The guy who is 'buying' it from us bumped her rent 25% & given the rent was below mkt she had no problem paying the increase.The neighbors call her the 'smokin hoarder broad' because the home is full of fridge magnets & she is the ultimate chain smoker.

@Ray HarrellSellers will owner finance because (1) they will be able to sell for a higher price because they will sell to people who can’t get institutional financing, (2) they think the interest rate they receive on the money they financed, usually 6-10%, is better that the 2% bank accounts are paying (3) they get to spread out the gain on the sale of property over many years and not be bumped into a higher tax bracket immediately, or (4) they can sell the property faster as a buyer doesn’t have to wait 45 days to fulfill institutional lending requirementsBuyers may want owner financing because (1) they save the points and other fees associated with institutional financing (2) they may own the maximum number of properties financed allowable by lending institutions (3) they as full time real property investor may not be able to prove the amount of income necessary to obtain a loan (4) they may not qualify for conventional financing, only hard money, in which case owner financing may be at a much lower interest rate (5) they may have liens, judgements, etc. outstanding that make obtaining outside financing impossible, (6) they may want to close quicker than available with institutional financing.Please let me know if this makes sense

Also we both just 'bump into' things while searching.

Also taking out a large amount can bump you into a higher bracket which only makes the example worse. so just to summarize, it is probably better not to pay the penalty for early withdrawal. 

. :/ I was hoping someone on here could help me make my first moves to getting an income property or my fist condo, or home or whatever!  

Just wanted to bump this.

I know this topic is 5 years old, but it got bumped it seems.

Bump +1 I’m also interested in recommendations for the San Fernando Valley.

They raise rents usually a small amount on a renewal ($20-$40) to avoid turnover and if you do a renovation between tenants that usually will get you a nice bump. 

I see you have 5% vacancy, I'd bump that up to 10% for your first one.