How to make a deal with Seller Finance

[Sara A Jackson]

Hello, my husband and I are completely new to REI. I am trying to learn more about seller financing and how to create deals with seller financings. We gave up an opportunity to house hack a multi unit property last year and purchased a different single family home for our family instead. Now that we are learning about REI we have wondered if we could still purchase the multi unit property we passed up last year. It never sold and is currently off the market. We also don't have a lot to put into a down payment right now. So I was thinking about trying to make a deal with the owners of the multi unit property using seller financing. I thought about using BP calculators to help crunch numbers but I'm not even sure which ones to use. The financing would need to cover purchase price and renovation costs. Am I crazy to think this is possible? Any suggestions on how to go about this or where I could learn more about seller financing? Like I said,we are just getting started and trying to be creative in our efforts.