Buying my first Owner Finance

[Mark Donohue]

I am looking for a little bit of clarity on how this process will work (ideally) before my DD period expires. Any clarification would be great. This is my first purely investment property.

Here are the steps as I understand them from reading posts and listening to podcasts concerning buying a property with owner financing:

1. Get the agreement of sale with whatever terms are agreeable.

2. Rehab using private money, personal money, or family money, etc.

3. Once the rehab is complete, (ideally) refinance the property into a traditional loan

4. Pay off the owner finance note

5. Any cash left after settling all notes (and paying back family) can be withdrawn (up to 75-80% LTV).

6. Own the property with a conventional mortgage and take checks to the bank.

Is this how you are doing these projects? Also, in step 3, is it possible to us a home equity line of credit?