I Want To Hold A Mortgage On A House But Don't Know Where To Start.
Hi I have a house that I have been renting (in Fl) and am considering selling it with owner financing. Need a little education on where to start. Thanks
renting vs. selling are based on options. first determine your rate of return if you rent. next calculate the rate of return if you sell. renting you can gain on appreciation while declaring depreciation for a period. i have rented and sold it all depends on the deal. hit my email to discuss further.
Start with a prommisary note from an office supply store.
You could also contact a note invester to structure your note to be correct for resell if you ever need to.
Basicly a 30 year note with a five year balloon payment. This gives your buyer five years to improve ther credit scores for traditional finance and also keeps your payments mostly intrest. I also like $25 a day per day they are late due and payable that mo.
toot541,
I posted this earlier but I think it applies here....
HopeItHelps...
My I make a suggestion to you......
Rather than doing OwnerFinancing think long and hard about what you are getting into ...
The MOST important problem is:
EVICTION...OH!... excuse me, YOU CAN'T EVICT....only FORCLOSE!
How much time and money will that cost YOU?....about 1 year + or - and $1000+ in lawyers fees....and YOU ARE SILL PAYING ON YOUR NOTE..
I LeaseOption with an openend lease...no lawyers fees up front~no lawyers to evict~no lawyers fees to close.
Evictions...3 weeks and $200.00 later I am up and running again!!!
....and if it's a year or 2 or 3 until I have to evict someone ...has the house gone up in FMV....YOU BET YOUR ASS!!
I have some REI that have doubled in 5 years...
GOTTA LOVE IT!!!
....as always,
GoodInvesting, Rocky