Anything wrong with this plan?

Buy houses that are 100% owner financed (or close to it)…

Rent them for profit.

Is it as simple as that?

It’s all about the numbers. If you make more money that way do it. I like 30 year mortgages because it’s all about control for me.

The owner financed notes are 30 years from what he was telling me…

Totally agree. The issue: Making more money doing ‘that’ way.

It all depends on the price you paid and the cost of financing.

Otherwise buying a $500k house, with 100% seller financing at say 5%, with a rent/price ratio of .5%, isn’t gonna push off any rent profits, anytime soon. Just saying.

Should I just give up on this? It doesn’t seem like anything is working.

There’s always a problem. Be it mold, termites…

And I have no way of getting any “skin in the game” any time soon.

Thanks for the information… totally agree!!

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Wholesale flip and save money so you will have skin in the game and make a plan. :cool
If you get lending - and it sounds like you want to buy and hold, how will you do this?

As a reasonably new investor, I have not found a ton of people willing to owner finance in a way that makes sense for me. I have had a few open to it but mostly on (nearly) full price properties and mostly for shorter time periods than ideal.

Also, you kind of hit it on the head that if you want to buy a below market property and rehab then you have to tie up that money. Really what you want is to buy, rehab and then finance most/all/more than the amount you have in it. There are some loan product out there that will let you do this as an investor, some are even available through local banks. Research “statement loans”. Rates aren’t great and you can only refi 70 to 75 percent but if it works it works…

With that you could owner finance for a short time, spend the money on the rehab then roll all of it into a 30 year fixed or ARM loan and if your planning and numbers are solid you will cash flow and get your money back out.