Note & down payment spread on owner financed deal

[Phillip Trujillo]

I received a call from a local landlord looking to off load some properties. He's willing to owner finance them and I see potential for spread, both on note payments and down payments.

Scenario:

Property #1 Purchase Price of $25,000 w/ $5k down and note at 5% on 5 years.

Sale of Property #1 would look like this: $30,000 w/ $7500 down and note at 12% on 5 years.

There's potential for $2500 at closing and about $130/mo in cash flow from each note. There's 8 of these properties available. Note: All properties are free & clear.

Questions: Am I on the right track with these properties? Will I need to enlist an RMLO for the notes or can my standard closing attorney structure these? The above can be performed as a double-close right? Any and all guidance is appreciated! Thanks.

Phil

[Wayne Brooks]

If the landlord is offering seller financing, there's a reason.  Why do you think it makes sense for an end buyer to finance a t 12% on this property, or is that just a number you think you can make money on.