Owner finance details

[Greg Mitchell]

My renters are moving out at the end of the month and I want to go the route of selling with owner financing. 

I have no idea where to start so please educate me on the ins and outs.  

I plan to advertise on Craigslist to start....what would you suggest I include in the post?  

What kind of terms should I open the negotiations with?  

When we settle on terms, where do I go to set up a contract?  Does I need to get a lawyer to write it and what exactly should be included to protect me if/when it comes to foreclosing?  

Any other details that you could provide would be appreciated as well....these are just the first questions that come to mind. 

[Ned Carey]

Absolutely you need a lawyer to write up the docs. Also be aware if you are selling to a homeowner with owner financing, there are significantly more requirements to be met. This may may it impractical to sell to a homeowner. You can still sell to an investor.