Selling SFH to Investor

[Daniel Vieyra]

Hello,

An investor called me asking if I wanted to sell my 4br 2ba SFH. I currently have a tenant and the property CFs roughly $300 a month. I have considered selling due to the distance of the property and where I currently live. The investor offered a cash offer but was low and would not be able to even pay off the mortgage with that number. Investor then said if I would be open to setting up a deal where they make monthly payments to me. Investor asked what would my terms would be and we can negotiate. Questions: Has anyone done a deal where you currently have a mortgage and investor takes over the payments? What are general terms you would use in this market (knowing each market, area, etc. is different)? Rate? Length of term? Investor is open for our attorneys to speak in regards to legality.