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Coach
My next door neighbor likes to buy properties and sell them with seller financing. Do I'd ask him if I wanted such.
Coach
I think ha has done 30 but he prefers 10-15
Coach
I was considering selling a property seller financing. 7% interest on a 350k home I was looking at $1900 a month for 30 years with 20% down. It’s not a great rental, 12 acres, maintaining the well, multiple out buildings. It was attractive to me because I make about 600k on the deal, plus I can front load all the interest. I bought a home off CL once seller financing. It was 6% interest, 20% down, full price offer, $1,000 a month and had a balloon payment in 3 years. We did the title transfer, seller remained as lien holder. It was highly distressed, doors kicked in, animals getting inside, water wasn’t drinkable, plumbing was leaking, no sewer connection. It had a solid frame, foundation, and electrical ran. It was quite the salvage job, but worked out really well for me. If the real estate market swings to a buyer market they become more common, but it’s typically homes that can’t get conventional financing.
I have a 3 family in an urban northeast city that I would love to seller finance but not sure how to find someone. Any ideas? Also I presume I would transfer the deed for the Buyer giving me a mortgage and therefore I have zero responsibilities. Is that correct?
Hire a local Realtor who is a Buyers Agent specializing in direct marketing on behalf of buyers. They may have a list of “off market” homes or they can run a special marketing campaign for you in your desired area to find homes willing to sell with seller financing. Some Realtors will charge an upfront fee for that service & others will let you pay it at closing. I am happy to help you out with a referral.