Structuring a Land Deal

[Michael Pilarski]

Hi All, I have a property that has more than doubled in value since I bought it. I still owe the bank on the note (conventional mortgage). I am thinking of selling the property and want to know how I could structure the sale so I could pay off what I owe and then carry the note. Ex. I owe 65,000 on the note Property is actually worth 200,000 I'd ask 225,000 to negotiate with buyer My thought to do this myself would be to ask the buyer to put down a deposit of 65,000. I'd pay off what I owe. I would then create a note (not sure how to do this) that I would hold, allowing the buyer to pay monthly. After 1-3 years have a balloon payment requiring the note to be paid off. 1st question, does this sound reasonable? 2nd, how do you decide what the monthly payments are and does the entire payment go toward the note or can it be structured like a regular mortgage to where a portion would go toward the note and the other part goes toward interest? 3rd, if this is possible, who would I need to talk to and get this set up creating the note and an amortization schedule? Any input or feedback is greatly appreciated.