Seller financing a home

[Anthony Martinez]

What’s good bigger pockets.

So somebody I am close with is at the age where he wants to retire to live in another home that he owns in upstate NY. He’s currently living in a distressed property in my area ( bayshore NY)and is willing to let go of this distressed property for around 100-150k . The house does need a lot of work but In this area homes go for around 400k+ .

In the last couple of months I’ve been introduced to bigger pockets and I love the idea of owning real estate . I’ve been doing my reading around the forums listening to podcasts and books.

With that being said when my friend brought up the idea of selling his home and how it most likely wouldn’t qualify for a traditional loan , something clicked in my head seller financing .

Now my question is how would any of you guys or girls go about this ? As you can probably already tell I’m a rookie and I’m trying to learn as I go .And if I were to go about it how would I go about getting a loan for just rehab . Would it be possible to get him down to do seller financing get some kind of maybe hard money loan for 50-100k depending on what rehab estimates are , and possibly refinancing paying everybody off and continuing on with a solid home mortgage . Any criticism on my idea would help as I’m trying my best to learn everything I can before I jump into my first deal.

By the way as I mentioned before other homes in the that specific area go for around 400k +

So my thinking was trying to get it for around 100-150k

Putting in around 100k for rehab

That’ll leave me at around 250k in the deal

And if everything goes well I would have made money when I bought .

I would like to add that I would be planning on living there for a while , house hacking . the home has a small cottage in the back that I plan on renting out to tenants . And a half finished basement that I could possibly work on to rent out .

Any input would help thank you for your time 👌🏾