I have a small RV lot near Orlando, FL that someone wants to buy. The deal is 7K as a down payment and he is asking for the remaining 11K to be owner's financing. I am willing to do it because I actually want to learn more about this type of deals.
Based on my research the best way to go ahead would be to get a promissory note with the terms of this contract. I understand I also have the possibility to sell this promissory note to a third party.
Any advice here? Am I on the right track?
You are on the right track but you might want to talk to an attorney to cover yourself, you might also consider requiring a notarized signature on the note.
You will want to have an attorney draw up both a note and a mortgage and close the transaction for you.
Hey Braner @Braner Dantas as mentioned above I would find a reputable real estate attorney who has experience with owner financing to help avoid any unforeseen issues.