How do I get a Property Under Contract with Owner Financing?

Great question,
I hear all so often.
Want to give you some info on it, so your talking to a FSBO who has a property
with at least 50% equity in it. Good, here how you can handle this.
Get all the info on the props as possible, debt on the prop. Any liens or anything against property. Ask the owner, of course after the owner answer the questions. you will find out for yourself either by going to the court house or calling your local title company to get the info you need.

So once you know what liens, loans, etc on the property. You know what your looking
at regarding the equity that s in the property. So for example if its $100k market value according to your sold MLS of title company comps. Lets say there's $25k in loans whatever, You know you have $75k in equity and the seller wants $100k. What do you do? When your first talking with the seller you are listening for the hot buttons, there main reason for selling. We listening to them to see how much cash do they need at this moment, so the goal would be to offer 5-25% down payment.It really depends on what your exit strategy will be.

The monthly payment like down payment is negotiable, you tell them how much you can pay monthly as well, since the goal is to do owner financing for 1-10 years. You give them a idea of what you have in mind. Written offer, give them 3 to chose from.
Its always there price your terms, They want $100k you can offer more or less depends on them. Terms to make them happy, the monthly payments have to be market value rent, when you get this under contract who you flip this contract to will hold on to and more then likely rent or lease option to tenant.

So know what your exit strategy will be, make 3 different offers. $90k $$20k down $1000 month with 5% interest or even no interest.$100k $10k down $5 750 month 1% interest. Or $110k offer with $5k down $ 500 month with 8% interest. let me say the market rent is $1200.

Also keep in mind people flip/wholesale contract for quick money, keep in mind you make quick money on this as well with out flipping the contract. So then you add to the price of the contract $5k, $10k its all on what you offer the seller and he accepts.

DISCLAIMER
THIS IS A QUICK RESPONSE, IF YOU HAVE QUESTIONS LET ME KNOW.
ALWAYS KNOW THE LAWS REGARDING OWNER FINANCING IN YOUR AREA,DO THE DUE DILIGENCE
THE RIGHT WAY THE FIRST TIME SO YOU DON'T MAKE ANY MISTAKES OR GET SUED.
CONSULT YOUR LOCAL REAL ESTATE PROFESSIONAL, THIS IS A GREAT EXAMPLE WHY MOST SUCCESSFUL INVESTORS HAVE MENTORS/COACHES.



Fenando
661-262-3115
Email or text for address.
quick.offers@yahoo.com
.