CONVENTIONAL OR PRIVATE FUNDING FOR FIRST DEAL?

[Asher Carr]

Hi everyone,

I have a client who cannot qualify for a mortgage due to a huge amount of student loan debt and he is lookg toward me to provide an owner financing deal. Hes so motivatd to move to a new home, that he started to send me what hes looking for within his budget and we just found a home for him to live in. The home is on the MLS and I would have to go through an agent to get the property. I am in NJ but the home is in Massachusetts. Im not letting the distance be an issue because im also in CT and RI as well.

If anything, this would be my first deal and I want to cover everything I can to make to flow as smooth as possible. How should I buy the house as an investment so I can owener finance it out to my client? Should I use a convential loan to buy the property or use private money? I was thinking of putting a 30-year mortgage on the home, owner finance it for, at most, 30 years or maybe even less, until my client cleans up his credit enough to refinance the home later one. What should I except the process to be being out of state? Thanks in advance.