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5 posts by 4 users
Thinking about selling a couple properties and carrying the note.
Questions:
1) What do you require down? (ex: 10%, 20%, 25%, etc...)
2) Pull Credit?
3) Interest rate you charge?
Any other words of advice outside of making sure my lawyer locks everything down appropriately.
Thanks!
have you thought about a lease with the option to buy? that way you have a set price, part of their rent goes toward a down payment (lenders on the end loan will be ok with that as long as you hold that money in escrow).
very similar to you holding the note, but i would think it would carry less of a risk for you in the long run and you still hold title.
Hey Scott ...
Yes, I have thought about lease purchases, but I'm not really looking to sell it to an end buyer. I've already had a lease/purchase fall through.
I'm mainly offering financing hoping to move it via another investor.
If credit is good, 10% is the minimum I would require.
If credit is poor, 25% is the minimum I would require.
In either case, I'd charge 8-10%, fully amortize it, and schedule it over 10 years max.
If it's NOO (i.e., to an investor), I'd require 20% down, and play with the numbers so that the monthly payment leaves some room for the investor to cash flow.
Loc R., Individual/Private Note Buyer
E-Mail: locatelli.rao@gmail.com
Website: http://www.lrprivatenotebuyer.com
I buy individual notes - all states, shapes & sizes.
One of the things to consider is to check with any note buyers to see what criteria they look for for an investor note payor. In the event that you would like to cash out before the borrower can obtain another financing you are less likely to be stuck with the note.
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