Investment Info:Single-family residence renovation investment.Purchase price: $40,000Cash invested: $40,000Sale price: $75,000Contributors:Peter VekselmanPartner Driven partnered with Russell Walker to take on a renovation project in Kankakee, Illinois.

For private seller finance lenders, how do you track the payments and loan amount? 

Working on this everyday.  

He will actually be trained by the attorney on what to say.

In this strategy the investor may borrow private money to purchase the property at X%, then seller finance at a rate X+% along with getting a downpayment on the home. 

For example, I can tell you that the City of Phoenix has greenlit homeowners adding ADUs on their lots. 

@James Jones well said - I own a title company in MI and totally agree with you on these points.

Recommend offering seller-financing on BOTH properties.- 10% down- Pick term that both:--- Leads to properties cashflowing for you--- Covers seller's PITI payments- 3-5 year balloon (or longer)Highly likely your offer will be rejected, but keep checking in with agent every 30-days.Property has been on market for 87 days and seller will only get more motivated as it sits longer.DO NOT GET EMOTIONALLY INVOLVED WITH THIS DEAL! 

Selling a rental on a month-to-month is absolutely doable, and it can be smooth for both you and the tenant if you structure it right.Here are the three approaches I’ve used depending on the goal:1.

Keep documents on a running basis to make loan applications as easy and stress free as possible.  1000% agree with this