Cost for seller financing

[John James]

Learning more about seller financing method and its really discouraging because there is no true 0 money down strategy. Is there a general rule of thumb number i can use from people who have done this before. Attorney and title fees inspections etc.? I want to buy a 4 plex or something worth my time like 10 units.

Even if I find a seller that will accept 0 down payment, I would still have a lot of costs associated with closing. I really want to get started in real estate but I do not have the capital to really do so. Not sure what everyone's secret is

[Brian Gibbons]

Learning more about seller financing method and its really discouraging because there is no true 0 money down strategy. 

WHOS SAID THIS, YOU?

Is there a general rule of thumb number i can use from people who have done this before. Attorney and title fees inspections etc.? I want to buy a 4 plex or something worth my time like 10 units.

ARE YOU BROKE?  WHAT DO HAVE TO PURCHASE?

Even if I find a seller that will accept 0 down payment, I would still have a lot of costs associated with closing. I really want to get started in real estate but I do not have the capital to really do so. Not sure what everyone's secret is.

DO YOU THINK THERE IS A SECRET?  WHY?

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SOURCES OF MONEY

A. TRADITONAL SOURCES

A.1. Savings and loans

A.2. Mutual savings banks

A.3. Insurance companies

A.4. Commercial banks

A.5. Credit unions

A.6. Real Estate Investment Trusts

A.7. Mortgage brokers

A.8. Mortgage bankers

A.9. Pension funds

A.10. Fraternal associations

A.11. Individual lenders including sellers

B. MORE SOURCES, TYPES OF LOANS, ASSETS TO SELL

12. Conventional mortgages

13. FHA

14. VA

15. Private mortgage insurance

16. Farmers Home Administration (FmHA)

17. Family loans

18. Federal National Mortgage Association (FNMA)

19. Insurance policy loans

20. Employer advances and other employer-employee loans

21. Finance companies

22. Vested pension benefits

23. Second mortgage/ second trust deed companies

24. Wrap-around mortgage

25. Blanket loans

26. Passbook savings loans

27. Car loans

28. Personal or signature loan from bank

29. Line of credit

30. Credit card cash advance

31. Borrowing against trust of which you are beneficiary

32. Borrowing against inheritance

33. Assuming, or buying subject to, existing loan

34. Giving real estate broker a note for his commission

35. Checking account overdraft privileges

36. Corporate finance subsidiaries (e.g., Westinghouse Credit Corp., GMAC)

37. Pawnbrokers

38. Trust fiduciaries

39. Margin account loans

40. Selling stocks and bonds

41. Cash in savings bonds

42. Education loans, scholar shi ps1 fellowships, grants

43. Land contract

44. Appealing your property tax assessment

45. Lease/purchase acquisition method

46. Option to purchase

47. Sale-leaseback arrangement

48. Small Business Administration loans

49. Small Business Investment Corporation

50. Economic Development Administration of U.S. Department of Commerce

51. Venture capital firms

52. Investment clubs

C. EVEN MORE SOURCES

53. Tax refunds.

54. Withdraw the interest from your rent security deposit account.

55. Offer to settle for cash now, any lawsuits where you stand to gain.

56. Cancel unneeded insurance policies for refund of premium which was paid in advance.

57. Increase use of credit cards to buy meals and other products and services.

58. Encourage tenants to pay rent in advance.

59. Check recent closing statements for overcharges.

60. File an amended tax return to get a refund of taxes you overpaid in previous years.

61. Apply for any property tax refunds for which you may be eligible.

62. Don't forget semi•-forgotten "rainy day' accounts and insurance policies.

63. Cash caches: Some people are in the habit of stashing cash or traveller's checks in various hiding places.

64. Settle an estate.

65. File for reimbursable expenses.

66. Cash in your Keough and IRA plans.

67. Cash in certificates of deposit.

68. File for rebates.

69. Sell personal property.

70. Recover deposits lleft with landlords, utilities.

71. File insurance claims for vandalism or losses you've been meaning to claim.

72. Collect "uncollectable" debts.

73. If your annual mortgage loan escrow analysis showed an escrow excess, see if the servicing agent will refund all or part of it to you.

74. If you've performed services or sold a product but not yet sent the invoice, send it.

75. Pledge accounts receivables as security for a loan, or sell the receivables.