Owner Financing for Unit Bought in Cash
4 Replies
Danual Berkley
posted 7 months ago
I plan on buying a unit and selling it to someone who has trouble getting a traditional loan by providing owner financing.
Anyone has any experience with this kind of investing?
Jeff Copeland
Real Estate Agent from Tampa Bay/St Petersburg, FL
replied 7 months ago
Seller financing is actually very common, and there's tons of info here on Bigger Pockets about it.
What is your question?
Danual Berkley
replied 7 months ago
What percentage do you charge for interest?
What happens if the house floods or burns down and the buyer didn't have insurance?
should I keep "just in case insurance"?
Account Closed
replied 7 months agoOriginally posted by @Danual Berkley :What percentage do you charge for interest?
What happens if the house floods or burns down and the buyer didn't have insurance?
should I keep "just in case insurance"?
The insurance has you as the mortgagor. Just make sure it's in place before you close. You can do this at closing. I get about 8% on my owner financed with 10% down. Have an attorney draw up the paperwork and close using escrow.
Danual Berkley
replied 7 months ago
Thanks John. How did you mention me in your post? Whenever I do the @(name) it never turns blue