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Results (10,000+)
Mike Nelson Owning Owner finance properties as rentals???
30 October 2011 | 25 replies
The question with owner finance still comes to experience and reserves.I can buy no money down with owner finance and show reserves to make the seller comfortable.They want to know when the time comes you can cash them out if needed to and pay off the loan.They also (depending on foreclosure process and timelines of the state) worry that you will run the property down worse from what it is today.They will foreclose,not receive payments,spend a bunch of money,and take back a bigger headache then they had before.I have sellers who have financed me that will write a letter stating I do what I say I am going to do and follow through.If you are just a buyer just learning and wanting to put "no skin in the game" then the seller will not want to take the risk.You have to have experience,reserves,cash to put down (something of value) to get a seller wanting to do the deal.Now you can find sellers wanting to go for anything but the deals are crap.I know a seller right now offering owner finance.Wants 15% down which for the condition of the properties is a pipe dream.The property a 4 unit is owned free and clear.It has been run down over the years.I know taking it over I would want no money down,2 to 3 months of no mortgage payment on the note,and a great interest rate to purchase.I know the landlord just stuck below market tenants because they didn't want to make repairs.I am going to spend a few months getting those tenants out and rehabbing the units and fixing all the problems before generating cash.I know this because I have other buildings close by in the area and I know what it takes to turn them around.If you only want to put 10% down max then start at 3% down and make the seller feel they brought you up to the 10% down.Have to make it look like they won.I am willing to give the seller a little more on price for the right structure and cash flow for me.If they do not own it outright and you do the wrap you have to watch out for the due on sale clause.Especially true if you put a bunch of money down.You have to make sure you can refinance out of the note quick if called and that the payments go to the bank to make sure mortgage is credited every month and not headed to foreclosure.
Jamie Gruber Advice on offering on multiple properties
4 October 2016 | 13 replies
If they reject it, no skin off your back.  
Eric DeVito Looking to buy first Property and be landlord. Advice/tips?
6 July 2018 | 34 replies
Keep copies of lease secure and use addendums to renew it every year if you get long-term tenantsBe friendly, have a thick skin and enjoy being a landlord. 
Tim Jones Financing a purchase through Homesearch.com??
17 December 2015 | 17 replies
Typically they want the buyer to have skin in the game for fix and flip deals.
Wendell De Guzman Real Life of a Real Estate Investor
1 October 2016 | 526 replies
She wants to do buy-and-hold and she realized that instead of buying turnkey properties, she might as well partner with people who will have SKIN IN THE GAME - meaning, me who will risk my own money in the properties.
Taylor Horowitz Buying Buy and Hold Properties Out of State
17 March 2016 | 31 replies
I will manage them and since I will have skin in the game it is a lot better than paying a property management company.
Terri O'Brien New Member in Morrison, Colorado
23 March 2016 | 6 replies
Several ways to skin the cat if you are really committed. 
David Hodge Helping mother-in-law find cashflow
27 October 2016 | 33 replies
In my opinion, neither site puts enough skin into the game (less than 1% versus a typical 10%+) to properly align themselves with investors.
Anthony Manning 2-4 Units in Denver Advice
16 May 2018 | 22 replies
Even if I end up not owner occupying and just getting rental property, until I have some skin in the game, I'd like any of my future rentals to be local so I can manage them.  
Eric Hamilton getting a small business loan to fund money down on conventional loans
1 March 2016 | 11 replies
You are saying you want 100% financing with no skin in the deal.