Receiving payments for owner financing?

[RingSteel]

What's the best app/platform/site for setting up owner financing?
The buyer wants to wire/send funds instead of snail mailing, and this is my first time having a buyer ask for it.... dragging me into the modern age?

Got any advice of what's good, and what to avoid?

[Johnny Dangerr]

I would have him set up his bank to pay your bank on a set day of the month. Make it a reacurring payment. {month by month}

[S-3 Ranch]

I would have him set up his bank to pay your bank on a set day of the month. Make it a reacurring payment. {month by month}

100% , + notice of Taxes paid and insurance coverage

[jer_james]

I wouldnt set anything up that would require fees - the bank to bank transfer would be my preference.

[Hillwhacker]

Our buyer went through an escrow company. I Provided them the bank acct number for the deposit. Buyer was responsible for the transaction fees. We get a statement every month with payment and outstanding loan details. At the end of the year, Escrow co. sends a document for taxes on interest paid. Works well.

[S-3 Ranch]

Our buyer went through an escrow company. I Provided them the bank acct number for the deposit. Buyer was responsible for the transaction fees. We get a statement every month with payment and outstanding loan details. At the end of the year, Escrow co. sends a document for taxes on interest paid. Works well.

Man , that the ticket, keeping up with tax statements, insurance, interest paid , ect is a PIA

[HOOKNBULLET2]

I’ve used this folks on several properties and had great results.

http://www.pecosloanservicing.com/

[RingSteel]

Thanks. I'm looking into a loan servicing company for convenience.

The attorney that set up the financing arrangement suggested giving the buyer my bank acct number so they could set up deposits.... and I'm not comfortable with that!

[gonehuntin68]

Thanks. I'm looking into a loan servicing company for convenience.

The attorney that set up the financing arrangement suggested giving the buyer my bank acct number so they could set up deposits.... and I'm not comfortable with that!

Why are you not comfortable with giving the buyer your bank account #. You do realize that if you have ever wrote anyone a check, your bank account # is on the check.

[RingSteel]

Why are you not comfortable with giving the buyer your bank account #. You do realize that if you have ever wrote anyone a check, your bank account # is on the check.

That's true; I hadn't thought of it that way before.