All Forum Posts by: Britt Slayton

I’m a rookie and I know the general direction I want to go in for my 1st real estate move. I want to buy a newer house with repairs and reno up to $20k. I don’t have the money for a large investment (down payment+rehab) on my end but I have people willing to invest. A year ago I bought my 1st house (that I live in).

My questions:

1. Can I get another mortgage for a place I don’t plan to occupy or would I need to get a business loan?

2. If the above plan doesn’t work out due to money constraints or whatever it may be, can I go the for sale by owner, convince them to carry the financing, and then sell it once it’s ready?

*The specifics on the for sale by owner, owner financing, refinance, and sell is still unclear to me so I know I need to learn some more by talking to banks and real estate attorneys.*

I need to find a seller financed house to buy for my 1st property. When I call to ask if they are willing to finance the house, do I need to explain what it means if they don’t know?

I'm looking to buy my 1st seller financed single family home and plan to use the BRRR method. What would be the ideal property for my 1st one? Is there anything I should look for or stay away from?