How to Afford Real Estate Even With Low or No Money

Despite what some may tell you, even if you don't have 20% to put down and don't necessarily have great credit, you CAN still buy an investment property. Watch this video to find out how this can be done!

Seller financing is a financing arrangement in which the seller of a property provides part or all of the financing for the buyer to purchase the property.

Instead of the buyer obtaining a traditional mortgage from a bank or other lender, the seller extends a loan to the buyer and acts as the lender.

Seller financing can take a few different forms. The seller may offer a mortgage with a fixed interest rate and a set term, similar to a traditional bank.

Or, alternatively, the seller may offer a contract for deed, also known as a land contract, which allows the buyer to make payments to the seller over time and eventually take ownership of the property once the contract is paid in full.

The reason why seller financing may be significantly more advantageous to a buyer who doesn’t have a lot of funds or good credit is because, unlike banks and other professional lenders, sellers aren’t bound by any particular set or rules or parameters when it comes to the features and terms of the loan.

In fact, every single thing in a seller financed deal is 100% negotiable.

Let’s say that the seller is asking $150,000 for the property they are selling. And let’s say that you only have $10,000 total and your credit score is 600.

Under these facts, you would not be able to buy this deal with a traditional bank. You don’t meet their minimum down payment requirements and you don’t meet their minimum credit score requirement.

But, a private seller doesn’t have any specific requirements set in stone. What they do have is a desire to sell the property and make what they are asking for (or more) on the deal.

You could start off the negotiation by offering to buy their property for $150,000 on a 30 year amortized seller financing loan at 4% interest with a $5,000 down payment.

And, if they agree, great! You just got yourself an awesome financing deal that you otherwise wouldn’t have gotten with a bank. But, if the seller doesn't agree, there are other variables that you can tweak with your offer and the financing arrangement that can make it a win-win for both you and them. Watch the full video to find out what else you can do!

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DISCLAIMER: please note that the information contained in this video is for educational and entertainment purposes only. You should always consult your own attorney and your own financial and tax advisors before making any legal or financial decisions. This video is not intended to and does not create any attorney-client relationship between the content creator and the viewer. The views and opinions expressed in this video belong solely to the creator and do not reflect those of his law firm or any of his business partners.

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