How to pay seller-financing deal balance due

[Sadio C.]

Hi there,

I have purchased a SFR in PA 6 months ago (seller finance). It's been rented and the rent is paid on time.

I was supposed to pay the balance off within 6 months but I am still not able to refinance in order to satisfy the seller.

What options do you guys suggest?

Note: Seller is facing financial hardship I want to pay him the balance asap.

Thanks guys.

[Josh Caldwell]

Ok this one is a bit tricky. Normally, you would just ask the seller to extend the term, while mentioning how successful the first 6 months have been.  

Tell me about the deal itself. What is the house worth? What are you paying for it? What is the rental income? Will the house pass an FHA inspection?

Without that info, my first thought it private money from a private lender with IRA money, or an investor who wants to be 100% passive.

There are a few hybrid type of lenders who aren't exactly hard money but are still quite a bit more expensive than private money or banks, but the numbers need to work for them. Typically you are looking at the 7-9% range with those guys.