Owner finance deal method of payment

Owner finance deal method of payment

Commercial Real Estate Analyst · Rockingham, NC · Member since 2016 · 41 posts · 10 votes
I recently closed an owner finance deal on a single family residence where the owner agreed to a 12-year note at 0%. My question is, what are you guys doing to set up automatic/recurring payments to ensure you don’t forget to send the check every month? Thanks!
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  • Lender · Playa del Carmen, México · Member since 2014 · 2k+ posts · 1k+ votes
    8y

    Hi @Adam Franco. Many banks, including Wells Fargo and SunTrust, offer an online bill payment service that issues scheduled and recurring payments (either as an ACH transaction or as physical check) to vendors of your choosing. In our case it's tied to our company checking account.

  • Investor · Arlington, VA · Member since 2012 · 1k+ posts · 491 votes
    8y

    Get with an escrow company.  For a marginal fee, they will set up automatic payments and escrow to pay taxes and insurance as well.

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