Hello! What a great question! My husband deals with properties that require rehabilitation, so he gets this question on a daily basis. From what I've learned, you will need to get a hard money loan, which is the same as a short term construction loan. The interest is much higher than you'll find with a traditional loan, at which point, it's extremely important for you to complete the rehab in the shortest amount of time possible and refinance into a traditional loan, so that you lower your interest rate. With any more questions, please don't hesitate to contact me at any time! Have a great day!
I am a Realtor here in San Antonio who specializes in owner financing. I have done over 50 owner finance deals in the last year and a half alone. We have made it our priority to become experts on owner finance deals. It is important when you do an owner finance deal, whether you use a Realtor or not, to always be sure that the parties working on it (title, attorneys, Realtors, etc..) are well versed in owner financing. On these deals, it is of utmost importance that nothing is overlooked. With our deals, we ALWAYS get title insurance on our transactions, close at either a title company or real estate attorneys office, and have a very strong team in place that can answer any questions you have regarding owner financing. Currently, there are roughly 200 properties available offer owner financing here in San Antonio. What we typically see is sellers requiring is 8-10% down with 6-8.5% interest. Please feel free to visit my website,email or call me for answers to any questions you have.
My website is: www.myhomeSA.com
To go directly to the owner financing section, go to: www.SanAntonioOwnerFinance.com
Laurie Dillingham, Realtor