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Updated about 7 years ago,

User Stats

4
Posts
1
Votes
Patrick Miller
  • Severn, MD
1
Votes |
4
Posts

Marketing for seller financing

Patrick Miller
  • Severn, MD
Posted

Looking for a little advice. 

Happy holidays everyone. I'm very new to the world of real estate but I want to try and get a seller financed deal. I had a bit of a setback in life and went through some financial hardships and had to move back to my parents house for a little, but I'm ready to go back out on my own now. I don't want to go back down the path of renting but I know I wouldn't qualify for any type of bank or conventional financing. And id be open to a duplex/any multifamily property in the county im looking at, but they are few and far between...so basically I'd like to try and find a home owner (Single family or townhome) whom would sell their home to me and hold the note (seller financing I believe it's called?)

I bought a list from listsource.com with 368 names and address' of absentee owners with 90-100% equity in the county I'm looking at, and so the next step is to send a mailing, right? I'm looking for suggestions on what exactly to say in the letter to get them to call...is it wrong to mention I'd be willing to pay them above market value for their home since I kind of would be because of the interest if they financed it?

And secondly, I'm going to pull the phone numbers as well and try and call and get in contact with them, any suggestions on how that conversation should go? I know I have around 5-10k to put down and can afford 1600-1800 a month, what price range should I be looking in (my guess was around 200k?) And how could I structure an offer/deal so that it is a win/win for both of us. A balloon payment after 5 years would be okay as long as there would be enough equity by then so that the LTV would work with the bank and I wouldn't have to add money to the refinance deal. Any suggestions or advice would be great, thank you!