How to structure owner finance deal?

[Anthony Kondor]

How to structure owner finance deal. i have someone willing to sell me a property for 28,000 and is willing to take a down payment of $5,000 and owner finance the rest!.

it is a condo and I'm looking to structure the deal so i can owner finance and rent it out and receive a positive cash flow

[Jonathan Key]

@Anthony KondorThe easiest way (In my opinion) is to let someone else do the work for you. That is what I have learned from my own experience.

You can find a Letter of Intent to Purchase here on BP. Get the particulars done with you and the seller on that. Then find what would should be a really good title company in your area. Tell them you are wanting to use their services (for title insurance) and you are purchasing a property privately financed by the seller. A good title company will give you a state approved purchase contract as well as a seller fiance addendum. All of which will be fill in the blank. Just fill it out and bring it back to them, for a fee - they will do the rest. They will also do their due diligence on the title and insure it for you, which is a must when doing a private sell agreement.

It sounds too easy, because it is. Title companies worth their salt will help you with every step along the way if you find a good one. If they have attorneys on staff, they are usually worth the money.

*Not legal advice - just results based on my experience. :)