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Updated over 7 years ago on . Most recent reply

User Stats

9
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8
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Jocilyn Oler
  • Investor
  • Salt Lake City, UT
8
Votes |
9
Posts

Rent-to-own VS Deed of trust?

Jocilyn Oler
  • Investor
  • Salt Lake City, UT
Posted

I have owned a mobile home for the last year.  It has provided awesome cash flow.  The park is changing the rules and I can no longer sublease.  So  I need to sell the home. 

I've found several interested parties who all need financing.  I am willing to provide the financing.  What are your opinions on doing a rent-to-own route versus selling the home using a deed of trust? 

We are leaning toward the deed of trust route right now.  We are selling the home for $35K.  Your thoughts on how much  the down payment needs to be?  Is requiring 7% interest way too low? Should I be expecting a higher interest rate? 

Two of the parties are fine taking seven years to fully pay off the home.  

Your thoughts and advice on this type of deal is appreciated!

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