 Seller financing (by Mark [PA]) May 29, 2023 2:06 PM
 Seller financing (by MC [PA]) May 29, 2023 2:10 PM
Seller financing (by RockyMtnLL [CO]) May 29, 2023 7:31 PM
Seller financing (by don [PA]) May 30, 2023 10:33 PM
Seller financing (by Mark [PA]) Posted on: May 29, 2023 2:06 PM
Message:
I am 70 years old and investor has approached me about a seller financing for a rental property that I own and have no mortgage. What are the pros and cons? --71.230.xxx.xxx |
Seller financing (by MC [PA]) Posted on: May 29, 2023 2:10 PM
Message:
Do you really want to still have the place and financial responsibility? If they can't get a loan or have the cash, it is a no go for me. --73.230.xxx.xx |
Seller financing (by RockyMtnLL [CO]) Posted on: May 29, 2023 7:31 PM
Message:
It's just like renting to them - except they can tear stuff up and you have to foreclose instead of evict. At least with renting, you can control (unless the tenant is truly rotten) what they do with the place. If you sell and carry the note, you watch while they might upgrade it in a different direction than what you would have wanted.
The upside is that for enough down payment, you might be able to sell it multiple times. I purchased a 6-plex from an 83-year-old who had sold the building 4x. Each time, she got a substantial amount down and then as soon as they hiccuped, she foreclosed. She had a clause that you could not refinance without her permission. We had to borrow privately and pay her off to borrow the right amount to make the numbers work. --69.131.xxx.xx |
Seller financing (by don [PA]) Posted on: May 30, 2023 10:33 PM
Message:
Better off doing a lease purchase until he can get a bank loan. A lot easier to terminate if things don't go right than a foreclosure. --73.141.xxx.xxx |
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