Quick question on those who have done seller financing:- Buying a 0.3 acre downtown fort lauderdale multi family, negotiated an around 1M price w lot of development rights, double lot. seller got it way back early 90s for pennies- got good credit 800+, w2 job etc put 40% down and mortgage bank offered 6.62% 30yr fixed (CF negative as this would make current rent roll not too much compared to the PITI)- property is in ok condition, needs 20-30k repairs which seller OKd, and all 3 tenants are month to month, pay bit under market but also ok- seller would like to do seller financing, interest only at 5.75%, 30yr amortization at 7yr balloon (CF would be positive) - id be paying some principal as well, just to grow some equity- buying this deal for the future development of the area (las olas, kushner broward crossing) so not really worried even if we overpay for it now, but never done creative finance as i always relied on a strong W2 job to get good loans but obv im used to 3% 30yr rates from covid times not this 6+ environment..Goal is to hold the property 3-5yrs, and then actually develop it or sell half the land / refinance, pull out HELOC if it appreciates.Questions:1) What does he know that i dont? 

If you ever need insights on financing options for rental properties, including DSCR loans to scale your portfolio, I’d be happy to help.

Hey Patrick, This would be a DSCR loan.

There are varying opinions on this but mine is: cheap never goes out of style.

It could vary of course depending on the defenses of the tenant and if the court is presently backlogged.

So it's a loan....You just detailed a loan. 

@Kwanza P.Leveraged means using a loan (leverage) to buy the asset. 

I was considering having a lawyer draw up a baseline loan doc and make tweaks to it on a per loan basis.

This is a large community and someone might give you some insights on the lender or the loan officer.  

Also add if you are getting any type of loan on the properties a Wyoming LLC will not make you anonymous as you will need to sign the mortgage in your name: