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Financing outside the box; Not creative just practical.

By
Services for Real Estate Pros with Self Employed

We aren't back to 17%interest on home loans (yet) but too many other lending policies make 3rd party loans unattractive.  Here's my choice as a property owner.  I can get a fractional rate of return on investments or I can finance the sale of my own home and get a point or two above market. That equates to 8 or 10 times what I get on other investments.  With a substantial downpayment where's the risk.   If the buyer defaults I'm already holding a quit claim deed to get it back.  Then I evict them and make any necessary repairs with their own money and go again.

First the credit card companies price themselves out of the market now the mortgage lenders are using a different tactic to divert business away from their organizations. 

Serve those who the professional lenders aren't serving and you'll serve yourself.

Comments (2)

Lori Bowers
La Quinta, CA
The Lori Bowers Group

This seems to be the wave of the future- even in California. I did this years ago when I bought rentals in Iowa. What goes around comes around. History repeats itself again. Thanks for the blog.

Sep 22, 2010 11:55 AM
Ken Keranen
Reverse Mortgage Division of HSL - Carlsbad, CA

Now is the time when we should be seeg "For Sale by Owner Desparate" signs up again just like in the golden Jimmy Carter era.  Sellers used to carry the paper and should do so again....little risk with a great return unattainable elsewhere.

Sep 22, 2010 12:19 PM