SEller Financing, can someone give me a real world experience. - Posted by L(NYC)

Posted by Rolfe Kurtyka on May 24, 2000 at 23:50:56:

Matt;

Thank you very much for that compliment! I’ve been at REI as we know it for about 3 years. Also, I have been fortunate enough to have a part-time side business teaching the basics of REI to real estate agents and brokers, as part of their pre-lincensing and continuing education. I have learned a lot from this teaching opportunity. Since getting started, I have invested in 12 properties, so I’ve also chalked up some painful and joyful lessons. Regarding books or courses, I’d suggest CS as an ok basic starting point. It’s worth about what you’d pay for it. Also, check out the books available on this site and at the book store. Some courses are also offered through this site, but they can be quite expensive. Books and tapes provide a relatively low risk way to learn. By investing $200-$300 in educational materials, you’ll get a lot of information, and in the world of professional education, that kind of money is really a bargain. Finally, read newsgroup I, and post any specific questions you may there.

Hope this is helpful; Rolfe

SEller Financing, can someone give me a real world experience. - Posted by L(NYC)

Posted by L(NYC) on May 18, 2000 at 11:27:45:

Can someone give me an example of seller financing, what are the types?

Land Contracts, aka Contract for Deed - Posted by Rolfe Kurtyka

Posted by Rolfe Kurtyka on May 24, 2000 at 24:55:02:

L;

I have purchased several properties on what is known in Minnesota as a Contract for Deed (CD). In other areas, this may be known as a Land Contract. In either case, the seller financing works the same.

The seller finances the deal. The seller may require 0% down, or 20% down, or whatever % the seller would like. The remainder is paid to the seller in monthly installment payments, at an agreed to interest rate - similar to a mortgage. Payments may be amortized, or interest only. Terms are negotiable. The duration of the CD can be whatever is negotiated. The term could be one year, five years, ten years, whatever. You will be required to pay any unpaid balance at the end of the CD. This is generally accomplished by the CD holder (you) refinancing, selling the property, or otherwise finding the cash to pay off the seller. If you miss a payment, the seller has the right to take back the property.

Good Luck! Rolfe

Re: Land Contracts, aka Contract for Deed - Posted by Matt

Posted by Matt on May 24, 2000 at 13:03:26:

Rolfe,
You sound very knowledgeable about real estate, have you been in the business long? Can you recommend some real estate classes or books? Matt