Seller Financing - Help me Make my first deal

[Kacie Heggemeier]

Hi all,

I'm looking to make my first deal and came across a duplex for sale. I inquired with the owner for more information which he quickly provided me with and mentioned that he is very motivated, as he is " getting too old" to deal with them anymore. In my initial email to him, I asked if seller financing was an option, but he did not answer this question.   After receiving the details on the duplex, I felt as though it was a bit more than what I'd like to take on as my first deal and asked him if he had any other real estate that he was interested in selling.  He responded that he does have a few residential homes and asked what I was looking for.

So here's my question....I haven't responded yet. How do I pitch seller financing? I do not know him, and I do not have details on the other properties yet.  I didn't know if I should wait and get the details, see the properties then make my move? Or should I be up front and ask if seller financing is even an option so that if he isn't interested, I don't waste out time?    Any advice or suggestions will be greatly appreciated. 

[Nicholas L.]

Hi @Kacie Heggemeier - I haven't done a seller financed deal myself, but in reading the forums and listening to the podcasts, it sounds like investors who use this method typically give the seller multiple options.  So, if you have all-cash or financing available, but you'd PREFER this to be seller financed, give the seller multiple options - and make the seller finance option the most attractive.

If you haven't yet check out this BP podcast - Paul goes into detail on the process of how he makes offers to sellers.

https://www.biggerpockets.com/blog/biggerpockets-podcast-283-18-houses-in-the-first-18-months-with-paul-thompson

And you may already know this, but make sure you're working with the right team members - attorney, agent, etc.  =)