Owner Financing

[Melissa K.]

I am interested in purchasing a mobile home and then selling it and providing owner financing.  How do you investors prepare your loan documents?  Do you have an attorney or loan officer prepare them?  Typically, how much does this cost?  Any help or ideas is greatly appreciated.

[Jason Hirko]

@Melissa K. Sounds like what you need to look into is rental/lease options. The beauty of a lease-to-own type arrangement is there is no built up equity. If the tenant leaves after 5 years, and you have a 10 year lease option, you get to keep the place. Also, you get to evict rather than foreclose, which is obviously way easier and faster. Hope that helps