All Forum Posts by: Caleb Christopher

Yes, and there are several companies that do it already. Some are nationwide, some are local.

OnePointLending.com (I use this one and can help get the account set up if needed)

WestLoan.com

NoteCollection.com

I've done creative (subto and seller finance) deals with realtors required to use the CO state contract. So you can use that as a baseline.

The creative stuff all comes through custom addendums though. It's not boilerplate for the state.

If you want to work a deal together, I've done dozens in CO, and hundreds nationwide. Hit me up.

Slinging creative to realtors is tough. Real tough. I've wasted many hours. My lessons learned are that you need to connect with them BEFORE they have a deal you want. You want them turning to YOU when they have a deal that needs help.

Creative finance is a solution to a problem. If there's no problem to solve, you don't have a creative deal.

I'd recommend you search the web for 

• "Why you can't close creative deals - Cash Realtor and Keeping It"; and
• "Creative Finance for Realtors"

You may find some helpful resources to prepare you and/or your recipients for creative deals.

@Adrian Cardenas did you find one? We usually have to call around and still have to coach them through the deal. Occasionally, we can't find a title company willing to close the deal due to the loan type (FHA, VA, USDA), and we have to self-perform the transaction.

As the buyer? Can you get seller financing from the seller? Make a compelling seller finance offer.

Are you needing to build/construct as well, or just take it over? 

If this were straight seller finance, it wouldn't vary from the traditional deal with bank financing. You'd need to engage a local real estate attorney to draft the promissory note and corresponding mortgage (or equivalent document). 

Ideally, you'll also set up a loan servicer (look them up online) to handle payments and impound taxes and insurance so you have a "regular" monthly mortgage payment of PITI.

In this case, you're going to want to do a wraparound mortgage. There may be (is) a due on sale clause in the first mortgage, so you'll have to sign disclosures acknowledging they may call the loan due if they care to (they typically don't if payments are being made on time), and you'll still need a local RE Attorney to draft the wraparound Note and wraparound Mortgage.
I wrote a BP blog explaining wraps here.

Tag me if you have any further questions.

You might also have good luck searching for seller finance deals from wholesalers ready to assign them. I usually see cash-to-close on subto and seller finance ranging from $30K-60K, based on my team runing 50+ creative deals per month.

I'm happy to give answers if you have direct questions. I can't self-promote on here, but if you tag me with specific questions, I'd be happy to provide the most helpful answers I can, each time.

Depending on the type of transaction, there are additional documents many title companies and attorneys are not familiar with. @Javier Ramirez, remember, the title companies/attorneys are aiming for COE. Their job is done there, but in a creative finance deal, you may need to set up loan servicing after COE. You may need a power of attorney in a subto deal so you can deal with the mortgage on behalf of the seller. These other parties don't know/care about that, and once you've closed, it's typically much more difficult to get any additional docs from the seller!

Definitely tag me if you have any further questions. I only do creative deal types and am happy to help.

We write in the terms in the "additional terms" section on the deals we do. I have templates we use nationwide, and my team can probably assist with getting you a good contract drafted. If you search hard enough online, you'll find one you can use. But it's practically a loaded gun, so it's best to connect with an experienced JV partner, consultant, or attorney to make sure it's done right.