Older Seller - Seller Financing

[Joseph Russo]

Hi All,

I am considering using seller financing to purchase my next multi family property. Let’s all assume the seller would agree to seller financing. I’d like to understand more about how others have structured their deals.

I live in a very well maintain two family home neighborhood. Looking around in the summer/winters it’s always older folks taking care their properties. I was talking with a neighbor a couple weeks ago while shoveling (we live in CT) about myself and goals with real estate and he had mentioned his desire to sell his home since he was sick of taking care of it and dealing with tenants. I told him I’d be interested if he wanted to give it some thought.

This got me thinking of how to best structure the deal to benefit the both of us. He has no desire to move since he has lived here for 30+ years so my mind ran in the direction of seller financing while structuring it to still allow him the right to stay in the home.

Has anyone used seller financing? Has anyone dealt with a similar scenario? Anyone purchase an investment property with the previous owner wanting to stay in the home?