Texas Owner Financing/Best way to BUY?

General Real Estate Investing
1

Hi everyone,

I’m in Texas… what would you recommend is the most ideal way to BUY a property via owner financing? Contract for Deed :deal? etc?

Thank you in advance.

2

I am in Michigan
The most ideal way would be to get the seller to take 1.00 for it. These are happening in Detroit. 1.00 is a legal sale. But to really answer your question, yes contract for deed with 0 down and the payments as low as you can get is the way to go. Just do it through an attourney and get title ins.

3

I am not from TX but I do remember there being some REALLY TRICKY laws in TX regarding any sorts of financing, alternative or otherwise. To keep yourself out of jail I’d most certainly find a competant real estate lawyer in your area and spend a few hundred bucks to get his opinion on what is legal and what is not.

4

Definitely seek legal guidance as Rich suggested.

However, in Texas I have heard from many investors, that a Wrap Around Mortgage is the best technique to use for the strategy you are attempting.

5

I have been told a wrap in not legal in Texas?