Owner financed loan servicing

[Jesse Aiken]

I am currently approaching sellers with owner financing proposals. One missing piece of the puzzle is how to service the note. I have read that there are loan servicing companies that will service the note for a monthly fee and other people service the loan themselves. It seems that using a servicing company would be preferable in order to have a record of payments, track interest, etc. I appreciate any advice or recommendations from people who have experience with this. I invest in PA. TIA!

[James Sickler]

@Jesse Aiken

I have researched this as well after reading Mitch Stephen’s books on his owner financing strategy. He recommends using a company called Moat Note which is a loan servicing company. I have not used them but they have simple fees and it looks legit.