Most of us have experience with landlords at some point in our lives. We've had them, we've been them, and we each have different horror stories- or sometimes great stories for that matter- that come along with it.
So what do you do when you've heard that buying an investment property is one of the smartest financial decisions a person can make (which is true!) but don't want to be a landlord? Or maybe you've been a landlord for a decade and want to retire from the headaches.
Whatever your reason is- we get it. It's not for the faint of heart. Maybe you don't want to take the risk of someone else damaging things in your home, or maybe you don't want to deal with the unpredictability of things breaking (appliances, furnaces, or god forbid, a roof), and you definitely don't want to have to pay a mortgage for an empty house when you're between tenants.
Here is our solution: Consider selling your house to a buyer through owner financing instead.
You get to continue receiving a return on your investment, but don't have the drama that can come with being a landlord. The double bonus? You can help someone that may not traditionally qualify for a mortgage due to specific job conditions purchase a house!
A 30,000 Foot View of How It Works:
- We market your property as we would any other listing but specifically advertise that owner financing is available. (We do have an extensive list of folks who are specifically looking for owner finance opportunities so we would expose the opportunity to them as well)
- We find a buyer and work together with an attorney to make sure all of your I's are dotted and T's crossed for the financing agreement.
- You get anywhere from 6-8% interest without lifting much of a finger. It's generally for a 3-7 year term, with interest amortized over 30 years. **Read: the vast majority up front** And yet another bonus is that your tax burdens on profit can be deferred throughout longer periods of time. (You'll definitely want to consult with your CPA to confirm details on this one.)
Anyway, we hope that was helpful. Our goal is to consistently put creative and thought provoking wealth building strategies in front of you. And as always, let us know if we can help you make this happen!
