Love Seller Financing

[Chris H.]

Investment Info:

Mobile home buy & hold investment.

Purchase price: $53,000
Cash invested: $5,300

Found this property through Marketing directly to the owners. It was her moms house which she has passed and has been sitting vacant for a few years. After i had first looked at it i made an offer and 49k based on a (90k ARV) or i told her i would do a little more if she could seller finance. So we settled on 53k seller financed with 10 percent down. Guys i got into this place for 5300 dollars.It needs some updating but ARV should be at least around 95k i will try to do a BRRR on this one.

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

The seller seemed open to negotiations.

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

I found this through marketing directly to homeowners. I offered a higher number for seller financing with 6 percent interest and 10 percent down. a

How did you finance this deal?

It was seller financed with 10 percent down. So i only needed to come up with 5300 for a down payment. Which i will pay myself.

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

Nope, this was directly between seller and buyer

[Chris H.]

@Ryan Furst, 

I got a buy sell agreement from uslegalforms.uslegal.com, The reason i did buy sell agreement instead of Contract for deed in this case, was the buy sell agreement stated who was suppose to pay closing costs and it had a few other things that the contract for deed was missing. And i would definitely recommend getting a legal document for the state your in. In case stuff goes south want to make sure your butt is covered.