Owner Finance Scenario

1 Reply

I recently realized the amount of interest that I am paying the bank based on the mortgage on my home is ridiculously high.  I realized how much money I could save if I had an investor pay off my mortgage, and I would pay the investor a monthly principle and interest payment that will benefit the both of us and or[. Yet, I would still like to remain the owner of the home as I continue to make these payments to the investor.  Also, I want the equity spread from the amount that will be financed through the investor. Basically, I want the investor to serve as the bank and offer the same format the bank offers, in terms of documentation of payments, legal paperwork,equity, ability to sell home later on, and etc. How do I legitimately put this plan into action, where do I begin? 

Dajuan, have you approached any banks in regards to refinancing your mortgage? If the loan is seasoned enough I am sure there are other options out there rather than selling the note to another investor. Private money interest rates will likely be far larger than the typical monthly rate from a bank or credit union.

Create Lasting Wealth Through Real Estate

Join the millions of people achieving financial freedom through the power of real estate investing

Start here