68 min listen
140: Rookie Reply: Seller Financing 101
ratings:
Length:
15 minutes
Released:
Dec 18, 2021
Format:
Podcast episode
Description
Once again, Ashley’s DMs are open for questions! This week, Brendan direct messaged Ashley asking: I’m looking at a 10-unit property at $1.9M. The current owner only has 4/10 units rented, but banks require 75% occupancy to finance. The seller would be interested in owner financing. Where do I start?It’s good to note that no two seller financing deals are the same. Different sellers want different things out of a sale and it’s up to you, as the buyer, to find the things they really need to get the deal done. If you’re able to do that, you could get a great property under contract with little-to-no money down!Here are some suggestions for owner financing:Use PropStream or county records to see whether or not the seller has a mortgage/lien on the propertyCalculate how much you’d be comfortable putting down and relay that in your offerRun the numbers with current/Pro forma occupancy to see what the property could cash flowKnow that (almost) everything is negotiable, don’t be scared to ask for flexible optionsAnd more in the episode…If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).Links from the ShowReal Estate Rookie Rookie Facebook GroupReal Estate Rookie Youtube ChannelBPCON2021PropstreamCheck the full show notes here: https://www.biggerpockets.com/rookie140See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Released:
Dec 18, 2021
Format:
Podcast episode
Titles in the series (100)
Finding Off-Market Deals, Step-by-Step with Ryan Dossey (Mentor) and Drew Wiard (Mentee): Part 1 by Real Estate Rookie