As A Seller How Do I structure Owner Financing.
So I have a large piece of land I paid $140,000 for in 2015 and I have it listed for sale now and a guy made me an incredible offer, but I have to owner finance it. He wants to pay me $2200/mo for 10 years with $50k down. I was honestly hoping to sell it for $215k or so but this comes out to $300k+ over the time. How do I go about structuring all of this with an amortization table and what are ramifications if payments are missed ie how many are missed before a foreclosure happens. I have never done this before and I was selling the land by owner since it was paid for and was hoping for a quick and easy transaction. I literally just got this offer 30 minutes ago and my title company I used for my other deals is closed for the day now.
Just trying to gather more info on how to structure all this to minimize headaches in case tenant doesnt pay. Thanks again.