Buying Owner financing how to start once deal is found

[Darrell Hayes]

Have found 4 unit property want to know where to began, what are the steps, or if anyone has done deals such as this in the Chicago area. Thanks BiggerPockets family.

[Bob Derwin]

There are two negotiating points in a seller finance deal.  Price and Terms.  You will want to negotiate at least one of these to be in your favor.  If you have to meet the sellers price, get more favorable terms (interest rate and/or loan term).  If the seller is flexible in price, he may not want to finance you for 15 years, so you may need a balloon mortgage agreement, where you refinance after 3 to 5 years.  You don't know until you ask.  Everything (down payment, price, terms) is negotiable, you just need to come up with an agreement that works for both parties.