Owner financing second home, first home has roughly $70k equity.

[Timothy Albright]

I’m new to the real estate market, Kinda long time listener first time caller type of situation.

I just recently landed an owner financed deal, the terms are as follows ;

•$450k for home (single story brick nearly 4000sq under roof 4 bedroom ,3.5 bath, 2 car attached & 2 car detached, and 10  acres in a booming part of town.

•I have a buyer for the land portion of this deal (8 total acres) for $110k, with that $110k I’m giving the seller $60k as a down payment.

•We have agreed to a 4.5% on the remaining $390k (house and nearly 2 acres), while I should pocket nearly $50k in the process.

• note: this home and land was appraised at $490k in 2018

Also, my current home I have roughly $70k of Equity built up.

With all that information I have a two part question. 1. Did I miss anything on Structuring the owner financed deal? 2. Should I cash out and sell my current home, or keep and rent?

Thank you in advance for taking the time with any help you can offer.

[Timothy Albright]

@Jeff Copeland

Greatly appreciate you taking the time to reply to my questions. The current owner had survey company out and submitted the paperwork to the county. That was nearly two-three weeks ago… currently awaiting that.