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Updated over 6 years ago,
Becoming the bank. Financing the sell of my own home.
Evening BP’ers,
I have a property I 100% own. Instead of selling for a lump sum I’d like to sell and become the bank. I’d like to finance the property to someone who maybe can’t qualify for a conventional loan and secure a loan for them at slightly above or at the market interest rate.
Does anyone know how to go about doing this from a legal/underwriting perspective?
Who would I need to involve to make this happen? Real estate attorney?
Any companies that exist to help people through the process already?
Any books you can recommend?
Thanks in advance! Like Warren Buffet said “compound interest may be the greatest invention of our time”.