Creative Financing Advice

[Fradel Barber]

Does anyone have experience with seller financing on an off market deal? I would really appreciate your input.

Potential property asking price 1.1mill

Looking to give $200k upfront and $5k per month for 15 years.

My question is;

Is this a good way to structure it? If not what other ways may be better or different?

Will I be able to do a cash out refinance? And at what point?

Who typically draws up the contracts for this?

Thanks so much in advance for any input!

[Jerry Ayala]

@Fradel Barber Aloha Fradel, are you looking to make this your homestead or a rental property? If you plan on making it a homestead, structure it however you feel comfortable. If you plan on renting the place out, consider structuring 5-10% down, monthly payments lower than rental rates, and interest below national average. Putting less down allows you to acquire more properties the same exact way, once again, if building your portfolio is the plan here. Best of luck!