Good Idea Patentguy. You might want to go check out the SDCIA blog.
“For you realtors(R), is this sort of private party lending very common???”
It happens enough for you to find a decent match. Learn all the pitfalls and all the worst case scenario cya’s. Watch the title like a hawk. You don’t want to have to depend on title insurance even though absolutely should get it. You already understand that you want highly marketable properties and extremely good LTV’s. You probably want a Lawyer to write up the note and trust deed and review the title. If you buy a property and do a sale and “owner carry” you want the buyer to have an attorney in case the buyer claims he was outclassed and outsmarted. You want the worst case scenario to be a foreclosure and liquidation in which you get all of your money or the marketable property back.
