Best ways to secure seller financing?
BP!
I have a property/connection that I hope to get seller financing for. What are your best tips for asking for and getting seller financing?
Situation:
The owner has 11 units and has already committed to sell me 3 of them this year. He wanted to wait until this year 2019 for tax purposes. They are working on coming up with a fair price for the first 3 and will call me when they have a price.
We have a good relationship. I want to keep them happy on the first 3 so they trust me on the remaining 8.
My plan as of now:
Ask if they will meet me for lunch or at the building so we can talk about the property.
Ask what their intentions are with the proceeds/ see if I can offer a better solution with the extra capital.
Explain how they can get a better return on their money than with a bank and explain how their capital would be secured by the building they are selling me so they can take it back if I fail.
If Yes,
Come up with the terms... (I could use some ideas on this as well but I will post another one later)