Tell me about your Seller finance deals!

[Thuy Pham-Satrappe]

Please share your experiences (good and bad, from either side of the table) with Seller Financing!

I have an opportunity to purchase multiple properties from another investor with seller finance.

While I know there are a million ways to structure it, I'd love to hear what's worked for you! (How much down, loan term, interest rate, etc.)

Thank you!

[Tom S.]

@Thuy Pham-Satrappe  Similar to Aj's post above, 6% 30 year term, 5 year balloon.  10-20% down and the seller held the rest of the note.  I've used seller financing mainly for properties that needed rehab and wouldn't qualify for conventional financing.  As such, there was much less competition.

My biggest word of advice, get it appraised.  The seller won't require it like a bank would, and if you overpay and have to sell or refinance soon, you'll probably have to bring money to the table.

- Tom