Questions On Creative Financing

[Eric Newcomb]

Hi All,

I am a general contractor in central mass who also has done some flips for realtors and myself. I have been looking for an off market deal for an investment property and have found one. It is a small single family home in the town I am currently living in and I know the seller. 

With interest rates where they are today, I have been studying some other creative financing options to pursue. The seller owns the property outright so my first thought was seller financing. However, I have no experience in this and am looking for some advise/lessons learned when writing a contract like this. Or another form a creative financing that would work in this situation. Any help would be great!

Thanks,

Eric

[Eliott Elias]

Every state is different, my offers look like this 
6% down 

6% interest 

5 Year Balloon 

Monthly payments lower than rents coming in