Owner Financing - Posted by Derek (NC)

Posted by JPiper on April 22, 1999 at 01:24:06:

Since you don’t have title to the property you can’t get a loan against it. Stick to l/o.


Owner Financing - Posted by Derek (NC)

Posted by Derek (NC) on April 21, 1999 at 13:31:45:

Hello all,

I recently acquired another home under L/O, and was interested in trying to either create a note, or do the owner financing thing and I was wondering If I could get some advice on structuring the deal…

FMV $67,000
PP $ 56,000
Rent $575
IR 7.75%

I know there may be more info that you need if so, I will respond…
There is currently a tenant in the home but his lease is up in Oct. and has already stated that he wants out. Is this a deal that i could possibly use owner financing on or could I create a note? Or is all this just wishful thinking, and I need to just stick to the L/O?

Thanks in advance,
Derek (NC)

Re: Owner Financing - Posted by Bud Branstetter

Posted by Bud Branstetter on April 22, 1999 at 12:58:35:

There is not enough equity in the property to do a note deal. If the owner will give you ownership then you can wrap his note and make a few dollars. If he wants a larger amount of cash in the nearer future then you are left with rent to own to a T/B. Make sure the T/B can qualify in the future before you do the deal with them.