Seller Financing advice/understanding

[Danny A.]

Hi guys I’m looking to purchase investment properties on seller financing. Targeting people with no mortgages. I’m not interested in Sub to until I establish a good team.

To my understanding the documents needed to drafted is a purchase agreement, promissory note, and deed of trust/mortgage

I read a lot of different forums.

1) People are saying I would need to get an attorney for writing it up. I understand that, but can’t I just get one template from the attorney and use that for the future transactions? Just change the terms around?

2) So for this I need to have a lawyer and title company? I’ve heard there are some title companies that are owned by lawyers so maybe I can just use a title company for everything? Thoughts?

3) If an agent has a listing and I try to pitch it to them to talk to their seller, how would they get paid? Do I offer to pay their commission? Maybe a referral fee? I understand a-lot of agents are not a fan of it.

4) After all of that, how do you guys keep track of the payments? Does everyone use a servicing company? 

6) Lastly, can anyone give me a small rough draft of the process.

(CORRECT ME IF WRONG PLEASE)

Let’s say the seller and I agree to terms.

Can you guys give me a small brief.

My plan is to establish the base of a team first to make my buying process go smoothly.  All help is appreciated. I have capital to start my journey. I’m a 23 year old from Florida. Please don’t sugarcoat on any of these. Sorry for this long post. Thank you.