additional benefit from owner financing

[Rich Weese]

I just replied to an idea that Terry Drake had and decided I should follow my reply up with a new thread for more input from others.
We talk a lot about hustling to obtain seller carry back financing. These are hard to find, but definitely doable. Most are satisfied when they accomplish that.
Many times, I've obtained further benefits from doing that. I mentioned I had a 60K note carried back from a seller. Alittle while into the loan, I contacted the seller. He had been receiving regular payments from me and seeing dollar value go down. He still needed a certain amount monthly. He had incurred a large bill and I offered to "help" him out.
I offered to pay him 20K. In exchange, I wanted a lower interest rate AND a discount on the balance still owed. He agreed to both my terms.
This was like hitting a second home run in the same game. First-owner financing. Second- discount and payment reduction. This is a great strategy when you're trying to eliminate debt-risk and get to free and clear properties quicker.
This strategy works well. Try it, nothing to lose---Rich