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Updated over 1 year ago on . Most recent reply

Need help with a possible seller finance prospect
I'm looking at a new MLS listing 5BR/3BTH rent ready home who's owner has died and the kids are trying to sell through an agent. No mortgage and the kids just want to sell it, avoid taxes and be done with it. My buyers agent is asking the sellers agent if they'd consider seller financing on terms. The house is immaculately designed, updated and fully furnished and rent ready. List price is 500K. I'd like to buy the house with all the furniture and the numbers work for cash flow and COCROI as an LTR rent by the room even if I paid 600K. I need to get this deal with zero down and no interest on a 30yr amortization with a 5-10 year balloon.
If there are any seller finance/subto experts around Greenville, NC willing to help me engage and lock down this seller under contract I’d pay for the assist! I need help figuring out how to learn what’s important to the seller regarding terms, how to get both agents paid their commissions and how to get this done with no money down and zero interest. I’d also like to structure in 1-2 months time to get it fully rented before first payment due. I’d be open to paying a delayed down payment in 6-12 months using rent cash flow to pay it.
I have a property mgmt company ready to go and could have the 4 BR’s in the main house rented quickly and the separate in-law apt is already rented with a solid tenant paying $1000/month on a month to month lease.
I really need to observe an experienced seller finance / subto REI engage the seller, explain how it's a win/win/win for everyone and get the contract locked down with lawyer and title company. Then I'll be off to the races! Seriously, I'll pay $1000 to any REI who can help me get this deal under contract.
Property is in Greenville, NC
Most Popular Reply

I have asked my agent to ask the sellers agent if the seller would consider seller financing. The information about the sellers being the heirs to the house and the news about the in-law suite already having an existing renter in place was all new info that I learned when I requested to see the property with my buyers agent. I am too new and too inexperienced to know what is to be expected, or what seems contradictory. I am also to dumb to know what not to ask. So maybe the answer I get back will be a flat out no. Maybe the sellers just want to sell it for top dollar right now.
However, I am offering them 100K over their asking price if they will consider my terms. I want all the furniture, zero down and zero interest with a 5-10 year balloon. I'm fine if they slam the door in my face.