Referral for Seller Financing?

[Ravi Patel]

Hey all. So my partner and I just negotiated on a 6 unit property with the bank providing 75% and then the seller providing 25% (5% @ 4 years). The numbers make sense in terms of monthly net income to seller / bank payments. We won't make much (if anything) every month, but it's our way of building equity without putting any money down. We have other properties (generate great cash flow) which will help if we fall short because vacancy is more than 5%.

However I wanted to know if this seller (old man in his mid 80s) can provide seller financing ? I think since this is his one and only property he can do it without any checks or licensing. 

Second thing was does anyone know any good priced Lawyers in the Philadelphia/NJ area that has experience in seller financing?

I appreciate everyones help. Thank you!

[Ravi Patel]

Steve,

We aren't doing a balloon payment with interest. We are going to pay him monthly installments principal + interest. Also we spoke to him about it, and he is fine with it because it also helps him from tax situation and helps us from financing situation because allows us to scale out. Also we are getting 25% owner financing, not 100%.

But appreciate it will reach out to our title company and ask about the NWMLS PSA addendums