owner financing help

[Christina Rogers]

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So I am totally new to this and feel like I missed a financing class somewhere. Any math people out there able to help?

I am purchasing two houses using owner financing (actually buying three, one with conventional mortgage). I would like to offer her 4% interest for each loan. The loans would (hopefully) be both for $150,000 each for a 20 year term. The plan is to sign an agreement to pay off one loan at a year's time (using the BRRR method) and pay off the 2nd loan at the end of 2 year's time.

Also I am figuring this on out on my own should I involve a real estate agent? I don't have tons extra to spend on closing as I need the money to renovate.

Any advice would be greatly appreciated.