Owner finance with mortgage

[Benjamin Voorhis]

I have a property in Fort Worth Texas that is finishing rehab and is almost re-financed in my name. I will have a mortgage in place and my neighbor approached me about owner financing the property to him. The terms work out well for me, I would like to do the deal. I am just trying to figure out how to structure the contract. Should I close and do a wraparound mortgage, do a contract for deed? Any feedback would be helpful

[Guy Gimenez]

Wrap mortgage is likely your best bet. Rule out a contract for deed...Texas is brutal on regulating these. Since you're not familiar with Wraps, use an attorney to draft the contract and docs.