Hey guys,
I started reading through the "Building Wealth One House at a Time" book by John Schaub. In it, he seems to heavily promote looking for (or perhaps instigating) deals on private sales that are seller-financed in the context of investment/rental properties.
Practically, would the same thing apply for if I were to start looking for a primary residence? I really don't have much real estate knowledge and am a total noob when it comes to this stuff but it seems like taking a mortgage from the bank is just a bad idea in general if you can avoid it. But it seems like every person I know has gone down this route... am I missing something? Of course, I wouldn't think this would be in the context of a cash-buy as that seems like it would be preferable most the time.
And as far as finding those private sales and seller-financed mortgages, how would you go about even *starting*? Like I said, I just started reading Schaub's book so if he talks about *how* to do this, I guess I'll just have to finish reading it but the part where he suggests going that route really piqued my interest because I would have no idea how to actually go about finding something like that (even with his suggestions of "walking around the neighborhood and asking neighbors about a vacant home" - I imagine myself looking like a potential thief/squatter doing something like that and camping out in my car in random neighborhoods watching houses all day to see which ones don't turn their lights on, etc)....