Owner financing possibilities

[Erin Anderegg]

Hi All,

I am looking to get creative for the next investment property. Owner financing seems to be a gold mine, but I want to learn more so I can offer more options if an owner is interested.

- I know the owner needs equity for this to work. But does the property need to be free and clear?

- Is it possible to do traditional financing for 70-80% of purchase price and do owner financing for the 20-30% down payment as long as the owner has enough equity?

- who draws up the papers for owner financing terms and invoices? Is that a RE attorney? Title company? I can't figure out who is the best fit for that.

Any additional tips, feedback, or thoughts are appreciated!