Single Family - Owner Financed - Erie PA. - Sean Maloney

[Sean Maloney]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $19,000

Single family home. Large corner lot. Owner financed deal.

What made you interested in investing in this type of deal?

Owner financing. Strong cash flow.

How did you find this deal and how did you negotiate it?

A friend of mine contacted me about it. It was his parents house and he had taken it over and made it a rental when they bought a new house. He didn't want to be a landlord and didn't know what to do. I just told him ...let's work a deal.

How did you finance this deal?

Owner finance. Terms where 6 years. 1.2% interest. 0 down. I payed all closing costs. It was a fun negotiation and is a good story that I would be happy to share there just isn't enough space here to type it all out. If you want to learn more reach out or maybe you'll hear about it on a pod cast some time :)

How did you add value to the deal?

Remolding and getting some long term tenants.

What was the outcome?

Just made final payment Oct. 2023 so now free and clear.

Lessons learned? Challenges?

Be professional and negotiate well even with friends or family. When it's time to do business do business. If real estate is your business everyone should not only know this and come to you with real estate related situation, but they should realize your professional abilities even if they know you from other circumstances. My friends know me for having fun and stuff like that but they also know when it come to doing business I'm very professional and good at what I do.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Just my attorney