Host: Casey Silveria
Guest: Gabriel Hamel
Summary:
Gabriel Hamel is a real estate investor who has done many deals using FSBO or owner-seller financing. He got interested in real estate after reading Rich Dad and Poor Dad while serving in the Army National Guard. He bought his first property in 2005, during the subprime period when anyone could get a loan, and he went on to buy several more properties in 2006 and 2007. However, by 2008, he was told that he didn’t qualify for another loan due to guideline changes. Gabriel then started researching alternative financing methods such as the seller, private, and hard money. He eventually settled on seller financing and spent the next year searching for properties on Craigslist. Regarding seller financing, it is important to have a good relationship with the seller and to communicate clearly about the terms of the deal. Gabriel suggests that working with sellers who own their properties free and clear of debt is often simpler, as they become the note holder, and there is no need to deal with existing financing. Writing up the note and trust deed can be done with the help of a title company and an attorney, but it is often a simpler and less complicated process than obtaining a bank loan. As for amortization schedules, there is no typical preference among sellers, and it varies case by case.
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