owner financing my own house

General Real Estate Investing
1

Hi there;
I had a question about owner financing for my personal residence. Unfortunately, due to the market, I don’t have a ton of equity. My house is worth roughly 315K, I owe 300K. I have had a tough time selling (duh) and was wondering if it would be worth offering some financing. If I offered to carry back 100K or so I wonder how much more interest I could get? If so, how would that affect my ability to get a loan for a new house? Would the numbers be enough to sell the note to a note buyer if I needed to down the road? Thanks for any thoughts! Happy investing and Happy Thanksgiving everyone!

Eric

2

Hi,

 If you owe $300k on a $315k valued home, how do you carry back $100k?

                                GR
3

Doubtful Eric. most likely the buyers Mortgage Co. wouldn’t go for it. If you could pull it off a Note Investor wouldn’t be very interested. The Note would be in the second position and LTV(loan to value) isn’t there.
Herbster

4

This is a classic wrap situation… Easy to do and your new mortgage company should be ok as long as your disclose it correctly…

Feel free to PM me for more info…