Seeking Mentor for Owner Financed Property Sale

General Real Estate Investing
1

Hello All,

I am seeking a mentor to help me in my first owner financed property sale. I am being forced to relocate due to my active military status (last move though!) and will need to move my property. I have been investing in my knowledge base up until now, and do not feel 100% confident in going at this myself (did not plan to start investing for 6 more months or so) However, my family home has turned into my first investment property and I need some assistance setting up a deal.

If anyone would be willing to assist me I would be more than willing to repay you for your services in any way possible. If youd like to contact me privately my email is attached here to my profile, or please feel free to respond within this post.

I will provide a quick overview here

El Paso, Texas 79938
New Construction (Built 2013)
Gated Community
3 Bed 2.5 Bath
1521 sq ft
currently owe 129k
Appraised at 139.5k

Seeking to owner finance or Lease to own. Thanks for any help in advance!

2

Honestly, you should simply list the house as a lease/option with a real estate agent, and realize that you’re not going to see a dime of profit. This really isn’t investment quality real estate. This is catastrophe avoidance.

That said, if it was me, I would market the house to the most-likely buyer of a house like this, and offer 'no qualifying financing. That is I would set the price at $149; ask for 10% down; charge 4.5% interest, and finance the buyer for five years using a 30-year note with no qualifying.

That’s $14,900 down with the balance owed at 4.5% over 30-years, all due in five years.

This means that you’ll create a 30-year note the includes whatever equity you have, wrapped with the loan balance, and make one loan to a buyer.

The key to this offer is ‘non-qualifying’ financing. Once you find a buyer with $14,900 as a down payment, he qualifies.

Keep in mind, you’re not looking for a bargain hunter. You’re looking for a buyer that wants to own a house like yours, and do it without being qualified by a bank.

This means your buyer won’t have to pull his pants down around his ankles, so some bank flunkie can do an anal examination on his income and credit history.

So, you’re looking for the buyer that can’t get financing immediately, for whatever reason(s), but wants to own your house.

The question is, “What does your house offer to attract a buyer willing to put up $14,900 to get financing without a credit check?” Once you figure this out, it’s all down hill from there.

I could offer more, but I charge for that information.

3

There is so much information out there it is hard to know where to start. I just want to build a relationship with someone I can trust to give me reliable information. If it helps I’m about to move down to San Diego!

4

If I read this correctly, this will become a bit of a headache and potentially opening a can of worms.
You still owe money on this house, you want to “sell” the house, by putting up an owner-financing deal.
If your buyer stops making payment, then what will happen? That is a question you need to ask yourself or ask an attorney what are the scenarios.

5

So much information? Really? If you’d actually sought out any information you’d discover where to start. I gave you a hint, and you ignored it.

I guess your question actually is, “Why marry the cow, when you can get the milk for free,” huh? I mean, there’s no free lunch.

You’re gonna either have to pay for training; or pay a real estate agent who knows what he’s doing; or hunt for the cow’s teats yourself, and start sucking. Otherwise, nobody’s gonna milk this cow for you, and then give you all the milk, in return for a ‘relationship.’ Pffft.

Never mind not figuring out the difference between milking a cow and milking a bull. You seem unwilling to determine how to tell the difference.

6

Javipa, that’s a bit harsh on the guy :shocked

Kool, PM me and make I can help you out. However, my services won’t be free. You’re in a tough situation here.

Why do you want owner-finance or lease to buy when you have an outstanding loan on the property?

7

Maybe, but I deleted a much harsher response. Meantime, I’m not sensing much willingness to work, or urgency. I could be wrong…