Owner Finance Deal
Hello Everyone from Tucson, AZ! This is my first post to this board but I am really looking forward to getting to know this group.
I am currently working on an owner finance deal for a property with two rental houses (one 3bdr/2ba and one 2bdr/2ba) and an in-ground pool. The owner is willing to finance me on this deal with no money down because I used to rent from her during college. In addition I think that I can get the property for about 50% of retail due to the necessary repairs.
My question is this: I will be looking to get some sort of equity home improvement loan to use for funding the rehab of the property. In order to secure this loan do I need to have a promissary note secured with a mortgage from the seller or will a recorded Contract for Deed suffice?
Thanks in advance to anyone who replies.
Chris 
Comments(0)