All Forum Posts by: Tyler J.
Tyler J. has started 25 posts and replied 46 times.
Post: Can I call an agent on a listing and ask about Seller Financing?
- Posts 46
- Votes 7
Is this looked down upon, or can the realtor still profit somehow?
I'm lost on how I can find properties that I can bring up Seller Financing without an MLS.
Thanks all!
Post: Whats the worst-case scenario when buying a seller-finance unit?
- Posts 46
- Votes 7
Quote from @Victor Steffen:
Typically a seller financed deal will have a balloon payment which will require you to refinance or sell the property to pay back the notes within a 18-36 month period. Imagine buying a seller financed deal 2 years ago at 4.5% interest and needing to refi at the current rates. Your cashflow will be erased. Curious to hear what other pitfalls we can look out for when putting together seller financed deals?
So in that scenario would now possibly be a good time to get these deals, as refi in a couple years will (most likely) be lower?
Post: Whats the worst-case scenario when buying a seller-finance unit?
- Posts 46
- Votes 7
I have been incredibly interested in buying a seller financed property, mostly now looking at the interest rates.
Im also incredibly worried, as this is my first time not doing an FHA loan. What is the worst that could happen? How can I protect myself? Im worried if something goes wrong Ill have to sell all my assets and be in eternal debt, but I think I may just not be too educated with the entire process.
Thanks all
Post: Where can I (and others) find a Mentor when starting out?
- Posts 46
- Votes 7
Thank you!
Quote from @Patrick Drury:
@Tyler J.
I think you answered your own question. If you're not able to invest locally you should invest out of state. I would recommend looking in the Midwest. Columbus OH is a great place to start looking in the Midwest. It's a nice balance of cash flow and appreciation. Also, it has lots of job opportunities and population growth. I also live and invest locally here in Columbus.
Hey Patrick!
Thank you for the reply. I appreciate the insight as well! I’m stuck on how I would be able to do that. Since I currently have a loan on my home, I would be unable to afford properties over 100k until I rent out my property. Once I rent out my property I can get another property, as I can then count the rent as income. Though if I use that to buy out of state, I will have no where to live. I hope that makes sense. Thank you again!
I currently own and live in a single-family home. I want to buy a duplex/triplex next, but everything in my state is out of my affordability (Denver Metro). Talking to my mortgage officer, I must rent out my current property and have a contract signed before being able to approve that as income.
Since I want to stay in my state, how should I proceed?
If any more info is needed I'm more than happy to provide it. Thanks all!