If you ever intend to sell this note,or even have the inkling of doing so, get:
10% down
an interest rate 2 points higher than the banks, unless the credit report warrants it
a credit report
an amortization schedule paying both P+I- an interest only schedule will puch the purchase price down
Go 20-30 years on the amort
Thanks - I appreciate the advice. In my research, I just came across an article that Richard Branson of Virgin Atlantic has purchased Circle Lending and now calls it VirginMoneyUS (www.VirginMoneyUS.com) and provides a nifty service for owner/seller financing. There are several different packages available depending on what you need. The company handles all the paperwork, including sending notices about payments and collecting on debts in the event of default. Something to checkout.
If you ever intend to sell this note,or even have the inkling of doing so, get:
10% down
an interest rate 2 points higher than the banks, unless the credit report warrants it
a credit report
an amortization schedule paying both P+I- an interest only schedule will puch the purchase price down
Go 20-30 years on the amort
Thanks - I appreciate the advice. In my research, I just came across an article that Richard Branson of Virgin Atlantic has purchased Circle Lending and now calls it VirginMoneyUS (www.VirginMoneyUS.com) and provides a nifty service for owner/seller financing. There are several different packages available depending on what you need. The company handles all the paperwork, including sending notices about payments and collecting on debts in the event of default. Something to checkout.