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Updated over 10 years ago, 07/02/2014
Owner Financed Deal- Worth It? And Other Q's
The numbers:
2 bed 1 bath in a 4 unit building
Asking price: 90k
Taxes:~4k
Monthly Assessment:$50
Can be rented for: $1000 a month
This will be the first deal I would be doing as an owner financed deal- actually this would be my first deal ever.
I have $20k in funds for the down payment, but am curious as to how the rest of the deal will be structured.
Can I have the contract structured so the repayment is in 5 years or less?
What will be my interest rate, assuming great credit?
Will the title be transferred over to my name upon closing?
Will there even be a closing?
Do the numbers make sense, is this a good deal?
Any input is appreciated!