Allot of good info here, two points I wish you stated is that in owner financing all terms are negotiable and the wiggle room on Rate, amortization term is solely based on the owner. There are no term regulations, also ownership is never a risk if you pay for an attorney and title company. Close on record the right way because you are suppose to be on the Deed DAY of closing or it's not a sale it's a lease.
@stevejames808
3 жыл бұрын
This actually made sense! Thanks. Yeah I’m gonna go owner financing over being tied to a bank. Plus I personally don’t believe in credit/debt or owing people through a third party. I buy what I can afford, and I feel that most people definitely live above their means then complain about being broke 😂 Iv seen many websites specifically made for owner financing too. But then again I’m not looking for a house, just undeveloped land with no HOA, no building time limits, or obligations. It’s definitely not hard to afford 100$ payments on a 6,000 piece of land with the option to pay it off sooner. Just seems easier than talking to banks and jumping through hoops. With this route I can literally afford to work seasonal jobs and travel a few months out of the year and still be able to afford those tiny payments. Just makes more sense for my minimal lifestyle.
@jalanit123
3 жыл бұрын
Be weary of owner finance land you can’t build on until you pay the full amount
@stevejames808
3 жыл бұрын
@@jalanit123 thank you!! I did not know that. Cash seems like a better idea then I guess. Maybe just start out with a 5000$ limit for the first property. Can you pay your property taxes years in advance??
@stevejames808
3 жыл бұрын
@@jalanit123 wait wait wait. Doesn’t it just depend on who your doing business with and if there’s specific terms in the contract ? Couldn’t I shop around and get lucky with an owner that I click with and just get a better deal like a lot of other transactions ? I Love the art of contract writing. Like worst case scenario: I get into a regular contract deal with the owner on a 7k piece of property, we agree on whatever down and whatever a month, can’t we go the route of them allowing me to build as I’m paying it. Then specifically have written in the contract as a consequence of failure to make a payment then I as the buyer thereby understand that they take it back over and keep everything on the property. That way they feel like they have the upper had in which worst case scenario they get to kick me off the land and keep my house. But on my end of this I don’t actually care because I know for a fact I’ll make every payment. We both win. Also have in the contract that I can pay it off sooner. I’ll take a low ass monthly payment knowing damn well I’m just gonna double or triple the payments anyways to pay it off faster. That’s leagal and would work if I ended up talking to the right person ?
@LanceEdwards14
2 жыл бұрын
ignore 9
@landtrusthub
Жыл бұрын
@@jalanit123 You don't have to worry about that if you have it set up through land trusts, i can tell you more!
@geomcc39
2 жыл бұрын
I purchased a trailer on a lot this way years ago ! The seller owed more then he could sell it for at the time. I look at it as 5% interest the bank would get on a loan. I only paid what was owed on the trailer !
@jennyfox1398
2 жыл бұрын
Great video. I was really happy to get clarification on balloon payments. As a small business owner who does not have three years of returns and a desire to move out of state, owner financing is my only option. These videos are very helpful, thank you!
@WinTheHouseYouLove
2 жыл бұрын
Glad it was helpful! Thanks for watching. :)
@christianatiles4918
Жыл бұрын
-
@christianhernannnnn
Жыл бұрын
Please tutor me?? Like who manages the payments? Like the scrow account of whats owned and how much you paid and how much you have left? Whats that called and who takes care of that? Title company? 3rd party company? whats that called?
@simonmartinez8480
2 жыл бұрын
This is if you are a person who wants to buy one property to live in. Meanwhile if you are an investor it is a great strategy to try and get owner financing when you can from the seller
@WinTheHouseYouLove
2 жыл бұрын
Thanks for sharing your perspective. :)
@landtrusthub
Жыл бұрын
land trust is the answer to documentation and legal footing, with the control of the property in your hand completely...check us out on becoming land trust smart!
@DailyAIguy
4 жыл бұрын
You've taught me a lot with your straight forward videos. Keep up the excellent work. This video and the USDA loan are 👍
@WinTheHouseYouLove
4 жыл бұрын
Thanks so much, glad to help!
@MrAlphacallsign
4 жыл бұрын
I bought a house in Puerto Rico with 5 acres for 50,000 thousand but the property price today is 125,000 I gave a15,000 dollars down so I own 35,000 at 5 % for 5 years . I use a lawyer and with the closing cost and lawyer services was 2,450.00 that I end paying . I didn’t worry using a bank even I got a 821 score on my credit report I got the best deal of my life. And when I buying houses I will deal with seniors like in the 80’s they will not give you a hard time
@WinTheHouseYouLove
4 жыл бұрын
That's amazing!!
@benata51
3 жыл бұрын
Alpha1 cual pueblo?
@haroldjamesrealestateagent1401
2 жыл бұрын
Seems to be having some confusion between owner financing and subject to....you have more leeway on price, interest rate and terms with OF compare the traditional mortgage.
@argent2020
2 жыл бұрын
Buying a house in the US is a fight for life and it gets worse if you are a working person who works for someone else. Jobs are at will and you can be laid off at anytime with or without a cause. Pray to God not to let a Karen or bad people move next to your house when your neighbor moves out. Taxes are serious and that's a pain. You have to pay taxes for the school district even when you don't have children going to school. Anything breaks or if in need of any service, expect to spend big money. Since day one you're fair game for "Telemarketers" and if your phone doesn't ring all the time, beware of those knocking at your door. Thieves are another issue, some break in, others "break you in" at gun point.... and there's more. In your job, when the bosses are aware you own a home and are making payments they take advantage of that and make your life miserable and very stressful (Not everyone is like me where I don't give a crap and I make a good use of the "at will" with a fuck you and I'm out of here... ), when you have such responsibilities, you become a Dilbert taking your bosses' crap followed by a "Thank you boss". Another thing, when buying a house, for the first 5 years all those payments go to interests. May as well live in a one bedroom apartment living cheap for 5 years and make those payments to your own Savings Account or to something that will make you even more money (Buy a car cheap, selling it for a big profit, etc.) after the five years, with all the money go to County and buy the taxes people owe and are behind the taxes...if they don't pay you proceed next. Also, buy foreclosure, fix them a little and sell them or hire a company to rent those houses for you.
@maryallisonmusic615
3 жыл бұрын
This was wonderful! I love your calm demeanor. Thank you for explaining 💛
@WinTheHouseYouLove
3 жыл бұрын
You are so welcome!
@MasterArmedforces
2 жыл бұрын
Your mic volume is too low. You probably know more about financing in your little pinky than I know as a whole, but...I dont agree with the credit recording having any effect on your decision to buy something through owner financing. I raised my credit score about 300 points to the near 800 mark and Im still on YT researching owner financing. Why? Because credit score doesnt mean much if your employment history isnt strong. I cant/couldnt find any major financial institutions to give me a traditional loan bc Im a contractor. Meaning I make decent money, but I am not on anyones books bc Im a 1099 and only work about 6 months out of the year. I had/have OVER 20% to put down...and guess what...they dont care. My point is - credit score is a joke. Id say youd have an easier time finding a traditional loan w/a strong employment history and a 500 credit score than the other way around.
@moisesguzman4596
Жыл бұрын
I have a good relationship with my sister, who owns the house with 3 apartment. I live in one and two rental apartment with tenants. Would it be good for me to do an owner finance? Because my sister mentioned it.
@fabiola925
Жыл бұрын
If the buyer builds equity in the property, does that work in the buyer’s favor when they attempt to finance out of the land contract?
@Trike.
3 жыл бұрын
I am glad you stated that the owner may never put the buyer on title , that means buyer has no rights . At the end of the term the buyer may not even own the home , and seller say can claim buyer was a renter . yikes!
@WinTheHouseYouLove
3 жыл бұрын
It’s definitely a scary line, but the buyer can still have rights to title executed through the land contract. But it can create a huge hassle and litigation if the title holder doesn’t comply with the contract. The land contract is a legally binding document, so the seller can’t legally claim anything outside of it. But it can be more of a pain to deal with issues than if the buyer is the sole title holder
@BornOfAsh
Жыл бұрын
I don't understand from the seller's point of view... If the house is worth 200k...and someone wants to buy seller finance... Does the property Owner/Seller Literally shell out 200k or does the BUYER give say 20k down, and pay the rest in payments over the next 20years to the seller? BUT due to the high interest the Seller makes more money than if they were to sell outright?
@robwithrbk
8 ай бұрын
I believe in the first minute you were discussing an AITD or a "wrap" where the sellers loan is not satisfied or paid off before the sale. Those are and can be a mess. Traditional seller financing is different.
@WinTheHouseYouLove
8 ай бұрын
Thanks for the correction :)
@firas6510
3 жыл бұрын
Man that really helpful information thank you a lot. But I want to mention about your voice through this mic, is really clear and amazing and great tool to recoding your videos. Thanks
@WinTheHouseYouLove
3 жыл бұрын
Thank you so much!
@Sk8rboy420
3 жыл бұрын
I disagree _ owner financing is only more expensive in the long run if there is a higher interest rate, which is dependent on how much of a risk the owner is willing to take. If the owner wants a high down payment and the buyer can afford it, this is another perk which means less interest in the long term. With specifically a land loan (as oppose to home loan), the mandatory inspection is oriented to specifically protect the bank if foreclosure happens. On wooded, “unused” land this inspection typically costs 1500$ billed to the borrower. It is pointless unless you have reason to believe the property was misused. Owner finance to my knowledge is a no brainer on land- if the option is there and you trust the landowner...
@WinTheHouseYouLove
3 жыл бұрын
In that scenario yes; however, I’ve never seen owner financing deals with terms more favorable than a traditional loan.
@Sk8rboy420
3 жыл бұрын
@@WinTheHouseYouLove My rebuttal is an old joke: what’s the difference between a real estate agent and a used car salesman? There isn’t one. As a loan officer it is in your best interest to suggest the best option is to go through traditional loan and real estate channels, to imply high risk otherwise, and maintain a polite, kind, and pleasant demeanor (like every good salesman). In actuality you are discouraging people from finding their own cheap property or home because you are in the industry of finding those cheap properties and flipping them for a profit at the cost of the buyer. You can say you go about it differently but that is how you make your money - by hustling low risk loans to middle class /wealthy borrowers. Sadly it doesn’t matter how good the property buyers credit is, if you are a first time buyer from a low or working class background, the bank see this as high risk, and denies your application or offers super high interest. People in real estate love making these “helpful” youtube videos, but I encourage viewers to consider who they’re taking advice from and their real intentions.
@WinTheHouseYouLove
3 жыл бұрын
I don’t work as a loan officer anymore so I have zero to gain for any financing choice someone takes. I’m only interested in what is best for people. That being said, if you can find a better deal with owner financing, absolutely go for it. But, I have never seen an owner financing deal better than traditional. I’m willing to change my opinion if someone could present evidence otherwise. I’m sorry you feel cheated by the banking system, but I don’t represent them. Most of the buyers I worked with were working class and low to moderate income... I’m in Dayton, OH... most of our buyers make $40k year or less. And they get the same rate as buyers who makes $400k. Be careful to not take a small subset of experience and apply it to everything. Not everyone is out to take advantage of others.
@anticommiecop8681
2 жыл бұрын
@@WinTheHouseYouLove I’ve seen several time’s owner financed homes in Florida were better in the long run than a Bank. I’ve got better deal’s. But then again I can tell I’m better and smarter than you. Not too mention more Testosterone!
@oshitomaha
2 жыл бұрын
@@WinTheHouseYouLove at this property listed for 200k, I offered 155k. The seller’s agent countered with 185k and seller will carry a note for 30k 48months at 4%, which is better than the 6% my bank is willing to give me for this duplex. Any thoughts??
@graceelizabeth8788
4 күн бұрын
My mother owns a property in cash and I am interested in buying the house privately and paying her directly every month. I have stellar credit but I am interested in this option because she would sell me the house with zero interest possibly for a higher price. Where can I find information on that scenario?
@juandorta-duque6028
11 ай бұрын
There is always the earning of 6% interest for a long duration with the security of having a RE asset should there be a default. I rather take my chances financing my house than having my money in a bank
@tinainnca
2 жыл бұрын
Isn’t there also a cap on the interest-rate that the seller can charge since he’s not a broker? I was thought it was 10%. Not sure if that’s a CA law or Fed?
@BornOfAsh
Жыл бұрын
I thought there was Zero Bank involved in Seller/Owner financing.... Isnt that the appeal?
@d.m.c3556
3 жыл бұрын
What if you do owner financing as I did. And put down $40,000 when the house is 95,000. And the owner goes and sells the house to a mortgage company without you even being asked. Now you owe the mortgage company money on the house.
@WinTheHouseYouLove
3 жыл бұрын
Interesting, I'm not super familiar with that scenario
@sylviajones7573
3 жыл бұрын
Yes you do & you will now make payments to the Mortgage company.
@CoachChadCarson
3 жыл бұрын
A lot of mortgage companies also do this - sell their mortgage to a different company. The only way I know to prevent this with owner financing is to put a first right of refusal clause in the contract. So, they have to give you an option to buy the mortgage (or get someone else you know to buy it) before they can sell it to someone else. You can get a local attorney to help draw it up.
@treygraphicsfte6747
3 жыл бұрын
What if the buyer qualified for a loan but don’t have the cash for the appraisal gap and offer a separate finance situation with the seller on the amount the appraisal gap is.
@WinTheHouseYouLove
3 жыл бұрын
Hi! For detailed information, consult your agent. Best of luck!
@landtrusthub
Жыл бұрын
The answer to the major problems with owner financing is null and void with land trusts done the right way.
@TheUnstoppableHubByKS
Жыл бұрын
Very good video. Gave absolutely to the point information about owner financing while being very calm and professional while explaining the points. @Kyle I didn't understand though the concept of Balloon payment especially if you have amortization statement for 30 years. Could you please clarify how does this work?
@peterxyz3541
3 жыл бұрын
Useful info but your audio level is bad.
@WinTheHouseYouLove
3 жыл бұрын
Thanks for the feedback, working on it. :)
@alasinocypher7439
3 жыл бұрын
I guess I'm stupid because I'm having trouble understanding seller financing. I get the basics of owner financing: the owner gives you a loan for the house and you pay them back instead of going through a financial institution. If the owner has an active mortgage, they take the money you give them and pay on the active mortgage right? What if they don't have a mortgage? That's what I'm having trouble grasping. In the situation, the owner gives you the loan in the form of the house correct? Like you make a contract stating that they will pay you lets say 60k at a 10% interest and you simply just pay that until the end if the contract right? Or does the owner actually give you money and you pay it back with interest?
@WinTheHouseYouLove
3 жыл бұрын
You're not stupid, it can be confusing! :) If the owner has a mortgage: this can be difficult to due because it can trigger a due on sale clause. Often, this situation is done using a Land Contract where the buyer is given "equitable title". If the owner doesn't have a mortgage: the owner doesn't actually give any money. Mortgages don't work in the same way that a normal loan would work where you get a lump sum of money. Instead, the owner and buyer sign a Note. This Note effectively says what the agreed loan amount, rate, and such. The buyer then makes payments until the loan balance is paid off. Then, the buyer becomes the full, legal title holder.
@alasinocypher7439
3 жыл бұрын
@@WinTheHouseYouLove Thank you. Another question(sorry): In one of your videos you informed us how to check ownership of a property when I go to my property its says I purchased it for 23000 but I actually gave 30000 so why has it been reported differently?
@WinTheHouseYouLove
3 жыл бұрын
Hmm if it’s on the county site maybe it’s just a clerical error. You can contact them and see what’s going on
@alasinocypher7439
3 жыл бұрын
@@WinTheHouseYouLove Okay thank you
@Jpcookbook
4 жыл бұрын
How do you know if the seller has ownership of the property he’s selling and also how do you know if he records the contract with the county? Thanks
@WinTheHouseYouLove
4 жыл бұрын
Just recorded a video for you: kzitem.info/news/bejne/yqyEyYqMsWN4pmU
@korigocrazy2262
3 жыл бұрын
Go to the county website
@watchoutlol
3 жыл бұрын
Get a real estate attorney who will do Title search for u. Title company will record the the contract to county
@landtrusthub
Жыл бұрын
Use land trust docs to secure your investment, no stress, 22 docs, templated
@manuvns
Жыл бұрын
Owner Financing A Good Idea for buyers not sellers
@thinkfloyd2594
3 ай бұрын
when you suggest renting as a better choice, I know I will learn nothing. a tenant paying you their hard earned money made me a very comfortable man.
@WinTheHouseYouLove
3 ай бұрын
Glad to hear that worked for you!
@dannytheman2217
2 жыл бұрын
I dont think you mentioned tittle search
@smalltownpicker
2 жыл бұрын
Owners can’t legally owner finance a home if there’s a mortgage. It has to be paid in full, otherwise only a bank can legally do a loan.
@noahriding5780
2 жыл бұрын
If you are buying this owner financed, at what point is your name added to the title? How will the paperwork look the same or different for the actual deeds, contracts, etc, so that you can know you aren't going to get screwed over by the seller?
@landtrusthub
Жыл бұрын
Noah, you should check us out, 22 year veteran on using land trust with little to no money down. Full 22 template docs. secure transaction.
@noahriding5780
Жыл бұрын
Do you have a website to look at etc?
@joaquindennis7399
3 жыл бұрын
Do you have a video for land owners who want to finance? Pros and cons
@WinTheHouseYouLove
3 жыл бұрын
I don't currently, I'm trying to keep the main theme of this channel focused on home buyers at the moment.
@Leojung1e
3 жыл бұрын
That would be a great video idea.
@omegachopin6883
3 жыл бұрын
Can you please look over a Seller's Finance offer I rec'd from my landlord. Im just really unsure if it is a good deal or not. Its literally lest than 1 page long. Lol I just dont know if I am about to get myself in a sticky situation or not. Please Help!!!
@WinTheHouseYouLove
3 жыл бұрын
Shoot me an email → kyleseagraves@hey.com
@No2clarinet
Жыл бұрын
I absolutely love this! I’m refreshing myself on O.F so I can get an investment property that I’m interested in and this was a good refresher! Also, You have a great speaking voice! Do you sing? (I see the guitar so I’m assuming you do)
@WinTheHouseYouLove
Жыл бұрын
Thank you! Yes, I do sing and play the guitar. :)
@landtrusthub
Жыл бұрын
If you are looking to buy an investment property, come find out more about being land trust smart, 22 templated docs to secure your deal
@ItsYunque
4 жыл бұрын
what mic is that!?
@WinTheHouseYouLove
4 жыл бұрын
Neumann TLM 102
@peanutbutterisfu
4 жыл бұрын
I’m trying to buy the building I lease for my auto repair shop which also comes with an older rental house. Interest rate is only 3% which is amazing. The house does need some work but it’s always rented because of the location. It’s really a good deal 230k total with 35k down. The problem is I just opened my shop last year and really need more time to come up with the money for down payment. I’m backed in a corner because I have built a business in this location and I either buy the building or close my shop. Really wish the owners of the property could give me more time. They tell me they weren’t in a rush then the building is for sale. Now I have to borrow money for the down payment and man I wish I didn’t have to do that. I have a 780 credit score and I don’t want to ask family for money but I can’t get loans because I just started the business last year. Any creative ways to get money fast without having to use private money at huge interest rates?
@WinTheHouseYouLove
4 жыл бұрын
You could look at using a HELOC against your current home. A loan against a 401k. A loan from family members. Those are what I can think of off the top of my head.
@lorenzob3400
2 жыл бұрын
Any advice on seller financed businesses?
@Ambrosha385
3 жыл бұрын
How about now in 2020??
@WinTheHouseYouLove
3 жыл бұрын
Still works :)
@chinyereogazi
3 жыл бұрын
hey kyle,what type of microphone do you use? im looking for a new one for a podcast and this sounds great,thanks!
@WinTheHouseYouLove
3 жыл бұрын
Hey! I use a Neumann TLM 102
@mistaalguadrebangbanzio3998
3 жыл бұрын
What about turning all of receipt claiming your payments
@WinTheHouseYouLove
3 жыл бұрын
Can you clarify? I'm not sure what you mean
@nedflanders190
2 жыл бұрын
Rocket mortgage wanted $40k down and $450mo for 30 years on an 80k house some 200k debt for 40k. Inspections and insurance would be next on top of $2k taxes. I called it a life ruining proposal. My credits 801. I wound up buying a back tax lot in a good neighborhood which is super hard to find all back tax lots are in worthless ghettos in my county I’m sure that’s common. I built. A great house over 2 years and it feels so good inside something I built. No help ever. You tube and google showed me how to do it. I swear. It was so worth it
@Davion_savant
2 жыл бұрын
Hey Kyle , where is the payments made typically for owner financing? I would feel most comfortable with setting up and paying with a third party that has legal backing and documentation etc , is this optional /customary?
@landtrusthub
Жыл бұрын
Hi Davion, land trust is the answer to documentation and legal footing, with the control of the property in your hand completely...check us out on becoming land trust smart!
@Davion_savant
Жыл бұрын
Hi@@landtrusthub , so I am still trying to grasp the concept of what a land trust is , so can a land trust used with other financing and or subject to transactions ?
@landtrusthub
Жыл бұрын
@@Davion_savant Hi Davion, I replied but i'm not sure if you received the info
@landtrusthub
Жыл бұрын
message me on FB for info. links are not allowed in this comment thread.
@landtrusthub
Жыл бұрын
@@Davion_savant I hope you found the answer to that question Davion. If not, the answer is YES, you can use Land Trusts with any type of financing. It is an awesome and efficient private way to hold your properties. I would love to go over the number of benefits that are necessary for a real estate investor or even homeowners.. A few of the pluses are you get your property insulated against sue happy people, protects your assets against judgements against you personally, protects your personal credit, great way to leave to your beneficiaries, no need to go through long expensive probate, and for me the best use is to safe guard your purchase deals using subject to and owner financing deals.
@Twilightgirl304
2 жыл бұрын
Could you get a lawyer to make sure it’s recorded with the county and they can make sure they aren’t going to kick you out after X amount of years? With that being said, would it bring more opportunity to have your name onto the title?
@geomcc39
2 жыл бұрын
Have attorney draw up papers for any real estate deal ! to protect you and the seller everything is in on paper and legal.
@landtrusthub
Жыл бұрын
land trust is the answer to documentation and legal footing, with the control of the property in your hand completely...check us out on becoming land trust smart!
@unknownnoclue509
3 жыл бұрын
nice video , very well explained.
@WinTheHouseYouLove
3 жыл бұрын
Glad it was helpful!
@shanannahgins
3 жыл бұрын
For whatever reason I could not start a new comment thread so my apologies in advance. This was helpful but I have a few questions. The property neighboring my parents is going for sale for 100k (cheap for our area). I do qualify for traditional loans have about a 670 credit score with 10k for down payment ( which I would be taking from 401k). However, there is a single wide manufactured home on the property (recently remodeled very livable for the time being) and traditional financing is not available because of the mfg. Soy main question is would it be refinancable?
@madpennfoodchannel7501
2 жыл бұрын
Thank You 🙏
@WinTheHouseYouLove
2 жыл бұрын
My pleasure. :)
@artemas33
3 жыл бұрын
Not necessarily true that if owner defaults on his mortgage then you too get foreclosed on. Bank wants the money if they have someone in place already paying you may not get foreclosed on. And the term dangerous features is biased. The owner wants to protect their investment. It has to be a win win for both parties, the way you speak you demonize the seller offering financing, for that reasons I am out. This video is mainly to stack the advantage to the buyer. Remember win win
@WinTheHouseYouLove
3 жыл бұрын
I focus on protecting buyers on this channel. I'm not demonizing sellers, just simply repressing the full scope of what a buyer should be careful of based on how I've seen buyers get taken advantage of.
@jameswilliford9728
2 жыл бұрын
So help full ty
@WinTheHouseYouLove
2 жыл бұрын
Glad you think so. Thank you!
@m.neideandrade2958
2 жыл бұрын
「あなたのコンテンツはとても感動的です」、
@WinTheHouseYouLove
2 жыл бұрын
I had to google translate. 😂 Thank you!
@siennaawesome6902
7 ай бұрын
I'm sorry but It's clear that you don't know much about seller financing.
@WinTheHouseYouLove
7 ай бұрын
What in this video is incorrect?
@bs4real
2 жыл бұрын
SPEAK UP!!!!!
@martinduarte3752
2 жыл бұрын
Just bunch of bolony. I will think most people get in to this is because thay no thay no each other an trust each other...you making it look all negative..sr
@WinTheHouseYouLove
2 жыл бұрын
Every person I've seen enter into owner financing ends up spending tens of thousands of dollars more than a traditional loan. My job is to help buyers be aware of how to protect themselves. "Trust" is not a reliable factor in contracts and finance.
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