Real estate agent experience with seller finance

[Beatriz Casarez]

Hello,

I purchased a property in St louis. I purchased it in cash and did some improvements, and barrowed about 40K and the rest out of my pocket. My first thoughts were the BRRRR strategy. It will probably rent for about $1150. If I do a cash out refinance, I would pull out all the money and after Principal, Ins, property taxes, property management and reserves for vacancy and repairs, I would probably only cash flow$100-$125. Last night, I though about the selling the property with seller finance, someone could potentially buy for less than they would rent. I could ask for 10-15% down and use that to pay off my loan, and the remaining amount through the payments I would receive from the new owner. It would probably take about 9 months to pay that off, and then I would cash flow around $800 and not have to worry about any repairs or managing the property. I have no experience with seller finance and because of that I am hesitant. This would be great option for tax purpose on my end, and allow someone to purchase a home with a lower interest rate. I would love to hear your thought about my situation. Thank you in advance!