i need to do an owner finance, asap, info needed....

[Tammy Starks]

I need to do an owner finance, asap, have not done one before, what do I need to make sure i don't overlook?? I am in NC and my double wide is in TN, my brother is currently renting from me, 3 yrs, but he is interested in owner finance because of his credit right now. I was wanting to see if there is someone that can give me some quick tips on what to make sure I have covered on my side of this. Thanks for your time and advice!!!

[Account Closed]

Regardless of selling to a family member, If you are selling as a person or trust (or as an estate), you can sell one property per year and be exempt from the Dodd Frank and Safe Act concerns that most of us investors are concerned about.

Definitely find an attorney to help you execute the promissory note and mortgage. Using a servicer can make it a lot easier on the paperwork end as well as create distance between you and the borrower. Lenders have to provide end of year statements and follow certain guidelines for applying payments, etc. Servicers do all that paperwork and bookkeeping for what is, IMO, a minimal fee.