All Forum Posts by: Skyler Shively

@Dan Deppen Sounds like contacting my attorney will be a cheap price to pay to avoid headaches if I did decide to move forward with one of these. Have you done one of these personally? Do you have a Loan servicing company that you recommend? Thank you. 

@Ken M. Thank you for the reply. I never took that into consideration. Possibility of the seller selling the property after the land contract is initiated would leave me a bit uneasy. 

Hey BP community. Recently I have saw an influx of seller financed opportunities near me. With low entry points, they have peaked my interest. However I am a bit nervous to move foward with one, I don't feel that I have enough information on the subject. I contacted a seller, he stated that he typically does them under a land contract. The question(s) being, who sets up the contract? Is that something I would hire an attorney to do, is it much simpler, and I'm overthinking it? The deed stays in the sellers name until the full, agreed upon, about is paid correct? During the term of the contract, are the taxes the sellers responsibility, and should be factored into the payment? Or buyers responsibility? Some research online recommended the use of a 3rd party escrow service? If the property stays in the sellers name, would I be able to refinance out of the contract after improvements have been made? 

 Also, I see that setting it up as a private mortgage is an option as well? This I would assume for certain is something an attorney would have to set up? 

No rush or hurry, just see enough of these listings to peak my interest. Any reply's are great. Thanks! 

Looking to scale my rental portfolio. I have been in the search of lenders with low or no minimums for purchase/ refi. Have found that most DSCR lenders have 75k-100k minimum loan amounts. I live in a cheaper market with a lot of sub-75k properties. Current lender have no minimums but the fees are high and they want 30% down. Looking to possibly connect with a new lender and discuss my options. Thanks!

I’m really glad I made this post on here, thanks for the insight. I do have a few questions though, I have never done a seller financed deal, is there any chance that I could get you to send me an example of a cover letter for the offer? Also, I do know that he has a mortgage tied to some of these properties, won’t the banks call those notes due when they see that the deed has been transferred? What is the work-around for that? He has some of the properties listed with a realtor already, she wants her cut too. How does she get paid if I presented a 0% down offer? Thank you 

Want to start off with saying that I have only purchased rentals traditionally with 20% down. Realtor friend that I work will found a seller looking to sell off 24 sfh units. I do not have the money for a down payment, I always hear of people using private leaders or equity partners for down payments, but I have no knowledge of how that works. Seller is not interested in seller financing the whole portfolio, but may be able to talk him into financing the down payment if that is even possible? I would love to acquire 24 more units. Any advice would be greatly appreciated. Thanks!