Owner Financing Help
Hello!
I recently found myself in a situation where owner financing is an option for me to get into my next deal. I am working with the owner now on a set of terms that works for the both of us. I am now frantically searching on the internet to learn what all is needed paperwork wise to structure an owner financing deal in Tennessee. I have read some online resources that say that it may be very hard to do in Tennessee so I now have come to the place with the best people to see if anyone has any advice for me to figure this out.
Thank you guys!
@Elijah Jay Dangerfield A quick google search shows that land contracts are valid in TN. To be sure consult a real estate attorney in the area.
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#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
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I have not done any of these in TN, what I would do is call a title company and ask what kind of paperwork is needed to make a owner finance transaction happen
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@Elijah Jay Dangerfield
Do not do a land contract. Treat it like a traditional deal with a note and deed of trust/mortgage. Find a local title company and they can handle the paperwork
Thank you guys for all of the help! the deal ended up falling a part but im glad I was able to push myself into the position where it was an option.
A promissory note along with a mortgage (or deed of trust) are the two biggest documents you will want to secure. Also, make sure your name is on the deed and you are actually the owner of the property, known as a warranty deed. With a land contract, the seller still controls ownership of the property.