I love seller carry/owner financing!

[Peter Tverdov]

I have always wanted to do seller carry on a deal and now that I have done one, I don't think I will ever want to go back to a bank! 

Cliffs: I bought a 2 family house a year ago in November in New Jersey. Negotiated the price with the owner who is an older gentleman right on the front porch and offered him 20% down, 30 year mortgage at 4% with a 7 year balloon. Buying it in the name of my LLC. This was very similar to what I could get at a bank (and I was able to qualify but rather leave the banks out of it) He agreed, never asked me for a paystub, tax return, credit score, nothing (that was crazy lol) and during closing I think I signed 3 documents and was done in 5 minutes. No appraisal, no junk bank fees, no commercial mortgage. The closing was the cheapest ever and fastest ever.

Fast forward to this year. I converted the downstairs to my personal office so now it's a mixed use building. We just finalized a "refinance". No I am not taking money out my "refi till I die" junkies. Instead, I changed the terms to a 15 year mortgage at 2.875% with a 5 year balloon. He gets an extra $600 a month and gets paid out 1 year quicker and I save about $50k in interest. In 5 years I have 10 years left on a building I bought in 2019 with approximately 40% LTV.

Seller carry guys, the way to go every time if it works for both parties!