Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Starting Out
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 8 years ago on . Most recent reply

User Stats

1
Posts
0
Votes
Jarrett Ware
  • Twentynine Palms, CA
0
Votes |
1
Posts

Buying First property with sellar financing

Jarrett Ware
  • Twentynine Palms, CA
Posted

I'm trying to purchase my first house it is a 4 unit property for $330,000 and I am currently renting one of the units. It is a 4 unit property one 3 bedroom unit, two 1 bedroom units, and one 2 bedroom unit. All the units are currently rented but they are under rented for the area. The property is bringing in $2800 a month in rent. The owner is willing to sell the property to me for 10% ($33,000)down and then a mortgage of $1200 a month for 7 years then I will have to buy the property out right. The house is old but taken care of, everything works and looks good. The issue I am having is that I don't have great credit and I can't get approved for a personal loan or a conventional mortgage. How could I go about funding this deal.     

Loading replies...