Does anyone have any information on getting seller financing on multi unit deals or apartment complexes? If so how does it work and does it work often… and any other information avalible? Thanks in Advance!!
All you have to do is ask the seller for it. In my experience seller financing is more common on commercial deals than residential.
You probably can’t get better financing than from the seller. And… if its a short term balloon like a year or two you could get no payments and no interest if there is some problem you need to fix like occupancy, repairs, or initial development.
Seller financing is the only way I will do a residential deal or multifamily. I do 80/20’s or one bank lets me do 85/15. Finance the first mortgage long term and get the seller to give you excellent terms on the second.
Arie is dead on. Your best chance to get a good rate is from the seller. The banks always want more.
Nate-WI
I’ve done numerous loans for my RE Investors where the seller holds 10-20% as downpayment and I get them the rest for 100% CLTV Financing. Lots of ways to do it with no money out of your pocket for dp. Hope that helps.
old post i know but is this option still viable?
This is a good way to go so you can verify the numbers first hand and if they don’t roll then the deal is bad and you may not want the property. This is a safeguard and experience as well as ensuring you have a decent deal…
Right now you may be able to buy sub 2 and get the seller to hold the note. I know that i would sell the multifamily that I own that way.
Redhawk