All Forum Posts by: Shawn S.

So when you guys try and do owner financing, do you ask the seller first if they are willing to consider this option or do you just send an offer their way?

I was wanting to get a better idea of how to structure an owner finance offer. I would appreciate it if I could get some examples of how you would word your offer. The property in question is 45k

Even if you don't have it as refundable in the contract, can't you simply just demand to much after inspection that needs to be fixed and have the seller pull out always getting earnest money back?

Is earnest money on a property a percentage of the price or a flat fee usually?

Is earnest money refundable if you choose not to go through with a property after inspection?

I was considering trying to get a property under contract before traveling to see it and was just wondering about the downsides of doing this.

Thanks

@Jerry W.

That was pretty much the conclusion I had come to, I just wanted to throw the thought out there to see if there was another way I was missing. Perhaps if he would be willing to go 3 or 5 years this could be more doable.

@Account Closed

I remember the days where I had credit card debt. It was an art form to move it from card to card for 0 percent. I'm amazed people that could do that often don't. I have considered what you are suggesting, I'm just trying to find ways to get funds without having it affect any of the conventional loans I'm obtaining.

He's actually giving me an incredible rate of only 6 percent. I'd just have to bank on being able to get another loan in that time as I could only likely thrown 10k back at him by that point assuming I don't buy any more properties in that time.

So a college buddy knows we are investing in buy and hold properties. He has 30K he wants to invest with us. But he wants it back after 1 year. Since we don't do any flipping, can you see any way we can make a loan like that work? I would have no problem doing it over a 3 year period, but I'm scratching my head on this one. We have several properties we are looking at and would be using this money for down payments on likely 2 of them.

Thanks

How accessible to an attorney would someone's coverage be? I guess I'm naive in thinking that would be private information.

I like fire dancing.

But no, I'd say the risk is lower than most due to the kind of tenants we target.

So it would seem than that if my net worth is under 1 million then 1 million per property would be sufficient?

Thanks everyone for the thoughts. The deal would have to be extra special to go this route, and you all gave me good things to consider.