Posted by JohnBoy on May 23, 2005 at 10:19:19:
Texas has tuff laws on CFD. So I would forget about that idea.
Also, on any CFD, over 2 - 3 years is to long. Anything over 3 years would require foreclosing. Of course, Texas I think requires that anyway.
contract for deed - lease option tenants - Posted by Kevin
Posted by Kevin on May 22, 2005 at 23:42:05:
My tenant buyers have sent me a proposal to do a contract for deed. They have been renting from me for 2 months and are on a 2 year lease option. The CFD would start at the end of two years. I have no experience and little knowledge of CFD’s. It looks interesting and worth pursuing. However, they want to to the contract for 20 years. Isn’t this extremely long for a CFD? I’m not even sure 10 years isn’t too long. They are offering 7% interest and will be paying taxes and insurance (A huge chunk in Texas).
I’m not sure what to do.
Any advice or thoughts would be much appreciated.
Cheers,
Kevin