Best books or resources to master seller financing?

Question

Hello everyone, I'm currently set to close on my first two-family using a 203k at the end of October, and after going through the loan and legal process, it's crazy how expensive it can get to acquire a new property. Ever since reading Brandon Turner's book on investing with low and no money down I've always been interested in seller financing and I know it is going to integral if I'm going to buy more than one property every other year. I've tried to search as much as I can online but I've never found an indepth explanation of how the interest is paid, like if the percentage is calculated monthly like a regular mortgage, or on the lump sum. Plus the legal process for seller financing. If anyone knows of any great books or resources on seller financing I would appreciate it because I'm trying to learn as much as I can to get ready for my next property, as well as help my friends out that are also trying to get their next ones too. Thanks!!

Melody R. · Answer

@Christopher Phillips helpful links! Thank you for posting.

Christopher Phillips · Answer

@Erik Manley

Account Closed is correct. There really isn't an entire "textbook" on the subject. It's usually briefly mentioned in a section on financing in real estate investment books. There are certainly some self published ePub, guides/manuals that focus on seller financing and note buying.

Here's a manual written by Sean L. Heideman : http://www.positionrealty.com/pdfdocs/Insider_Guid...

Another from Dawn Rickabaugh : http://notequeen.com/wp-content/uploads/2010/07/se...

From By Attorney William Bronchick : http://legalwiz.com/wp-content/uploads/bsk-files-m...

From the buyer side of things, seller financing is rather simple. You negotiate the sales price and the terms for the financing. Everything is negotiable. An addendum is added to the purchase agreement spelling out the details of the financing. A lawyer will write up a promissory note for the financing, which will be recorded as a lien against the property.

Where is gets complicated is for the seller if they need to get into things like selling the note, hiring a servicer to manage the payments, if there is a previous underlying mortgage still on the house, doing a 1031 exchange, dealing with tax returns, etc.

Christopher Phillips · Answer

@Erik Manley

https://www.biggerpockets.com/renewsblog/2013/11/05/seller-financing/

Erik Manley · Answer

@Christopher Phillips

Thanks, I'll be sure to read all of these!

Melody R. · Answer

@Erik Manley since the years that you posted this, did you find any great books on seller financing? Have you done any seller financing deals?

Erik Manley · Answer

@Mike

Account Closed, I'll definitely check it out.

Best books or resources to master seller financing?

Most Popular Reply