Re: Seller financing will never happen. - Posted by WayneMD
Posted by WayneMD on November 16, 2000 at 06:40:43:
Sorry to disappoint you Joshua, but I happen to own three properties that are rentals, free and clear, for which I paid $560K. They’re worth more now, and yes, dumb as it sounds, I would consider owner financing. In fact, I did carry a first mortgage for nearly 20 years on a property I bought for $25K and sold for $140K. One of my better deals.
I agree, it appears unlikely in print that someone would do such a thing, but everyone’s situation is different. You’re right, however, to keep a realistic attitude. Too often dreams get a bit carried away with the approach of, “Oh I think I’ll just skip out today and flip a couple of properties for $20 or $30K profit.” Doesn’t happen that way. You have to work hard and know when an opportunity has presented itself. I have found in the past that, at times, I have literally been frightened away from a perfectly good deal becuase it seemed too good. My loss. I think they call that the school of “shouldadone”.
I have done quite a few very profitable deals over the years, but I still consider myself a newbie. That means never stop learning or reading. Try to watch out for the fakes (and there are plenty of them)and remember to work with compassion. You always will profit that way.