You must be logged in to reply to this topic.
-
I’m in the rural Fort Worth area. Really about 60 miles away in a land where there are only small banks and no mortgage brokers.
I’ve had problems with mortgage brokers in the past, saying they could get people qualified, closing deals etc. and DIDN’T.
In this down market is there any such thing as a good mortgage broker to help lower credit buyers get loans?
I’ve got so many people that want to buy, don’t have the credit yet but good jobs, etc.
I don’t want to wait for my money anymore. I need money to do more deals at this point.Any names?
Thanks to all and Great $uccess in the new year.
Dee
In rural areas your best lender is the USDA ( Us Department of Agriculture) and the small local banks and credit unions.
All of these keep their notes and don’t sell them off or chop them up.Stay local instead of going with a mortgage broker who will shop the loan to all the big lenders who are going broke.
Don’t forget that the closest town to me is only 300 people. The next closest town is 11000 people and real estate still works here. Sometimes you just have to change your strategies to fit the market instead of the other way around
Jackie
Sounds like you’re in a PERFECT market to be selling with seller financing. To do so, you need to buy with seller financing so you can wrap the loan. You can still get $8k-$10k up front PLUS a couple hundred dollars every month in cash flow. Those notes can be sold later for a chunk of cash if you need it.
Think “creative” instead of traditional financing
Jackie
I haven’t tried USDA in a while…thanks for the reminder.
I need a crash course on negoations with sellers that will owner finance.
In all these years I’ve only found 4 sellers that would owner finance. I still advertise every week, ads in newspapers, post cards, websites..but so far everyone is wanting way more than it’s worth to me. No cash flow.Thanks to all
Dee-TexasSorry for the mis-spelled words..no spell check on the new mini computer yet.
Maybe you are in too good a market. Here in WA. State it is not so bad as some places at all, but lots of vacant house and it is a buyers market here in this county, and so many more people are willing to owner finance. I think a lot of it has to do with HOW you ask. Start out normal and asking what they want the money for or what ever way you can get to the place where you are explaining the benefits of not accepting cash – there are many. If they just need cash, maybe if asked right they will take some cash and some financing or maybe they just aren’t motivated enough. You can certainly offer more money in exchange for your terms. Lots other deals out there.
Dee,
We’re going in to a LOT of details about how to find and buy with seller financing at the January 16-18th seminar in Arlington Texas. Also how to sell with seller financing.
A lot of people want to buy but they don’t qualify so being able to offer seller financing is essential.
A lot of people desperately need to sell but they don’t even know about selling with seller financing or subject to their mortgage — it’s our job to educate them.
To get seller financing I like the two step approach. My first conversation is just to gather information. Then I do my research about the property. When I call back ( usually in 24 hours) I tell the seller – “the best I can do is……
Dyches uses a different approach and he will explain that at the seminar.
There is no ONE right way. But you’ll learn several ways to get the seller to say YES to selling with seller financing.
A lot of it has to do with marketing. You have to go TO the seller instead of waiting for them to come to you.Happy New Year
Jackie
You must be logged in to reply to this topic.
