Once you know the why, you will know the where.
You are looking for Motivated Sellers and they can be found everywhere. The why you are looking for is why sellers are willing to sell their properties without getting all cash for them. Their needs vary from a life change like a new job or an inability to manage their property to a need for a higher price without getting the big chunk of cash.
Expired listings are a great source since they are folks that were unable to sell their homes for all cash the first time around. They may be open to seller financing since they are likely to get a higher price. The relationship between price and terms is inversely proportional. In other words, if you pay cash you can expect to pay a lower price, or if you get great terms the price will likely be higher.
Another great place to look is investment property. Most investment property that is listed in the MLS is poorly managed and investors that want out are usually more amenable to creative financing than home owners. Look for comments like “rents could be higher” or “make an offer”. Also look for properties that are currently vacant. One vacancy could represent the entire profit for a building so the seller could be bleeding through their wallet!
The bottom line is to seek motivated sellers, listen carefully to their needs and craft your creative financing around their needs. Do this and you will find an endless stream of seller financable deals! Keep Investing!
