I thought today in my post I should talk about something that has given me the opportunity to purchase properties that otherwise I could not. It is Owner Financing. Instead of the process of the buyer getting a loan from the bank, the person selling the property gives you the loan for the house. Basically instead of paying the bank a monthly fee and interest for your house you are paying it directly to the owner of the house. A bank can be utilized to set up an escrow account so the monthly payment can be made.
Owner financing opportunities take a little longer to find because the deals are not as abundant as the traditional financing deals. However, I have been getting financed for properties thru untraditional means for over a decade now and the amount of opportunity is growing. Everyday there are people willing to financing their property out to someone. Everyones stipulations are different for who they want to finance to, but your property is out there and you do not need a bank to assist you.
As always there are risks involved with anything you do so make sure you cover all your bases. Knowledge is power!
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