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Updated almost 5 years ago, 02/20/2020
Owner financing in PA
Hey BP members,
I’m currently speaking with two different property owners- Seller #1, on board with seller financing...Seller #2, on the verge, likes the idea but seems skeptic.
I feel confident on how owner financing works, but what I’m trying to have in a row before anything is officially done is a few different things.
Personally for Seller #1, I'd prefer to wholesale the property to cash investors that I know who invest in that area due to needing full rehab and low rents. For Seller #2, I'd like to BRRRR the property. Is combining seller financing and a loan for rehab a bad idea? I have not utilized a hard money lender before but am open to seeking that route. (Obviously If the numbers say it's a good idea).
If the properties are bought via seller financing, I’d like to protect both buyer and seller, would a title company suffice or should I absolutely have an additional lawyer involved?
My location is Pittsburgh PA.