Seller Financing: If the Seller agrees, what's next?

[Brad Patterson]

Hello BP Geniuses, 

I am in the process of buying 2 apartment buildings from the same owner in Eastern Canada. This is my first multi-family purchase and each building has 12 units. My wife and I can get the financing from the bank for one but getting financing for both looks to be a stretch.

I want to propose seller financing to the owner for the 2nd building, if they agree I have no idea what to do next. I'm sure we would need a contract with the mortgage terms but what else? What is this process like?

Any help would be very much appreciated.

Thanks,

Brad

[Grant Rothenburger]

@Brad Patterson Get a real estate attorney who handles closings and title work. They can give you advice and handle everything for you. I'm impressed that you are buying 24 units with very little knowledge. I seriously don't mean that in a negative way at all. Just shows you don't have to know everything and read every book to take action! That being said, might wanna learn a thing or two about managing those units and executing a business plan, or having one for that matter. Best of luck to you!