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A property owner with a $200,000 house agrees to sell it for $225,000 and gets paid $1,000 monthly instead of upfront. The seller becomes the lender, the buyer gets the house, and both benefit from the arrangement.
A property owner with a $200,000 house agrees to sell it for $225,000 and gets paid $1,000 monthly instead of upfront. The seller becomes the lender, the buyer gets the house, and both benefit from the arrangement.
A seller finance deal is, let's say that you owned a property or you recently inherited a property from your grandma and that property is entirely paid off. It's worth $200,000. I go to you and I say, hey, listen, your property's worth $200K, but how about I give you $225,000 for it? However, I'm not going to pay you all at once. I'm going to make monthly payments to you. Let me make a payment to you of $1,000 every single month until the property's paid off. I do that. You say, yeah, that's great. I'd rather the passive income rather than all the money at once. So boom, I'm paying you $1,000 a month. I become the owner of the house. That's kind of an example of the seller finance.
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