Obtaining financing options

[Viron Hale]

Hello BP family,

I am looking to obtain financing for a rental property, I am looking for innovative and creative ways to get this done. I am looking to use this property as a rental so I won't qualify for FHA. I'm just curious what other options have been used to obtain financing, and before it is mentioned yes I have already Brendon book on creative financing. I'm just looking for some real world experience. Thanks for the help.

[Rick Pozos]

Hey @Viron Hale if you are looking for creative, it will NOT be with a bank. They are not creative in any way.

Seller financing is going to be the way to go. 

There is sub-to, wraparound or AITD(all inclusive trust deed), or if the seller does not have a mortgage you can go straight owner finance. 

I usually approach the subject by saying something like, I can give you a few thousand $ now and maybe about 800 per month for the next 5 years and then pay you off at the end of 5 years. I will pay all the insurance and taxes and everything, because the house is mine, so it will be like you are renting the house, but you have no expenses. It is really just waiting 5 years to get paid off completely.