I think I found a great deal...but I need help structuring my contract...

[Joemade Scott Carter]

Hello,

I found a great owner financed deal yesterday. The property is owned by the seller free and clear. And he has offered me to do an owner financing deal. The property is worth about 320k and he's asking full price at 3.5 interest for 8-10 years. 

I'm a new investor so I'm very nervous and excited at the same time. I'm reaching out to you more experienced investors for help. I need an owner financing contract for the state of Maryland. Where or who can I get one from? And also can you can give examples of some offers. So that I can have an idea of the best way to format it? Also could I assign this deal to another investor as I do not have the money for the down payment. Thanks for your help. I greatly appreciate it.

[Walter Davis]

@Joemade Scott Carter congratulations on finding a great lead.  To echo some of what's already been said I would present the owner with a deal giving him a $10K down payment and paying him 4% Annualized Interest Only payments with a 10 year balloon. Your monthly payments to the current owner would be less than a $1000/month. You'll also have about $500/month to save for taxes and insurance. You'll need to find a tenant buyer who will pay a non-refundable option consideration fee that at least equals your down payment and closing costs (approx. $17K if the current owner accepts). The tenant buyer will have the option to buy in 3 years and that will be your exit strategy. In the meantime, you will benefit from the cash flow. I hope this helps.