I am interested in selling homes on OWC contract as a regular source of income / investment. Not just one house, but eventually utilize our investment funds heavily in this area.
We bought our home with a private loan from someone I've known all my life who has done just this as long as I've known him. We call him the land baron around here, LOL. In our area (and many rural areas like ours) there is a huge market for homes that do not qualify for conventional financing for various reasons. There's also scads of folks who do not qualify for conventional financing, but could responsibly afford to buy a home with a little down. For decades, he has been the bridge for these properties and these people, and made darn good money from it.
We aren't yet at the point of having those kinds of funds to invest, but we did just sell our last home OWC and it is working out awesome, and could be in the position next spring to do the same thing with this house, and roll on over into another property.
Anyway, wondering if anyone else does this. I can easily see a market for 10% interest on these loans along with a hefty "origination fee" (we always called it "scalp fee", haha). Foreclosure and eviction is a pretty straightforward thing in Oregon if you've done your paperwork right, and kept things straight.
THANKS!
Mouse Bandit
