owner financing

[Philip Williams]

So this is my first bigger pockets success story...here goes. Like most newer investors one of my biggest challenges was creative financing. I had some capital actually a decent amount but no regular w-2 income. So I decided I was going to ask every buildings owner that I was interested in about seller financing. It paid off I have a deal closing on a six unit fully rented building financed through the previous owner. I am putting down 18% which is less than the 25% the bank would require. All the numbers look great on paper but only time will tell how great of a deal it is. It actually passed the 3% rule which surprised me but it is in an economically depressed area. I don't know what else to add but hopefully this will inspire others who have had some financing difficulties!

[Philip Williams]

@Jeff Valentino  I had tried with several on the mls maybe 15-20 owners. I view about 20 properties a week and it took me a week to find this deal. But the very next property I viewed was the current deal so hopefully I can get another owner financed deal locked in here in the next week.