Owner Financing

[Joseph Freni]

I have a friend who is willing to owner finance me on a two family he doesn't want anymore until I can refinance it myself and pay him off. We haven't worked out the sale price yet but I'm sure I will get it 10-20% below market value. Question I have: he has a mortgage on it now, I don't know the details yet but does anyone have experience with this? Cash flow isn't crazy but with no money down and having a positive cash flow of 500 a month seems worth it to me. Just wanted some advice and info before I seriously sat down with him to work out the numbers. Thanks