Wholesaling a seller financed property

[Jason Varney]

Hi all,

I was wondering how the workings of a deal would pan out when trying to wholesale a property that is seller financed. I know a few investors in our local REIA group that are looking for seller financed rentals for obvious reasons in that they can only have so many conventional loans. I have a potential property where the seller is willing to carry the financing. Obviously, if I were to wholesale it to someone else, I'd want to make the seller aware of what I'm doing and that someone else will be taking over the deal and the payments.

Has anyone had an experience like this and some sample language they may use with a seller to explain how this will work? Any language for overcoming objections to it?

Lastly, how should the deal be structured (How should i write the offer to collect my wholesale fee?) For example, I put the terms under contract for 30K house, no money down at 5% for 30 years. If my wholesale fee is 6K, do I ultimately offer it to my end buyer as 36K with 6K down and then they take over the terms of the contract? Trying to wrap my head around this. I appreciate all input.