First buy long term rental

[Jennings Cahoon]

New to the forums listened to the podcast for a few months. I have a down payment set aside for a property but can’t get a loan because my job history is a little short and I’m self employed but my credit is great. Found a nice property in my hometown that I could almost pay half for in cash. What are my options?

[Nathan Gesner]

Quote from @Jennings Cahoon:

New to the forums listened to the podcast for a few months. I have a down payment set aside for a property but can’t get a loan because my job history is a little short and I’m self employed but my credit is great. Found a nice property in my hometown that I could almost pay half for in cash. What are my options?

You can approach the Seller with an owner-financing offer. Give him a big chunk down, stable monthly payments for the next 3-5 years, then a big balloon payment. It gives him money to move onto something else, then stable payments for a while without having paying so much in taxes.