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Private Lending & Conventional Mortgage Advice

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Joseph Duenas
  • Rental Property Investor
  • Agana, Guam
11
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71
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Owner Financing Question

Joseph Duenas
  • Rental Property Investor
  • Agana, Guam
Posted Jul 23 2016, 23:40

Hello. I am purchasing a house for $210,000. I got the owner to agree to owner finance this to me. I will pay $25,000 down, and his mortgage payment of  $1900 per month. There is a balloon due in 18 months. My plan is to rehab this place for about $50K and sell it. 

Question: How should I structure this in a purchase agreement? Should I use a title company? Should I record the purchase agreement with the local government? I just want to make sure I"m safe as I will be giving him $25K and putting in $50K renovations.  Looking forward to your feedback! 

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