Tips for obtaining seller financing

[Rob Perodeau]

So after reading books, frequenting bigger pockets forums, podcasts, webinars, and YouTube I feel like I am ready to buy my first sfr. I have found a really nice deal and the owner owns the property out right (owes nothing on it) after talking to her and going through the different options for me purchasing her home she has decided that she would like to seller finance it to me!! I need all the advice I can get to ensure that this deal goes smoothly for me and her. I want her to be comfortable and feel good about this deal so what are gonna be the next steps I take in the next couple days to make this work for both sides??? Thanks for everything!!

[Shanequa J.]

Open title, get an inspection, and get a quote on property insurance. Are you going to get the loan in your personal or business name? Also is she going to use her name, trust, or business as the lender? 

Find out how much money she wants to get a month and go from there. If she doesn't want to hold the note for a long time, you can do a balloon payment. I don't offer a down payment nor an interest rate unless they want it. For example: 100k paid off in 10 years. 

Use a loan servicing company. It looks more professional plus it protects both parties. I just set one up with Secure Net Loan Services. I can't give you a review yet since I've never used them before. It cost $125 to set up and $25 a month. Google loan servicing companies and you will find more. Give 

The title company's lawyer can write up the note and deed. I think mine cost about $900. If you plan on doing more real estate, try to use the same title company every time. Familiarity is important.