How To Talk To Sellers In Real Estate Investing With Seller Financing

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How To Talk To Sellers In Real Estate Investing With Seller Financing

First, you have to learn some subconscious things. When I say subconscious, there are some basic sales tactics that apply in any type of sales situation, but especially in real estate.

One of them is associations. You have to let your seller know that people do this. This is often the case. It’s not unheard of for someone to sell with seller financing. If you’ve done this in the past, talk about it. Mention something that has done this in the past. People also want to do what other people do. They feel good if they know that other people are doing it. Let the seller know that people do it all the time, that a lot of people do it, then they are more likely to do it. Unfortunately, we have a herd mentality. Many times we have to see someone else do something before we get permission to do it.

Also, you want to convey fear of loss indirectly in your tone of voice. You want it to sound like this is the only way you’re going to make the deal. In many cases, this is true, so you are not lying to anyone. let them know. Nothing about it. You have to have an attitude to yourself that you can buy other homes, especially in this market. Make them feel like they have something to lose if they don’t continue the sale with you.

Now, let’s get into the theme itself. There are a few things you can do to influence a seller to do what you want. One of them is to offer them good interest rates. In most cases we buy these houses, not for a long term deal, maybe to own it for a few years with a tenant with a lease option to pay it off, or just want to buy it for a short time to fix it up and Might sell it. Or we just want to sell it to someone else under contract. So, offer a decent rate. Offer an attractive rate to the seller and let the seller trust you by offering you financing. You won’t have it for that long. An extra 2, 3 or 4% is nothing. If the deal was right, I’d pay 15% or 20% interest just to close the deal and make money off of it. What difference does it make if you pay 20% or 25% if you’re only going to pay 3 or 4 for it? It will only cost you a few hundred dollars more. If the deal is good enough to accept, then it can be accepted at a higher rate. Don’t make the mistake of financing at the same rate given by the bank.

Another tip for you if someone is not feeling well is to give them a balloon. A balloon on a mortgage signifies that the mortgage will be paid in full within a certain period of time. So a mortgage with a 3 year balloon assures the seller that in 3 years or less, we’ll pay off the mortgage and they’ll have all the money. It also allows them to defer paying taxes. If they sold their house for cash today, they got their HUD, they went to close and got the full amount, they are liable to pay taxes on their entire profit. (Make sure your accountant double checks each for you). When they sell you the house on owner financing, they don’t have to pay the full amount because they don’t get the full amount. It allows them to defer tax payments for a year or two, or until you pay off the loan in full.

In addition, they act as banks. I told the seller that it is generally the bank that makes money selling houses. I told them they would be in a position like a bank and they would earn a lot of interest on their property. I add it up and tell them how much profit they will make on the deal. For example, it’s a $200,000 house and I’m giving them 8% interest. That’s a monthly payment of $1,467. Let’s say I make payments for 2 years. Two years from now, I’ll owe about $197,000 or so on that $200,000 house. So, I’ll show him in a year, and that’s the equivalent of the $17,000 I paid him. If it takes me 2 years to pay you back, I’ll give you $35,000 for your house, but I still owe you $197,000. Let him know that he will eventually sell that house for $237,000 because of my monthly repayments and the amount due when I pay. Not the original $200,000 on the contract. Explain that this is how banks make money. Point out to him the actual income he will receive over time.

With an interest-only loan, you will pay them interest every month. At the end of the loan, you will still owe them the full amount. If it’s a $250,000 house and they give me an interest only loan on the house, I still owe them $250,000 every time I pay it off. So, everything I give them upfront is money in their pocket. Make sure to tell them that no matter when I pay it off, the entire monthly payment will go into their pocket and I will still owe you the entire loan.

This is a great deal for the seller. This is a fact. This is how mortgage companies and banks make big money! This is why some investors get out of their investments after a while after depositing $1 million into an account and becoming a hard debt lender. They became private lenders and made a lot of money from nothing!

In many cases, you will have a seller who will be financing with the owner, but needs some money right now. Point out to them that if you give them $20,000 now and pay the difference, they will have to pay taxes on the $20,000 (check this with your accountant again). If the house is paid in full, suggest to them: so they can save money, they can get a $20,000 loan/mortgage for the house. You can put that $20,000 in your pocket right now. Then I will repay that loan until we sell the house and pay you back in full. Now, you don’t have to pay taxes on that $20,000. This is a great way to do it if they want some money right now.

It’s a strategy that has worked and will continue to work. Once you get a seller financing deal for a $300,000 home with a 5 year balloon, tell the seller I will pay you back in 5 years or less. If, in the near future, I had someone ready to buy that house, I would call the seller and tell them you had some extra cash and were offering about $250,000 for that house right now. Guess what. $250,000 today is better than $300,000 in 4 or 5 years, and you just made $50,000! If they counteroffer a bit more, tell them you’ll think about it, wait a day or two, then call back and accept their offer. There are many ways to make money in this business.

The bottom line is: make an offer. You have to trust that people will accept your offer. Don’t think for a minute that just because you may not fully own your home, neither do many others. I totally own a house. I can borrow money with it, I can rent it. Anyway, make an offer. There are a lot of people out there who have paid for homes and they just sit there. Make an offer, look them in the eye, sell them a great price, and watch them buy. believe in yourself!

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