All Forum Posts by: Heather Pelletier

I have found a multifamily that has been rehabbed, is currently rented and is up for sale. The house does cash flow and the seller is willing to provide "some" owner financing. Is there a way I could structure this deal with no $ out of pocket? Obviously if I can do the deal with no $ down that would be great.

Thanks,
Heather

PS: Merry Christmas to those who celebrate!

I don't have an answer to your question buy your children sure are cute! :)

Having said that, I am currently taking a class on lease options and if you can aquire a property using this strategy it is no cash out of pocket, no mortgage qualifications and if it doesn't cash flow you can walk away. I have not tried this approach personally, however many people have and say it works nicely.

That's all I have to offer. Just a thought!

Heather

Is it possible to have the seller owner finance the down payment? If so how does this work? Does the lender need to see the money in your account to qualify for the loan?

I've asked this same question before and would love to hear from people who have used and still use this strategy. We own a SF home we just rehabbed, currently it is being rented but the current owners want to purchase but can't yet qualify traditionally. If we offer the financing it seems like a win, win situation. Right??

thanks Mike,

I'll check it out. Congratulations to you and your family for taking charge of your finances!

Hi Josh,

I love this site. There's not much more you could do to make me stick around however, I'd LOVE spell check:)

Congratulations! I'm very happy for you! I'll have to figure out how to post pictues so I can show off my 1st project:) I'm not very good with computers.

Heather, we have not heard from you in a while. How are you doing? How are your plans coming along? What happened to your rehab?

To answer your question...Our rehab project is complete, we have it rented. We earn 300$ cash flow/month and it goes directly into the bank for unexpected expenses that may arise with being landlords. We will NOT use this $ to pay down our personal expenses. The people renting it hope to purchase it. We will set them up with a credit repair specialist to help them become homeowners.

Thanks for all your encouraging words. We are very proud of the steps we have taken. We can't wait to get that tax return and pay off several credit cards. We are on our way and it's not that hard. Buy what you need, not what you want. I am thrilled my husband and I are FINALLY on the same page. It's true, we were simply uneducated in financial literacy, we thought we were doing OK because we were doing what everybody else was doing. Now we watch our friends and think...what idiots. How can they buy that when they don't know if they'll have a job next week.

Has anybody used this strategy? I'd love to hear about the pros and cons. Also has anybody used it in the state of Massachusetts? We met with an attorney who said it was illegal but I was wondering if he didn't know anything about it to begin with.