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Updated almost 10 years ago on . Most recent reply
New investor looking into a seller financed duplex.
Hello everyone. I'm brand new to biggerpockets and I am still familiarizing myself with the site. I am in the Orlando, FL area and looking to utilize seller financing to acquire my first duplex. Any advice is welcomed.
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#1 Personal Finance Contributor
- Rental Property Investor
- East Wenatchee, WA
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#1 Personal Finance Contributor
- Rental Property Investor
- East Wenatchee, WA
Sure @Troy H. Land Contracts or contracts for deed do not place the property in your name until they fully paid off. They are a good deal for the seller only. You could be into it 10 years when the owner gets sued for a car accident their son was involved in. A lien will attach to 'your' property because of the legal owner's financial woes. You have all the costs of ownership, but no benefits. May as well just have an option to buy it.
Structure it as a note and deed of trust / mortgage or Real Estate Contract. Ownership rights from day one.