Need help with Seller Financing for Investor (me)

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I have a property, single family home, that I want to sell (throw-off from a package purchase).  I have secured a buyer and I am wanting to try my hand at carrying. FYI -I have done multiple lease-purchases but that is not possible for this deal. 

I have engaged my attorney but in the interim, I am looking for some insight to the process from the BP crowd.

- I currently have a business loan on the property and the down payment from the byer won't allow me to pay it off.  Can I legally 'wrap'  that mortgage?  The language in my note is unclear.  Anyone know what is most common?

-What is the normal amortization length for investor financed SFHs?

-What is a normal interest rate charged? (I know the price and time are huge variables, just wanting a ballpark from some of you that may do these)

-What other creative instruments or methods can one use to make this deal happen?

-What things should I be asking my attorney to include?

-Any other tips or best practices?

Thanks in advance.

The length and rate really vary wildly between owners.  I have heard rates as low as 3% and rates as high as 6%.  Time as short as 10 years and as long as 30 years.   

It's pretty dependent on their income and how long you want to wait to get your money.

You also need to know how much they can afford.

An attorney will for sure be able to write up a contract for you.

You cm should look at creating a valuable note at the beginning, which means doing a little research before you make any deal.

There are many national firms that will purchase your note, and many have good resources on their website to help maximize value. First national acceptance company is just one of many. Do a search, and you can find many....or join the paper source group to access a large list of buyers.

First, lawyer up! New rules under Dodd Frank are not to be trifled with.

Second, require a credit check. This is the biggest factor in the value of the note. Not doing this could drop the value up to 70%.

Third, terms should require a decent down payment, amortized over no more than 10 years, with no balloon. Interest less than 12%; but at least 6%....you are carrying risk, after all.

Start with the end goal in mind, which should be to maximize value. Even if you never sell the note, you will have minimized risk and increased yield over time.