All Forum Posts by: KC Hunt

Hi, I am working on finding my first rental property. My my family is currently in a situation where we also need to find a new home. I would like to buy a property that we can live in for a little while, and then turn into a rental.

Currently I am unable to qualify for a traditional mortgage because I just started a job. So I found a nice seller financing deal for a house that would work for us to live in and would also make a great rental after.

The seller is asking for 7.25% interest and is willing to finance for 30 years. I am still waiting to hear back what he is hoping for in a down payment, but I am sure it is in a typical range. That is, from my understanding, a pretty typical interest rate for seller financing. And I love that he would finance it for so long.

However, that takes the payment amount outside the budget that I can afford for a monthly payment. 

What value could I offer to the seller to get the payment amount into a range I could afford each month and still make it a great deal for the seller to provide the financing? My idea was to pay more upfront in the down payment to "buy down" the interest rate. What are your thoughts?

I have not explored any in Cedar City. I would search Facebook groups or Google something like Cedar City REIA and then poke around and try to find somebody to call.

Come join us for networking and our monthly REIA meeting. We will be discussing Seller Financing!

We meet every 3rd Wednesday at 6 PM

@Justin Morgan will be joining us. Please invite other like minded people

We would like to invite you to join us at our Southern Utah Real Estate Investors Meetup. We meet every 3rd Wednesday at 6pm at the same location. 

The purpose of this event is to share knowledge with each other about investing but primarily to create an opportunity for like minded individuals to get together and partner with other members of the group on real estate deals. 

We are looking for people to join us who have experience investing in real estate as well as those who are just beginning their own investing journey.

Come join us!

I live in Washington, Utah, just a few miles from St. George. I have used a couple for projects on my rentals. I have used Mike Goulding with My Helping Hands.

I have also used Jared Simmons with JESCO Doors.

Both were very good at what I had them do. Mike was very responsive and got everything done very quickly. Of the 2 I'd go with him again.

@Jim Huish Awesome, I'd love to connect as well. 

Welcome to BP! Wish more of you were in Southern Utah...

Thanks everyone. That makes good sense. Get it under contract, tell the home owner what you are doing and then sell your interest in the property. 

So I came across a home today that I am interested in buying. The seller is more interested in a quick "traditional" purchase then he is in talking about other financing options. But the experience raised a question in my mind. 

I am not a realtor and have no intention of getting my license. Can I agree on a purchase price with the seller that is below ARV, with a delayed closing and then look for a buyer and take the difference of the purchase prices?

Basically it sounds like I would be selling his house for him but saving him the seller's agent cost and then marking his house up. It just made we wonder if I could do that or if that was similar enough to what a realtor does that I would get in some kind of trouble for not being an agent?

Any thoughts are appreciated.

Thanks

KC