Locating seller financing AND/OR Partner carries mortgage?

[Ben Kirchner]

I'm looking for opportunities as a buyer to locate seller financing for future investment properties. I'm interested in those who have successfully done this, and how they were able to locate these deals?

Alternatively, I'm talking with others who want to get involved in real estate investing, but are looking to me to most of the leg work as far an locating a deal, analyzing a deal, closing the deal, etc... The partner would be bringing half of the money to the table, and possibly be the one carrying the mortgage under their name. I'm curious if any investor has been in this situation where they are providing all of the "hustle" and half the funds. In this case, I'm looking for a consensus on what a split that is fair to both parties would be?

I ask this because - I currently have several mortgages in my name, while my wife also has several mortgages in her name. One problem we are running into is we have a couple BRRRR deals that show as a huge loss on our taxes. One mortgage company was able to justify the rehab costs as a one time expense, while the majority of mortgage companies aren't able to do the same. With this and some investment properties that have been rented for only 1 year or less, getting new mortgages have been harder than we anticipated. We will continue to seek lenders in North Carolina and Missouri for our future investment properties. However, I'm trying to have a plan B & C in place. With getting another mortgage in my name, or my wife'd name being plan A - if anyone has advice on getting around these obstacles, I would also appreciate it.

[Mark Hove]

@Ben Kirchner are you in Durham NC? Let’s meet up! I’ve got one duplex under my belt right now, looking to buy our next one in 2020. I work as a realtor and have met a number of property owners who have considered seller financing.