Need advice on selling a note.
I am about to purchase an investment home and I thinking about selling it using owner financing. I am getting a private loan to purchase the property for $58,000 will put $5000 into rehab (it is a foreclosure that is in very good shape; ARV of $90000) and would like to sell it using owner financing.
Here are the terms I will sell the property for:
PP: $90000
5% down payment: $4,500
Loan amount: $85500
Interest: 9.99%
Term: 15 years
Monthly payments/# of payments: $918/180 payments
other scenario:
PP: $90000
10% down payment: $9000
Loan amount: $81000
Interest: 9.99%
Term: 15 years
Monthly payments/# of payments: $870/180 payments
Do I need to include a balloon: loan due in 3 years/5 years, etc?
How do I go about selling the note?
Do I need to have a license to do so?
Any and all advice is greatly appreciated. Thanks.