Owner Financing Terms & Questions

[Nick Flint]

Hey BP family!

I’m checking out a condo this weekend and here’s the quick overview.

1- How’s this deal look, anything jump out?

Owner financed 2/2 condo

78k asking price

15% down: $11,700

15 year repayment

4.71% interest

$514/month payments

Should rent for around 900-1000

2- He’s asking I pay for a lawyer to write up the paperwork, that should be around 200-400 correct? Any buyer friendly terms I should add in, or does anyone have recommendation on how to go about this?

3- Any other things to look for/do when it’s owner financed?

Thanks in advance!