Sell your seller on seller financing (idea) - Posted by TNTalbert

Posted by JoeKaiser on March 14, 2002 at 24:14:26:

Nope . . . sorry.

Joe

Sell your seller on seller financing (idea) - Posted by TNTalbert

Posted by TNTalbert on March 13, 2002 at 22:34:28:

How do you convince a seller to carry the financing. Put it in perspective for them. This should get their ambitious innerself going.

Example:
Owner is selling for 100K and you ask them to seller finance 100% of the price at 8% for 30 years. This equates to a payment of 733.76…So you tell your seller, If I pay you 733.76 per month for 30 years, you will have $264,155.00!!(360x733.26)
If this does not tickle their fancy, tell them: “If you deposit each payment I make to you into a ‘conservative’ mutual fund with a 7% yield, at the end of those 30 years you will have: Get this…$895,166.00!!!” So they turned 100,000 into close to 900,000! Now, if that does not work, he/she is not a motivated seller. You can use this technique with any amount you want the seller to finance.
So, how’s this for a newbie idea?
Happy investing,
TNTalbert

Re: Sell your seller on seller financing (idea) - Posted by Dee-Texas

Posted by Dee-Texas on March 14, 2002 at 07:33:12:

What I do is…
Ask them what they will do if the property doesn’t sell? If the answer is rent it, I then tell them, if they owner finance me for five years, I’ll play them on time, they will have NO repairs, no headaches and in 5 years we have a contract for sale…that’s *IF I don’t cash them out sooner. Isn’t that a GREAT DEAL BETTER than renting it and having to screen, clean and beg for your money?
Sometimes it works!
Dee-Texas

Re: Sell your seller on seller financing (idea) - Posted by JoeKaiser

Posted by JoeKaiser on March 13, 2002 at 22:49:26:

I’d be too embarassed to use this sort of logic and any seller who buys into it probably needs representation.

We used to include amortization schedules with totals in bold with every seller financed offer, but that just made sellers realize how long 360 months is on paper.

But, if it’s workin’, more power to you.

Joe

Motivated Seller Course? - Posted by GregNY

Posted by GregNY on March 14, 2002 at 24:06:18:

Do you have a release date?

GregNY

Re: Sell your seller on seller financing (idea) - Posted by TNTalbert

Posted by TNTalbert on March 13, 2002 at 22:59:38:

Joe, I agree 100% with you, but my point is to re-assure the seller that I am not swindling them, as well as, wake up their greedy bug. I would cash them out eventually when I find a buyer (in the case of a flip) or when my T/B excercises their option. The technique, I guess would be used in a context where, "if you the seller would let me pay you on a monthly basis, then you would achieve this…"
TNTalbert