Q&A: How do I sell my rental properties by creating mortgages?
Question by sullygromo: How do I sell my rental properties by creating mortgages?
I have 20 rental properties that I would like to sell. They all have mortgages on them. How can I create mortgages for my buyers to try to sell tham and still njoy a monthly cashflow?
Best answer:
Answer by girl
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I think you mean purchase contract. You can finance all or part of the purchase price and have the buyers pay you finance charges plus principal for so many years. If you have mortgage on them already, I assume, you need to pay them off. That means you should at least take cash to pay them off (the buyer will probably get loan from a bank), and you can draw a purchase contract to finance the rest. Your income will be the finance charge they pay you. Since you have 20, I suggest contacting a large commercial property company and tell them what you want to do. They maybe able to find an investor who want all of them.
Sell them using a land contract (sometimes known as owner-financing or contract-for-deed). You don’t need to pay off your current mortgage. Essentially the buyers would pay you principal & interest, and you would make them responsible for the taxes & insurance. You’d still have ownership of the house until they paid it in full. You would have monthly income plus you’d earn over 3 times your investment over the life of the loan–unless they refinanced with a conventional mortgage.
Rick Lanicek
http://www.primelendingonline.com