Seting up an owner finance deal in baltimore

[Christopher Haynes]

Hello Everyone

I was looking for some feedback/advice on a deal. I Have a homeowner who is interested in selling me their home in the west Baltimore/ Upton area. I got the lead thru a handwritten letter (yellow letter of sort) I presented the seller 2 offers (one owner financing one cash with wholesaling in mind) one 8k cash and one for 15k with terms with 5% down. I do this cause after speaking to some wholesalers in the Baltimore area they never offer terms. I Use terms as a way to build a rental portfolio without having to put much or even any money. Anyway im offering them 15k over 4 year with no interest paid . My question is how do I write a contract for this or should I just have a real estate attorney (instead of a tittle company) write up the documents and close the deal. Also does anyone know any good real estate lawyers in central Maryland that works with investors if so let me know.

[Steve Vaughan]

A title co usually has an attorney in their network that drafts things for them.  Use a mortgage / deed of trust not a Land Contract or Contract for Deed.

I'd forget about 'no interest'.  Can cause a lot of problems with the IRS and their imputed interest calculations.  Not worth it on such a small amount.  Just pay market rates @Christopher Haynes.  Reduce the price a little if needed maybe.