140: Rookie Reply: Seller Financing 101

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 18 December 2021

⏱️ 17 minutes

🔗️ Recording | iTunes | RSS

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Summary

Once again, Ashley’s DMs are open for questions! This week, Brendan direct messaged Ashley asking: I’m looking at a 10-unit property at $1.9M. The current owner only has 4/10 units rented, but banks require 75% occupancy to finance. The seller would be interested in owner financing. Where do I start? It’s good to note that no two seller financing deals are the same. Different sellers want different things out of a sale and it’s up to you, as the buyer, to find the things they really need to get the deal done. If you’re able to do that, you could get a great property under contract with little-to-no money down! Here are some suggestions for owner financing: Use PropStream or county records to see whether or not the seller has a mortgage/lien on the property Calculate how much you’d be comfortable putting down and relay that in your offer Run the numbers with current/Pro forma occupancy to see what the property could cash flow Know that (almost) everything is negotiable, don’t be scared to ask for flexible options And more in the episode… If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Links from the Show Real Estate Rookie Rookie Facebook Group Real Estate Rookie Youtube Channel BPCON2021 Propstream Check the full show notes here: https://www.biggerpockets.com/rookie140 Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is Real Estate Rookie, episode 140.
0:08.0	My name is Ashley Care, and I am here with my co-host, Tony Robinson.
0:12.4	And we would like to welcome you to the Real Estate Rookie podcast,
0:15.7	where all we do is focus on that beginning part of the journey,
0:19.6	so that the listeners, like yourselves,
0:21.7	get the inspiration, get the motivation,
0:24.0	get the determination that you need to get started in your Real Estate Investing career.
0:27.9	So, Ashley, I'm super pumped to be here with you today.
0:31.1	Yes, and today we have another question from my Instagram DMs.
0:37.4	We knew I was thinking about this the other day when we were talking about
0:40.1	we always love to say slide into the DMs.
0:45.2	So, hold on, before we dive into today's episode, let's take a quick break.
0:48.7	Oh, no. Are you still looking for on-market Real Estate deals?
0:53.6	Come on, guys. We taught you better than that.
0:56.2	Stop scrolling through those listing sites.
0:58.4	The best rental properties, flips, and wholesale deals
1:02.0	aren't found on market.
1:03.4	So, how do you get them? Deal Machine.
1:06.0	From driving for dollars to pulling owners list, marketing direct mail,
1:09.9	and more, Deal Machine gives you everything you need
1:12.8	to easily find your next profitable property.
1:15.8	If you haven't heard, Deal Machine is the all-in-one Real Estate tool,
	...

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