Owner Financing

[Sheronda Robinson]

I have a question in regards to Owner financing, I have read many forums but yet to find my best solution or option. I ran across a FSBO signed and called the guy up who is selling a property for 55k with 5k down- Owner financing available!!! 5yr refinance, I am still learning about this whole owner financing thing. I was thinking if I purchase the property, my exit strategy would be renting it out to add to my portfolio (or is there other ways)!! He is currently fixing the property up (total renovation ). Any advice or solutions on whether I should move forward on this project or what other questions I would have to ask the seller in order to know my exit strategy. I hope this make sense, any advice is helpful. Thanks!!

[Bill Gulley]

@Sheronda Robinson the only decent advivce has been given by Tom S.

There are less than 8 people on this entire site that should be giving advice on seller financing, of residential properties or commercial that I know of that should be speaking on the subject. None have posted yet.

There are too many people who want to comment on this subject who really don't know squat. This is becoming a site of really bad information on this topic, even in the blogs and people acting or speaking as if they have expertise, they don't have for whatever reason.

99% have no lending experience, no origination experience, no depth of knowledge of the secondary market, no commercial lending experience, no underwriting experience and no lending compliance experience. That means they don't know diddly. Nothing, zip, nota thing. What they think they known is from old ways and guru books. There are Realtor types with no lending education who read case law that want to be attorneys in all aspects of RE, they are usually self educated wanna know it all types trying to read and apply law, they are simply not qualified.......but that doesn't stop them.

For some reason, people here think RE financing is much the same as real estate, it's not, it's a totally different world, the thinking and application of financing issues has no relationship to RE.

While BP is a great site, I believe there is a great mistake in the implication that RE investor types have the ability, capacity, knowledge or education required to get involved in real estate finance, as I said, there are less than a dozen here who are closely qualified to speak on the matter in depth and keep people out of trouble.

After years here, all the time and effort put in on this site, as much as I hate to say it, don't get your RE seller financing questions answered here, there is just too much junk put out by know nothings. You'll get in trouble!!!!!!!!!

Go to finance sites, regulatory sites banking or underwriting sites, and spend time research financing issues. Stop asking a bunch of winos in a bar how to drink from the bottle.

Nothing to the OP here, it's just that there are a thousand posts on financing issues and people are too dang lazy to read them so they ask the same dang crap over and over and over and over again. Worse yet, there are many of the same ones answering with bad advice. Same with blogs.

I kinda feel like if you're too dang lazy to read and research a topic, you sure aren't entitled or worthy of my efforts in answering a question on this topic. Especially after all the posts that have already been made. :)