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Updated over 2 years ago on . Most recent reply

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Joseph Mosby III
  • New to Real Estate
  • St Louis, Mo
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I'm looking to seller finance self-sufficient apartment complex

Joseph Mosby III
  • New to Real Estate
  • St Louis, Mo
Posted

So, I'm looking to obtain an apartment complex that recently went back on the market, and I feel seller financing is my only option towards ownership at this point. On smaller properties (4 family) I've tried hard money, FHA, and conventional. Even with a good credit score and a decent amount of saved funds, none of the options really played in my favor. My question is how would I find the owner of the property, and even if I found the owner, how would I get them to entertain a seller financing option? Also, if you guys think there are better ways for me to get to ownership, I'm all ears. I'm 21 and I've been at this for about 2-3 years. It's definitely not as easy as it seems.

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Steve Vaughan#1 Personal Finance Contributor
  • Rental Property Investor
  • East Wenatchee, WA
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Steve Vaughan#1 Personal Finance Contributor
  • Rental Property Investor
  • East Wenatchee, WA
Replied
Quote from @Joseph Mosby III:

So, I'm looking to obtain an apartment complex that recently went back on the market, and I feel seller financing is my only option  at this point... how would I find the owner of the property, and even if I found the owner, how would I get them to entertain a seller financing option? 

By back on the market do you mean it's listed with an agent on the MLS?  If so, your chances just dropped, unfortunately. You now have to convince and educate 2 parties.  

Out of my 2 dozen ish SF buys and sells, only one was listed. Triplex that thankfully the LA was open to it and it was an inherited property in a trust and monthly installments for 60 months were ok.  Because of commissions though, my DP was about 6% higher than my normal 10%. 60 months was also my shortest balloon. 

The owner and sales history is usually listed on the county assessor's site. My owner finance sellers have usually owned personally (90%) or in a small family LLC or trust for a long time. Tired DIY landlords that want passive monthly while spreading out the tax hit.

That's my angle as a buyer.  Cash flow without headaches DIY style that spreads out the tax hit.  

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