How to find owner financing homes (in Austin, Texas)

How to find owner financing homes (in Austin, Texas)

Investor · Austin, TX · Member since 2020 · 223 posts · 83 votes

Want to start the 90 day challenge and been having a lot of difficulties with getting financing as a Canadian who's taken the past two years off to travel the world, as well as having only bought and sold new developments without closing.

So guess my question now is where and how do I find owner financing properties in Austin?  Need to rethink my strategy. 

Thank you everyone!  Really appreciate your insight so far.

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Real Estate Agent · Austin, TX · Member since 2014 · 636 posts · 486 votes
6y

@Alice Huang, your realtor should be able to set that up for you. I'm going to warn you, though, a lot of those guys pull credit too

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  • Specialist · Charlotte, NC · Member since 2016 · 111 posts · 95 votes
    6y

    @Alice Huang Are there any types of owner financing other than buying:

    "Mortgage free" properties

    And

    "Subject To" properties

  • Jordan MoorheadBusiness Member
    Real Estate Agent · Austin, TX · Member since 2015 · 5k+ posts · 3k+ votes
    6y

    @Alice Huang what banks have you talked to?

  • Investor · Pasadena, CA · Member since 2015 · 269 posts · 189 votes
    6y

    @Alice Huang you find them by having your agent open their mouths and ask the seller if they're willing to owner finance. Sometimes the listing agent will also check the financing box in the MLS the seller will entertain owner financing. Another way is to do a lease to own.

  • Dan BurstainBusiness Member
    Real Estate Agent · Austin, TX · Member since 2014 · 360 posts · 331 votes
    6y

    Hey @Alice Huang - I can search properties that are offered with owner financing option.  PM me your email address and I can send you the properties the fit your criteria.

    Dan Burstain, Investment Realtor51 Review
  • Real Estate Broker · Austin, TX · Member since 2016 · 834 posts · 449 votes
    6y

    Lots of unanswered questions here..

    For conv/govt loan:

    Type of income?

    Length of that income?

    Taxes filed show what?

    Dn pmt amount/type of loan sought/credit score/dti's/assets, etc

    For owner finance:

    You can find some on the MLS or via FB Posts/CL/Meetups

    Dn pmt amt?

    Terms sought?

    You can always approach investors that are renting and make them an offer to O.F. for a period of time. 

  • Investor · Austin, TX · Member since 2020 · 223 posts · 83 votes
    6y

    @Jordan Moorhead

    Will PM you

  • Investor · Austin, TX · Member since 2020 · 223 posts · 83 votes
    6y

    @Jason Hsiao

    Thank you Jason.

  • Investor · Austin, TX · Member since 2020 · 223 posts · 83 votes
    6y

    @Dan Burstain

    Will do! Thank you.

  • Investor · Austin, TX · Member since 2020 · 223 posts · 83 votes
    6y
    Originally posted by @Danny Webber:

    Hi Danny, thank you for reaching out.  Could you please elaborate on the below for me?  Thank you.

    Lots of unanswered questions here..

    For conv/govt loan: do not qualify for either

    Type of income? rental income to cover mortgage 

    Length of that income? until property is sold, which is not anytime in the foreseeable future

    Taxes filed show what? been traveling the world for the last 2 years, last tax record was in the United Kingdom

    Dn pmt amount/type of loan sought/credit score/dti's/assets, etc: Prefer as little down payment as possible as I want to grow the portfolio, so as little cash locked up in each asset is idea / Long-term rental loan / no credit score as I've been in the US for 3 months / 0 debt / 0 assets except for cash

    For owner finance:

    You can find some on the MLS or via FB Posts/CL/Meetups

    Dn pmt amt? as little as possible, but can purchase outright, but this will not allow me to grow

    Terms sought? flexible

    You can always approach investors that are renting and make them an offer to O.F. for a period of time. 

  • Real Estate Agent · Austin, TX · Member since 2014 · 636 posts · 486 votes
    6y

    @Alice Huang, your realtor should be able to set that up for you. I'm going to warn you, though, a lot of those guys pull credit too

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