All Forum Posts by: Tom Harvey

@Chinmay J. How much of a down payment is typically expected when the owner finances, in terms of percentage?

Here's my situation. I'm seeking a mortgage on a duplex. I'm self employed. I have a seasonal lawn care business. My plan is to actually get a job in the restaurant business (for the winter and temper hours during the lawn season) where the income would have a base wage of $11 plus tips. I may even Uber it up for some extra income. Problem is banks do not like tip income and also I have many expenses for the business so it doesn't show much profit, even though many of these assets (truck, commercial mower, etc) will be paid off over the next 1-3 years. I want to set a goal for myself, to save potentially 25k-30k. I live in a market where you can buy a duplex for 75k-95k in a decent area. 

What are my options here? Do I need to stay at this new job for 2 years and bolster my lawn care income or is there a workaround, say unvconventional financing? Or maybe a larger down payment?

@Brandon Hicks At first did the seller verify your income or did you just verbally give your income to the seller? I guess this is my biggest hurdle. Traditional banks want 2+ years of tax returns when you have a small business so going through a conventional bank isn't a good option for me at this juncture.

@Brandon Hicks That seems similar to my situation. I have a small lawn business (self-employed). Because the business is new, it doesn't show a substantial profit on paper (through tax returns). Do you think sellers will offer financing to me in this situation? 

@Brandon Hicks

Brandon Hicks, where did you learn how to find and structure deals that involved seller financing? Also, do you have a job or a business?