All Forum Posts by: Trina S.

Pay off the balloon and then offer him owner financing on agreeable terms on the $38,000 plus any fees you might incur setting up a new contract.

I am willing to finance a person or couple who is industrious and for whatever reason cannot get a bank loan, especially the self employed. I will purchase the house and finance the sale through a real estate contract if you can prove your repayment ability and have some savings. The house must appraise for at least the purchase price. Ideal for person who has a house in mind. Not a rent to purchase, but an owner financing. Send me proposals with information about the house and yourself. Please include why you can't or do not want to get bank financing. Must be a SINGLE family house on owned land and must have a 25 percent deposit from savings or could be from other family members.   I am not interested in multifamily home proposals or rent to purchase schemes or anything that involves tenants!

Any ideas of where to look for a person with these qualifications?  Any web sites or publications?  Maybe this is a needed service and could be a new business?

As a self employed realtor you will have trouble getting a loan for an investment property unless you are extremely established and have great net tax return income over many years. Many self employed people cannot even get loans for their own primary homes...  So even if legal or ethical, probably not doable with a bank.

Income from interest better than what I can find elsewhere without much risk, financing a home for a self employed person who banks discriminate against, and in case of non primary home taking capital gains over longer time period to reduce current tax liability.  Also, I have had many enjoyable long term connections with buyers. These are some of the reasons I am doing 5 real estate contracts and am currently looking for at least one more.  It is my retirement plan!

The longest REC is now 11 years old and the property is currently under contract.  My REC holder has told me she is paying off the amount she owes which is a little less than half the original contract amount soon and she is turning around and offering owner financing for that amount to the new buyers.  What a wonderful circle!

The only thing I ask from my buyers is 25 percent down and we go through a title company and escrow payments.  Currently have properties in Maine, New Mexico(1)and Arizona(2). One exception to the 25 percent down was a contractor I used for several projects who used his own labor for the 25 percent down before the closing and it became his primary home. Have not used realtors in any case.

Not California sized, but rural New Mexico sized....$100,000!

If I was to finance a rental, I would buy it myself, but I am not much interested in rental properties.  I believe people should own their own homes for the most part.

I have bought and sold many properties over the years using craigslist and fsbo sites, however, for this deal I had the bright idea that maybe I do not need to actually buy the property, but maybe there is someone who has already found a good property, has a good employment or self employment situation going so repayment is not an issue, but cannot qualify for bank financing. (Oddly enough I cannot qualify for bank financing myself despite an uberhigh credit score and owning outright or having real estate contracts on 5 properties.) From a social perspective, I would like to help a millenial buy their first home, especially in a rural area or small town in New Mexico. Am looking to help fund my retirement with a monthly income stream with so am not looking short term particularly.

The loan can be up to 15 years with a 25 percent down payment and must be the only loan on the property. Need to see and have appraisal on home, prefer New Mexico or other southwest properties, but would consider other states. Rate is negotiable, but fair and will use a title or escrow company for payments and paperwork.

Suggestions? Pitfalls to watch out for or referrals...  The 25 percent down payment is not negotiable, but otherwise I could be pretty flexible.

Shelley,

Why not go for bank financing if she has W2 income and over 2 years in her job?  She could probably get a better rate, but the closing costs might be higher!

I am not looking for turnover, but a longer term investment.  The 25 percent can come from gifts from relatives, savings, or business income, but they need to make a large down payment because I want people who are committed to home ownership and community.  I am not interested in foreclosing on anyone or taking back their home.  With a large down payment, they can sell their home if this is not what they want long term and reap any financial benefit in the sale themselves.  ( I have one situation now where the buyer has paid off half their mortgage over the past 11 years and is planning on selling and providing 50 percent owner finance to the next buyer with their 50 percent down payment and paying me off!)