All Forum Posts by: Stephanie Dobbs

John you make a great point. I have expressed to the agent that showed me the property that he will be factored in the deal, but sometimes I'm sure that's not enough. Given there's no commitment and I just met this agent, I was thinking of writing the sellers a letter, but I don't want to ruin the potential relationship, as you've stated, which is why I've posted this forum.

As far as working to find seller finance properties, in Maryland, I have not found an agent that has supported the idea. This agent seemed fairly new, but was open to lease option and seller financing and even asked that I spell out such in an email so he could persuade the selling agent/seller that it's a win/win situation.

So what's the best next action?

Thanks Mr. Penland, I appreciate that. I'm developing tough skin, so I know that's a possibility I may have to fact. I am going that route due to our credit (for past tough situations) which will be corrected in the next year or so. We need a home in a good community that offers good schools for our kids, so we are diligently working to get everything corrected.

So I found a home that is perfect for me and my husband (as an owner occupant). Through my research, I discovered that the owners own the property free and clear and are now looking to move. They've reduced the asking price $10,000 here recently and it's making me believe that they are motivated. Is it likely they'll go for seller financing or a lease option? Should I go through the agent to ask such questions or send them a letter through the mail?

Please advise and thanks!

I've been looking into this option as well; as I have NO down payment, but am working to build capital. What I do to find if the owner may be willing to sell via seller financing, is I check the sales history of the property and see if their selling price is close to what they originally purchased the property for (possibly ten to twenty thousand dollar difference at most). If such is the case, they may be motivated to get rid of the property and wait to receive the little bit of equity expected at a later time. I also like to alert for reduced selling prices. If the previously noted is the case and the seller is reducing the price on the home often, they may be willing to do exactly as you require, and in some cases will pay you to take their home off of their hands (according to an early podcast I listened to on biggerpockets). Also, check the land records to ensure there are no liens on the property as well, so you're not wasting much time with the seller if you'll end up having to pour money into the property.

I hope this helps! More experienced investors, please chime in!

Thanks Andre for that input, that is really great advice! I will definitely take what is said into consideration, even though I am going to try my hand at wholesaling to raise capital and to pay off some of my debts.

Welcome!! I recently joined biggerpockets myself and learning is imminent through the podcasts and forums, you are sure to learn all you need. Enjoy!

I can tell you from sitting in a car without air conditioning, that it has been unbearable heat with intense humidity...If I had to endure days without air conditioning in the apartment complex, I would've fled to a hotel as well, especially having children. The heat has risen to above 90 degrees with humidity to boot.

Mr. Seveney, I did not see this!!! So sorry! Another investor offered kind advice and mentioned your point, and it is a great one! What you say is a good idea, and I have been soliciting investors to work with them for FREE! I have limited time to offer right now, but can offer more time after I finish my undergraduate degree (June 29th; taking a summer course). No one thus far has responded so I am holding out hope to find an experienced investor that would be open to showing me the ropes.

Concerning the duplex is actually a great option as I am looking for a home to stay in (hubby, me and the kids are in a small apartment and we need to move for better schools), so a duplex may be a good option. You think seller financing may be possible for ownership?

Stephanie Dobbs 

Thanks so much! I am really appreciative of all those that take time to answer my questions, so I like to express my gratitude and directly respond to what was said. I appreciate your advise and will plan to do as you stated. I have never looked into duplexes, so maybe I could do what you advise using seller financing? <-- Atleast until I'm able to get a loan conventionally or otherwise. Either way, I appreciate your response and will be reading, listening and learning in the process/meantime.

Stephanie Dobbs

Thanks, you are right! I am trying not to be greedy and am being honest about not having experience or money. Your approach is correct, and I've solicited services to other experienced investors (even put a post on BP asking to yield 2 to 4 hours a week to administrative or any tasks that I can assist with). The reason for the short time is due to the fact that I work full time and have three young children. I can extend the time in July and August though.

Stephanie Dobbs