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How Much Will I Pay Monthly If Owner Fianced
Hey Bigger Pockets Community.
I have come across a deal that would be my first rental property. The owner has stated he will owner finance the deal. I like in KY so whatever laws I need to abide by would be helpful. What I am really trying to figure out is how much will I pay the owner for financing the deal? Is it like a traditional mortgage payment? Here is the terms:
90,000 purchase price on 1 SFH and 1 Duplex
5% down
Have to refinance with traditional lending after 24 months.
So what would I pay monthly? I'm trying to figure out cash flow. Thanks in advance.