my opinion. All a risk, of course but I think you're on the right path.  As you go along, and learn more about real estate, try to find more value add properties to increase your $$$. That's what it's all about. Learn and grow with each property.  Congrats to you on your first two! That's awesome! 

Thank you! I have some details so far and some to figure out, such as int. rate and monthly payment. Cash is not of concern to them but they don't want to bring cash to closing is what I'm told. Reason being, they just put some money in changing out mechanicals and a new roof. Property was inherited and in shambles, but after those renovations he's ready to sell and is successful in other businesses and says he's no landlord! lol

writing up my first offer on a seller financing deal. I've analyzed it a million times and I am beyond nervous, but I'm going for it! My biggest obstacle is writing this offer with a good enough incentive for the seller to pick me, over the conventional loan that's also on the table. However, I've been told he's willing to take any offers and has mentioned sellers financing is on the table. So, in this scenario what's a good interest rate? It's a 5 unit building. $225k asking. The interest rate and monthly payment are my biggest obstacle to figure out right now. 

Ok! As I'm burried in podcasts and reading, I feel like I've heard little about the actual write up of the deal. I didn't know if it was normal to use the contracts I'm used to or if people were having their lawyers write something up specific.  Thanks for the reply!