Buying and selling homes on owner financing

[Willie Morales]

Hello BP 

Confused and really dazed. 

Wanted to know about owner financing, last year I paid cash for a property ( Pennsylvania), and re-sold it on payments, (I'm the bank). 

Here's the problem, I'm looking to buy(upstate NY)  on owner financing and re-sell using owner financing,  A New York City Lawyer told me that I can't do that, I must first buy it outright, then I can sell It on owner financing can't have two mtg's on a property, Is that a New York or National law? did I miss something ?  Please advise....Thank you. 

[Account Closed]

Originally posted by @Willie Morales:

Hello BP 

Confused and really dazed. 

Wanted to know about owner financing, last year I paid cash for a property ( Pennsylvania), and re-sold it on payments, (I'm the bank). 

Here's the problem, I'm looking to buy(upstate NY)  on owner financing and re-sell using owner financing,  A New York City Lawyer told me that I can't do that, I must first buy it outright, then I can sell It on owner financing can't have two mtg's on a property, Is that a New York or National law? did I miss something ?  Please advise....Thank you. 

 He's wrong. Find a competent real estate attorney. You can buy a property and take over the financing and then sell it for more using what is called a "Wrap" in some parts of the country or "all inclusive deed of trust" in some areas and "owner financing" in other parts of the country. Yep, the terminology can get confusing but in practice it is done all day long all over the country. Try calling a couple of attorneys outside the city to get better information. It's called a "Wrap" out west.