If I own a $ 400k property outright, how can I owner finance it?
What would be a feasible interest rate and down payment for this property? What would be my monthly check?
I would need to consider a 30 year mortgage plus a three-year balloon.
This property is located in Central Florida. Orlando
Account Closed It's totally up to you since you're the bank.
Most people that are looking for sellers to finance the property are either looking because they either:
A) Can't get a mortgage (i.e have bad credit or won't qualify in some other way)
B) Want better terms than a bank will offer (lower interest rate, smaller down payment, longer amortization)
Why are you wanting to finance the sale of this property? What are your goals for this transaction?
Your goals should help dictate the terms.
Hello everyone, I'm Back!
I was on a short forced vacation, but back now to share knowledge and creative strategies with BP Investors.
Account Closed, you got a potential Gold Mine on your hands!
I would sell the property FSBO, and because you hold the cards on being able to offer Seller Financing, I'd ask $410k or more with a 9.99% interest rate on a 30y amort. on a 3yr Balloon with option to extend 2ys for 2 points of the current loan amount!
I would request a minimum of 10% down for good credit buyer/borrowers (case by case).
DO NOT give away money on your free and clear property and strike now, while the iron is hot!