First Seller Financing Deal, I Need Some Direction
I have my first deal under contract and need some advice. I was going to market it as a wholesale deal to buy and hold investors. But, the rehab looks to be much more than I anticipated. (Sorry, I don't have the figures in front of me at the moment.) I'm entertaining the idea of countering the seller's cash price with a seller financing offer at terms that work for the end-buyer.
I've never done a seller financing deal before. I realize we'd write up an assignable contract with escrow instructions and I'd get my assignment fee as per a normal wholesale deal. But, then what? Who maintains the debt service between the end buyer and the seller? What steps do I have to take to set that up besides escrow instructions? The property is free and clear--so there is no due on sale clause to worry about. Is there anything else I should know? I just don't want to miss a step. Thanks!