I have a few properties that I have sold owner financing because the market was very sketchy and it was the best exit strategy at the time. My first deal that i did was when I sold my own residence. I owed about $290,000 on the property and sold it for $315,000, with $15k down and a remaining balance of $300k via owner financing. My own interest was at 4.5% and I carried the financing for the new owner at 5.5% amortized for 30 years and carried for 5 years with a balloon at the end of the 60 months. I then set up the property with a "land trust" so that there would be no due on sale clause issues. So I received 15k down and cash flow every month, with no headaches. In my contract i have it set up if he is more than 30 days late, the property will be turned into a month to month rental and all equity will be forfeited. Obviously this is very risky because my I am ultimately on the line for the mortgage should the new owner not pay.
I also have a bought a few properties this way as well. The hardest part about this strategy is finding motivated sellers with equity/not upside down. You can put up posters around town, call/post on craigslist ads, or even send out your own leads to homeowners to give you a call when they are ready to sell in a specific area you would like to buy properties in. There are many websites online that talk about all the strategies for just finding motivated sellers, as it is not easy. Then you have to explain owner financing to the current owners and why it would beneficial for everybody.
I also have a bought a few properties this way as well. The hardest part about this strategy is finding motivated sellers with equity/not upside down. You can put up posters around town, call/post on craigslist ads, or even send out your own leads to homeowners to give you a call when they are ready to sell in a specific area you would like to buy properties in. There are many websites online that talk about all the strategies for just finding motivated sellers, as it is not easy. Then you have to explain owner financing to the current owners and why it would beneficial for everybody.