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Updated about 13 years ago on . Most recent reply
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Seller Financing Contracts / Forms ?
I want to start doing some creative financing but all this info on subject to, land contracts... is too much get into all at once. So I am gonna pick one and try to understand it and master it, and if I make money and it works I ll consider the others.
I will be looking to market to free and clear owners who I can convince to sell me below market (hard to do) and with 100% seller financing with around 5% interest. so I am thinking of posting here the steps I ll take and report on how it works out for me, since I am not a professional guru or real estate writer maybe others will know if it truly works for the average guy.
I will contact an attorney at least for the fist few deals, but I want to know first about the contracts and forms I need ready so that I don't end up having someone wanting to sell to me and I don't know what to do next.
so here's what I think I know and where I would like feedback, in ther right order I will need:
1. A purchase agreement: my question is do I use a standard purchase agreement or a special one for owner financing and where is the best place to get it for free online or other?
2. Promissory notes: where do I find a good templet and at what point do I present it to the seller? after the purchase agreement? at closing? or at the same time as the purchase agreeement?
3. what other forms / steps do I need to take to close the deal?
by the way my initial exit strategy will be to rent for cash flow.
If anybody reading this post has done this many times with success, I would appreciate you contact me so that I can get some help with marketing, process, advice, etc.
thanks