Should I hold a private mortgae to sell my property?

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I have an offer on Property in Dayton OH to hold a private mortgage on a property .

property sales price would be $45000 with 15 % down and taxes and insurance escrowed.

What do I need to know and is there a service I can retain to put this together for me . The property is held in MY Self Directed IRA.

Mike,

Any local Title Company can put together the basic paperwork and handle the details for you. They'll know an attorney that can do the mortgage and note also. Personally, I use National Title in Centerville. (937) 291-4201.

If you are selling to an owner-occupant, I would consider using a Land Contract instead of a mortgage. For the first 5 years, or until they have paid it down to 20% equity, it's less expensive and faster to get the property back if they don't pay.

There are multiple servicing companies that can handle the monthly billing and tracking. AllServicing.com and TrustFCI.com are two examples, I'm sure you can google others. I think basic servicing is $15-$20 per month, but don't quote me on that. If it's an investor buyer, you can pass the fee onto them.

Since it's in your IRA, make sure you keep enough cash in the IRA needed to cover any foreclosure or other actions you may need to pay for.