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Updated over 6 years ago on . Most recent reply

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Jon Mark
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35
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Seller finance property AND closing costs?

Jon Mark
Posted

I found a multifamily property that is open to owner financing the entire property, but I do not have any money for closing costs Is it possible to add the closing costs to the note the seller will be holding, if the seller pays closing costs? 

Example - Seller agreed to finance 600k deal

Closing costs - 18k

New agreed upon price is 618k (18k over list price) because they are paying closing costs

Deal will still cash flow

What other methods are there to solving this issue?

Thanks

Jon

Most Popular Reply

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23,418
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Wayne Brooks#1 Foreclosures Contributor
  • Real Estate Professional
  • West Palm Beach, FL
13,509
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23,418
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Wayne Brooks#1 Foreclosures Contributor
  • Real Estate Professional
  • West Palm Beach, FL
Replied

Whenever a seller offers 100% financing, they are trying to make their problem, your problem.  With no cash reserves, vacancies, repairs and major repairs will kill you.

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