Owner financing, currently mortgaged

[Brian Beachy]

I have a property that is currently occupied by tenants who would like to buy. I would like to sell my house, but it is mortgaged, and I would prefer to do owner financing. Is this possible?

[Chris Seveney]

@Brian Beachy

Only if you do subject 2 deal or a contract for deed.

[Brian Beachy]

As I understand, subject 2 just means that the new owners take over mortgage payments? Could I collect a down payment and payments greater than the payments I'm making?

As an example, if my mortgage payments are $1k/mo, and I have $50k equity, could I get, say $30k down, plus $1200/mo?