I want to buy the home I'm renting - Do a owner finance! Help?!

[Angelica Casanas]

Hi, I want to purchase the home I am renting.  She is a good friend of a good friend of mine.

She purchased home in March 2021, so she can't sell right now and won't - I've asked. I'm working on building my credit and I would apply for FHA. I haven't as of yet.

I heard about owner financing on podcast.

My question is... she doesn't know and I don't either - how we can make an agreement so I can purchase her home?  How do I go about writing or creating an agreement? What terms would be good for both of us?  Once I present her offer and she agrees, how do I protect myself from her backing out or is there anything else I should worry about?

Thank you for your help!

And BIG thank you Bigger Pockets for having the resources and for what you do... I've always wanted to be a real estate investor and so I'm really excited for my family and I's future. Bless. 

[Zambricki Li]

1st question is does she REALLY want to sell. Or is she just being nice to her current tenant.  She just bought it so unless something has happened in her life, you may go through many iterations and find she does not actually want to sell and has been entertaining your idea to be polite. For my clients I target absentee owners who have owned for more than ten years and have not refinanced in the last two years(idea being they are still paying down points). These are people who are ready to exit rich and move on. Anyone who got in in 21' has a ways to go before it would even make financial sense when you consider closing costs ect.