creative owner financing

[Account Closed]

since the party is over now and there is no easy money to be had by non qualified borrowers, we as investors are going to need to continuously come up with innovative and creative means of financing to get deals done. I think we will end up like japan with longer terms needed- homes are handed down from generation to generation along with their mortgages but thats a diff topic.... what Id like to know is this- what are the ways you can do creative seller financing to the flocks of people who cannot get a traditional mortgage? instead of renting out a property you own and pay a mortgage on, can you somehow write up a contract where you would collect a nice downpayment/ monthly mortgage from buyers while paying off your own mortgage? Im not talking about someone just taking over your payments because there is no upside for you... what im thinking about is a way to collect a mortgage from people who are otherwise not able to get it from the banks, therefore giving you positive cashflow, giving them a house, and giving the bank the money that you owe. to perform seller financing do you always have to own the property free and clear or are there exceptions? like I said, just looking for creative ideas since they will separate the winners from the broke losers in this industry from now on...