56: Rookie Reply: Tips on Owner Financing Then Refinancing Out

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 27 February 2021

⏱️ 16 minutes

🔗️ Recording | iTunes | RSS

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Summary

This week’s question comes from Cory on the Real Estate Rookie Facebook Group. Cory is asking: Owner financing would buy me some time to get the property rented and cash flowing as well as build some equity before taking it to my bank for conventional financing. Any tips, suggestions, stories on doing this? Many real estate professionals have an opinion on owner financing (also called seller financing). Some love it, some hate it, and some just haven’t had any experience with it. Ashley has had some great experience not only owner financing a package of properties for sale, but also being the owner who has financed her property when selling it. Here are some of Ashley’s suggestions: Show the seller that you’re financially stable with some key documents Work with the seller to find terms, interest rates, and payment options that work for you both Ask the seller what they need to make this deal work for them Draw up a letter of intent and attach an amortization schedule Get it structured and drawn up legally with your lawyer 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). Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is real estate rookie show number 56.
0:07.7	And we are back with another Saturday episode.
0:11.1	I hope everyone is enjoying their weekend.
0:13.3	I am your co-host Ashley Care and I am here with Tony Robinson.
0:18.1	Hey, Tony.
0:19.2	What's up, Ash?
0:19.9	Excited to get into some more questions today
0:22.0	and dive into some topics that listen to us want to hear about?
0:24.8	Yeah, yeah, I'm super excited.
0:26.6	And we finally have come up with a name for the show.
0:30.6	So it's going to be called the rookie reply.
0:34.2	Super excited for that.
0:35.4	Make sure you guys check us out every Saturday.
0:37.9	And then one day we'll continue our episode with our awesome guests
0:41.6	that will continue to have.
0:43.6	So hold on before we dive into today's episode,
0:45.6	let's take a quick break.
0:47.0	Are current interest rates making you depressed about cash flow?
0:50.3	What if it didn't have to be that way?
0:52.2	Rinse to retirement has 2.99% seller financing available on turnkey properties.
0:58.8	You heard that right.
0:59.7	That's a seller financed 2.99% interest rate
	...

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