Offering Seller Financing

[Aaron Zike]

An elderly friend of mine wants to stay in his multi, but can use extra cash each month. I ran some numbers and I can just barely break even on cash flow keeping him in it. I figure I could offer him to do basically a long term seller financing so he’d have some monthly income, continue to live in his home, and then pass the note along to his daughter in time as a relatively stress free inheritance. At face value this seems like a win-win-win to me, but I want to make sure it’s a) even legal/reasonable and b) if I’m overlooking a crucial roadblock that stops more people from doing this sort of thing. Does anyone have experience in this sort of thing? If so, how do I even go about it (if he accepts the offer)?

[Tristan Rynning]

Aaron, this does sound like an opportunity but the truth lies in your numbers and investment strategy. Personally I️ would hire a real estate attorney to help with that the paperwork and be your advocate...MUCH less expensive than using an agent. I️ too am looking for owner financed properties and this seems to be the best route. PM me and we can swap stories !