All Forum Posts by: Steve Cady

Another newb here trying to figure it all out. I have a general question about seller financing.

On a traditional bank loan, the bank sends out a 1098 mortgage interest statement to show what interest you paid for tax purposes. How does that work for seller financing? I would assume most sellers don’t have the understanding or willingness to put something like that in writing each year for the buyer.  Also, if any extra payments were made that would change up the originall amortization schedule, that would be another thing the seller would have to have to figure out. As an investment property, does the buyer/investor usually take on the responsibility of tracking that or does it not work the same way as a conventional loan?

I don’t have any deals in the works, just trying to expand my knowledge.

Thanks all!!!

There is some GREAT information here. Thanks!!!

Hello all! I live in the northwest suburbs of Chicago but have a rental property in Denver, CO. We kept my wife’s townhouse out there when she moved here and have been renting it out using a property management company. I am interested in getting a few more properties closer to home to try to build up our passive income.

I came across BP about a month ago and have been listening to the podcasts. They have been very helpful in looking at the process from a lot of different angles. Looking forward to getting more good info from the site and the people!

-Steve