Almost every real estate book written and nearly all seminar instructors expound repeatedly on the virtues of 30 year fully assumable FHA or VA financing.  Certainly these are good loans when they fit the deal.  However, I must tell you this — There is no way on earth I could have ever purchased all of the investment properties I own today or developed the cash flow I have now or enjoyed the substantial profits I’ve made from discounting seller carry back notes if I had purchased only those properties suitable for VA or FHA financing.
I think seller financing is often misunderstood because it’s really so simple!  Some folks tend to think real estate deals are not very good if they’re not complicated and don’t hurt. Try and get a new bank loan today on an older income property, you’ll understand exactly what I’m saying here, seller financing can be structured mostly by using common sense. Conversely, many of the new variable rate type loans that banks and thrifts are offering today don’t make any sense whatsoever. Even the banker’s can’t always explain how they work.
Mark Twain once said, “The trouble with most folks is not that they know so little, but that they know so much that just ain’t so.” An important part of making big money in real estate comes from doing those things that actually payoff and ignoring the “hear-say” stuff that uninformed folks continually pass along!  Learning the difference quickly as you can will make your bank deposit day a more pleasurable event — SOMETHING YOU CAN BRAG ABOUT. Allow me to reprint a letter from my student that may help you!
Dear Fixer Jay,
I just finished reading your latest book, Investing in Goldmine Houses.  This is another great book…. I enjoyed reading it. You must have your share of skeptics of your style of real estate investing. You seem to address their criticisms more in this book than in your previous two books.
The information in Chapter 5 was my favorite since you explained in layman terms the true nuts and bolts of how creative financing actually works. A week ago, I attended a 3-hour seminar in Atlanta on creative financing techniques and It was a Joke.  After driving back to my hometown, UPS had delivered your book. The information in Chapter 5 was really all I needed.
On a different note, Chapter 16 was nauseating for me to read. 1 got a sinking feeling in my stomach as I read each sentence. I am glad you included this chapter, however, I just hope I never have to experience that legal nightmare.
In conclusion, I currently have 7 houses in my inventory and they are all rented at market rents with good tenants. While most investors today are earning meager. 1-3% returns on stocks, money-markets accounts, CD’s etc, I am happy to admit that I am earning approximately 20% yearly dividends with my little ATM houses.
Thanks, Roy N.