I want to seller finance a deal but need some guidance.

[Kimothy Bynum]

Hey i want to get into creative financing.  I would love to present a seller financing offer. I'm not really sure how to go about it and what are the immediate steps after if he says yes to seller financing. If anyone could help and give me some guidance I would appreciate it!

[Jim Pellerin]

It depends how motivated the seller is and what existing mortgage is on the property. 

1. If it is free and clear, I have done deals with 100% seller financing and 0% interest with a baloon payment in 5 years. No interest, no payments. But the seller was very motivated. Hated being a landlord. I always start with 0% interest and negotiate from there. Keep in mind the banks will always want you to have some skin in the game so seller financing may not remove the requirement for you to provide a down payment. 

2. I have also done seller financing after the deal, where the seller has provided my funds after the deal has closed and I put a second mortgage on the property. 

3. I have also done subject-to's where the seller stays on the mortgage and title is transferred to you.

4. I did a lot of sandwich lease optons where the seller lease options the property to you and you lease option the property to the tenant to another tenant.