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<Steve>

from SLO to me Purchasing

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Hi all-

 

I have 4 or 5 SLOs that I have had for several years now and they have proved to be great properties to buy and hold. I have been mentioning to some of the sellers that I am interested in buying the properties. However, I would not be going to the bank for financing. I would consider owner financing or taking over the existing financing. Either way I would need to get the deed.

 

I have taken good care of these sellers and their properties and they have become very comfortable with the SLO set up. I am a tight wad and the sellers are not motivated to sell without me coming up with a large amount of cash, out of pocket, to buy with owner financing.

 

Any ideas how to get these sellers motivated to sell without bank financing or me needing a large bank roll to put down? Anything I can mention or ideas to get them thinking of selling to me?

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Steve, you know as well as anyone that you need to be dealing with a motivated seller, to some extent at least. I suspect you may be a victim of your own good deeds where these homeowners are concerned. You've treated 'em well, been honest and forthright, and lived up to your end of the deal. To the point where they figure if you want to meet their terms then, sure, they'll sell. But if you won't agree, they might just be thinking they'll have you do another sandwich deal because you've been so responsible in the past.

All I can suggest at this time is to run past the sellers the usual advantages of seller financing: a higher net because there is no Realtor involved; a quick closing; and tax advantages.

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Ok, I just completed turning a proven SLO into me purchasing the property. I've had the property since 2007 and the current tenant/buyer for a few years. The seller wanted to just get rid of the house with the existing financing in place, so it was a nothing down deal. The tenant/buyer was then able to purchase with an agreement for deed. The advantage starting with a Sandwich Lease Option was being able to see how well the property would perform before committing to a longer term buy & hold. A continued win-win for everyone. :)

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Congratulations, Steve. Now use the profits to gas up that big, thirsty vehicle you've been cruisin' around in. ;)

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