All Forum Posts by: Account Closed

@Colton Fairchild Very helpful! Thanks

Hi!

My husband and I have some good leads to purchase a seller financed property. If one of these leads works out, we would like to know the next steps. I know either us or the seller would have an attorney would write up the contract and we should have an inspection done on the house, but what else? Escrow? Title insurance? Are there different steps from purchasing a property from a bank? What closing costs am I looking at besides down payment and inspection fees? Thanks in advance!

@JOSE BATISTA ABIKARRAM yeah we have and still are considering it. Our current house is in a hot neighborhood so it should rent pretty easy. It's definitely an option!

@Aaron K. Okay so we might be better off asking the listing agent or finding the deals on our own. I'm in Cleveland and the market here is much different lol. Houses sit a lot longer, so that might make sellers more motivated. Thanks!

@JOSE BATISTA ABIKARRAM yeah our house that we live in was purchased through an FHA loan almost two years ago. We would like to strictly use the property as an investment property and not to live in so I don't think that would work. But I hear a lot of people make that work by living in half the duplex and have the renter pay their mortgage.

@Aaron K. So would it be reasonable to have your realtor reach out to sellers/listing agents for properties you scoped out to see if the seller is interested in seller financing prior to viewing the house? And only viewing the house if the seller would be open to it? I just know there are a lot of people who waste real estate agents time so I want to make sure that this isn't asking too much.

My husband and I would like to start investing in rental properties. There are a lot of duplexes in our area that have a good return. We have excellent credit and have the income to get approved through a conventional loan. However, we do not have the 20-25% down payment required for investment properties since we recently bought our own house and paid for our wedding.

Is it possible to use a real estate agent to find seller financed properties? Are they discouraged from wanting your business since seller financed properties are harder to find? Please feel free to offer advice that might not be related to the realtor question but could help us get started.

Thanks!