Owner Financing

[Roc P.]

Hello everyone I'm working on deal where hopefully I might be able to get owner financing on the property since it's mortgage free.

Can anyone give me any tips with regards to dealing with owners who are going to finance a deal? I'm a little nervous too because the asking price is a little high for the amount of repairs that are needed, but I'm trying not to scare the owner with a low ball offer because I'm focused on getting him to finance the deal so I can get a low interest rate or no interest at all. Thanks

[Eric Foster]

Originally posted by "roc":

...hopefully I might be able to get owner financing on the property since it's mortgage free... give me any tips with regards to dealing with owners who are going to finance a deal? I'm a little nervous too because the asking price is a little high for the amount of repairs that are needed, but I'm trying not to scare the owner with a low ball offer because I'm focused on getting him to finance the deal so I can get a low interest rate or no interest at all. Thanks

Find out what their needs are, and make your offer fit that...

i.e. Do they just want the monthly income stream... Do they need a lump of cash now or soon... etc.

Yes, asking for reduced payments, no interest, no payments, etc are great ways to make a deal cash flow much better...

I have used... "Since I will be putting ____ amount of money in the property, I would like no payments for ___ months... etc.

If your offer can meet their needs and yours.... you can make it a win, win situation.

Don’t get too excited about the "owner finance" part... it still has to be a deal!