Should I consider Owner Financing?

[sportsfreak]

I've put a condo of mine up for sale on craigslist recently, just to try and see what sort of interest is there these days. Bought it about a year ago and it's currently being leased out till 2009, so it's being advertised as an investment opportunity.

Anyway, someone has asked whether I would consider owner financing. I know what it is and how it can be beneficial for both the seller and the purchaser, but I don't know it well enough to know whether its a good option in my situation. I did not buy outright, as I took out a 30 yr mortgage to pay for it. It was an investment opp for me at the time, but with the real estate market taking a downward turn, I wouldn't mind getting out for a small profit (the current advertised price would give me that). Any real estate buffs out there with any advice on whether I should consider it?

 

[crimsonfal]

I have done it with some commercial property, and happy to say it worked out for the best. It did provide me with a monthly cash flow better than what I could have gotten with other investments. The initial buyers sold the property to another qualified group who assumed the note, eventually bought the note down and paid it off early. Only had a few "slow" pay months, nothing longer than 10-14 days, so it worked out for the best.