Seller Financing Help!
We have two properties that we came across through our DM campaign. Both would be great rentals to add to our portfolio. Both sellers are motivated and open to seller financing.
The way we are planning to structure the deal:
20 year amortization period at 5% interest
2 year balloon
10% down payment.
This will be our first time using seller financing and we want to make sure it is all done correct. Both sellers did not know about this option to sell their homes and are not familiar with the process. We want to make sure it goes smooth for them and us.
What documents should we use to draw up the agreement?
How do we create the payment schedule with a 20 year amortization period at 5%?
Once we have the documents in place and signed do we close at a local title company similar to all the other deals we have closed?