Owner financing my first home

[Michael Laidler]

I took up a new job in another state, 6 states away to be exact. My house is up for sale and has had 2 viewings over the past few weeks. Today, my real estate agent suggested that I look into owner financing because she feels it will attract more clients and it can produce good profits. I am in a time crunch since I plan on moving in less 3 weeks. I still have a decent amount left on my mortgage loan (no defaults) but I am worried about having two housing payments given my lack of income in my next job. What are your thoughts on owner financing your own property? Tax implications? Is it worth it? Pros and cons? Any information would be worth it.

I have been considering entering real estate investing for a while but I did not know where to start. This seems like a great opportunity to begin but I have no formal training or experience (aside from listening to the BP podcasts).