Owner Financing for Unit Bought in Cash

[Danual Berkley]

I plan on buying a unit and selling it to someone who has trouble getting a traditional loan by providing owner financing.  

Anyone has any experience with this kind of investing?

[Account Closed]

Originally posted by @Danual Berkley:

What percentage do you charge for interest? 

What happens if the house floods or burns down and the buyer didn't have insurance? 

should I keep "just in case insurance"?

The insurance has you as the mortgagor. Just make sure it's in place before you close. You can do this at closing. I get about 8% on my owner financed with 10% down. Have an attorney draw up the paperwork and close using escrow.