Anybody familiar with land contracts/owner financing?

[Jacques Herve]

Any experience with these? Looks good on paper: - owner retains legal title to property -so protected against buyer's default- - buyer pays for property taxes, insurance and maintenance (kinda "triple-net'" on residential) - owner gets down-payment and higher yield, buyer gets non-bank financing -can even be wrapped around existing mortgage so seller can get a margin above original mortgage payment That's on paper. Anybody has real life experience?

[Heath Ryans]

@Jacques Herve I have a 4 unit that I got through owner financing. We actually closed so that I hold title. It can be done with or without the transfer of the deed, but I prefer to hold it. That way I can do whatever I want with the property. Refi's, credit lines, ect.

We negotiated terms to be 15% down, amortized over 30 years at Prime rate, with a balloon payment of the remaining amount at 10 years.