Inquiring about Seller Financing

[Kris Mayor]

Hi there!  While I may be able to pull together a downpayment, I currently don’t qualify for a bank loan for a mortgage because my debt to income ratio is super high. I’ve heard about seller financing. Is this common? Where can I find these listings and also learn more about this form of funding?

[Jonathan R McLaughlin]

@Kris Mayor seller financing is only likely to work if it solves a problem for the seller. Not having the money isn't a compelling reason for them to do it. One situation is likely to become more common though: retiring landlords who don't want to deal with the property day to day anymore but will like the monthly income. 

If they believe in the building and you as operator, you might be able to convince someone to sell you the property and continue to receive monthly payments. Their security is the property itself. This is much more likely to work as a subordinated second mortgage to a bank/lender, so you are still going to need to convince them.