Owner Carry Flip?

[Shawn Smith]

     Hello all, I am new to BP and this is my first post/question. I am finally looking to jump into the deep end and land my first deal. My question is does anyone know of any viable seller financing options for short-term flips? More specifically,  I came across a deal that the sellers just want out and don't want to do any renovations.  I just need them to carry the loan through the flip while I renovate the property and then sell for a profit.  I haven't heard this option mentioned yet and definitely want to protect myself from the seller changing their mind to sell or want the higher amount once the renovations were completed. Any info/advice would be much appreciated. Sincere thanks, Shawn. 

[Mindy Jensen]

Welcome to BiggerPockets, @Shawn Smith.

Seller financing means they sell the property to you, your name is on the deed, and they collect monthly payments just like if they were a bank. The property sells for whatever price you and the sellers have agreed to, and that is the end of that deal. Your renovations and profit after you sell doesn't factor into that equation. 

Regarding seller financing, that is specific to each deal. You can approach them and ask, but if they just want out of it, they'll probably say no. 

A hard money loan might be a good backup plan, if you are in it for the short term anyway. Have you done this before? Do you have any experience? If this is your first flip, a hard money loan might not be the best option.