Some friends and I just put in an offer on a house. We're converting a duplex into a quad, and setting it up as a co-op. Actually doing the "buy a plot of land with friends" meme.

It's been a journey trying to figure out how to do this, so we're gonna document everything once it's ready.

Engineer on Base 🔵 • Building BlockSocks 🧦 • Denver, CO 📍

Operator turned investor. Work in TradFi. Exploring the future of social investing @crossroads.  🟪

Nah, but pretty big down payment. We found a seller who was offering seller financing at 5.5%, which is wild. The stars really aligned on this one.

Wow. What was their reason for selling if willing to seller finance?

Hah, this is so specific, but it's owned by three siblings, and one of them just wants to cash out. But since the multi-family market is pretty dead right now, this was their way of making it more enticing. It's an investment property for the other two, so it's not like they need the $ right away.

Yeah, no issues there. I assume it was easier because it's seller financed? All they asked for a pre-approval letter, and proof of funds for the down payment since one of the owners needed to be paid out fully.

The reno is pretty straightforward, too. One of the units is basically two units already.

Makes sense. Very unique situation.

And they’re good with your reno plans I assume? Did they require any covenants about plan sign off etc? Most lenders do. I’ve never worked with self financing before though. 

I’m curious.