Looking to close my first Owner-Financed Deal - Need Resources

[Brian Bohrer]

Hello BP Family!

I am hoping someone can give me a little direction.  I am looking to purchase my first owner-financed deal back in my home town in Nebraska.  The current investor owns the property free-and-clear and I think I almost have her convinced to sell me the house with owner-financing.   She does not want to take a big tax hit as she is currently retired, and I cannot use conventional financing as I have just changed careers and am no longer loan worthy.  So, I think this would be the perfect strategy to solve both of our problems!

Would anyone have some insight into where I could find resources to educate myself on the deal structure of owner financing?? I would like to be knowledgeable enough to effectively teach her about the structure of the deal so I can better resolve any apprehensions she may have.

Thank you in advance for any information you can provide!  

[Eliott Elias]

You want to shoot for as little down as possible and monthly payments as low as possible. Keep the balloon 10 years + and get a good title company to draft up the paperwork. All terms on owner finance are 100% negotiable, don't let anyone tell you otherwise