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Updated almost 3 years ago,
Seller Willing to Hold Note for Investment Property
Good morning team! This is the first time I'm buying a property like this so appreciate the help.
I have a verbal agreement for a really good off market opportunity to purchase a rental property from an individual who is willing to hold the note on a nice $100K property with a nice Cap rate. I have the real estate contracts and title portion of this transaction pretty well figured out with the help of a good friend/broker. But what I'm wondering is if there is a template for a contract for a mortgage? It's a pretty easy approach, they are willing to hold the note for a year until I can either pay the house off or refinance. (more than likely pay off)
Appreciate any help in advance!
Thanks,
Jeff