What kind of paperwork is needed for a seller financing deal? How do you ensure everything is set up correctly for closing? Are there any professionals that can help? That’s the first topic I’m answering on this Q&A episode!
On today’s episode of Investing in Real Estate, I’m answering three great listener questions about seller financing, ways to pay down a mortgage note faster, and tips for finding business loans. Press play to hear my answers to your questions!
On this episode you’ll learn:
- What documents are needed to set up seller financing.
- How to pay off a mortgage faster.
- Where to look for business loans.
What Documents Are Needed to Set Up Seller Financing
To set up seller financing, it’s important that you put together a simple purchase agreement. You can find plenty of free examples online. I always suggest setting up a few conditions in your purchase agreement, such as giving yourself the ability to back out if a big issue is discovered in the inspection. As far as closing goes, let the professionals handle that paperwork. Depending on your state, either the title company or an attorney can help finalize the sale.
How to Pay Off a Mortgage Faster
There are a few ways to accelerate you mortgage payoff, but my favorite method involves using a HELOC. In our book, How to Pay Off Your Mortgage in 5 Years, you’ll learn how to slash the time and interest on your mortgage by leveraging your home equity. If you’d like to utilize this strategy, be sure you shop around for a HELOC with a low rate.
Where to Look for Business Loans
Business loans can be a niche product, but at the same time, there are a lot of great companies out there. You could start by checking LendingTree, local meetups, or even LinkedIn. I only feel comfortable recommending companies that I have personally worked with, such as DLP Capital and Jasey Capital Group. Don’t be afraid to shop around, ask questions, and be persistent until you find a lender and product that meets your needs.
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DISCLAIMER: I am not a financial adviser. I only express my opinion based on my experience. Your experience may be different. These videos are for educational and inspirational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. There is no guarantee of gains or losses on investments.
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