seller financing

[Rasheed Hope]

I have a seller who's willing to do a seller financing deal, the thing is I don't have a clue how to structure a deal like this. He has a mortgage on the property of around 76k and a second of around 10k. The property is worth about 215k and needs roughly 15k in rehab. He's willing to sell the property to me outright for 165k but I'm not sure that's a good enough deal for me to wholesale. Anybody have any input I'll be happy to listen.

[Christopher Winkler]

You need to structure it right, and use a RMLO to comply with Dodd/Frank. You have to  consider the 5 C's of Credit: Character, Credit, Capital, Capacity, Collateral.

You need to pull a credit report and they should have a 600+ credit score, verifiable employment, rent or mortgage payment history, consumer debt payment history, then you have to look at the value of the property. Once you do, and it has 3-6 months of payments, then you can try to sell it on the open market.

We have a Matrix that we use with good guidelines if anyone wants a copy, just pm me.