Seller Financing Help

[David Yee]

Hi Everyone, 

I have a quadplex in Akron.  I've been pretty frustrated with the two property managers I have had in my short time as an owner.  Based on the amount of work and the scummy service, I'm looking to sell it.  My thought is I could probably get a decent amount more with seller financing.

1. We have a rate of 4.5%. 

2. I think the property is attractive.  Monthly rents (fully occupied) are 2.6k while the price we paid was 125k.  It should look better but the P&L isn't horrible.  It has been cashing flowing okay YTD.

3. It's in decent shape.  No major repairs are needed.

Based on these three factors, I feel like I can get a decent amount more than what was paid for the property.  However, I'm not really sure if this is just a case of wishful thinking or if I'm making good points.  So, I'm looking for help with 3 things.

1. The seller finance process.  I am giving up the title so I'm assuming I'm no longer liable (please confirm).  However, since I'm still on the loan the bank could call the loan at any time.  In that case, I would be responsible for paying the full amount.  Is there some sort of insurance I can get to protect myself in this situation?  I'm sure I can put some sort of verbiage in the contract but that won't do me much good if they can't pay.

2. Where to go to find local agents with experience in seller financing + multifamily?  I don't really know where to look.

3. I see seller financing with wholesalers all the time so I assume there are models in place to determine the markups.  Where can I find something like that?