Is seller financing the way to go?
In short I’m trying to figure out the best way to sell a property while not losing the mortgage, as the mortgage is a 30 year fixed at 4%. I purchased the property as owner occupied, but I’ve since moved out of the country for work so I wouldn’t qualify for owner occupant financing again (and interest rates are currently rising). I think selling with owner finance is the way to go, but want to confirm that here and not sure the best way to go about it. The property was purchased in 2008 for 470K, its now worth about 550K and the mortgage is around 300K.
Also welcome any comments on my plan(s). While my goal is to own multifamily my “home market” (DC area) is very expensive. If I purchased a few more studios, though, I would be close to replacing my income. I’m torn between buying a few more studios to replace my income and then moving to out of area multifamily, or just going straight to out of area multifamily. The funds from the sale of this unit would be used to support whichever strategy I went with. Thanks!