contract for deed or L/O contract sale - Posted by Robert Decell

import · November 12, 2002, 11:15am

Posted by Gmann on November 13, 2002 at 12:49:33:

You can do a lease purchase option AND not have management costs. Write in the contract that they are responsible for all maintainence for the property. That is the only thing that the maintainence company would be good for in your case because YOU WILL HAVE TO COLLECT THE PAYMENTS IF YOU OWNER FINANCE ANYWAY. You can find an amortization table on the internet and print it out so the principal reduction part of the lease payment will follow. Be sure and qualify the borrowers so it won’t be a problem when they need to refinance. Also, MAKE THEM PAY WITH A CHECK OR MONEY ORDER NO CASH. TELL THEM TO KEEP A COPY OF THE PAYMENTS IN A SAFE PLACE. Lenders do not take the word of the owner or renter/borrower for timely payments. They need proof. PERIOD.

import · November 12, 2002, 11:15am

Posted by Robert Decell on November 12, 2002 at 12:15:59:

Have a house with a mortgage on it in Texas. To avoid management costs and problems I wish to owner finance or L/O this house for 30 years. This is the first time I have done this and need help from someone with experience. I owe $46,000 to the lender and the buyer owes me $72,000. Is it possible to do a long term L/O with rent credits that equal a pre-determined interest rate on an amoritization curve? Why can’t you ask for the same amount down with option money as you would with a contract for deed? Any other advice on how to structure this deal would be greatly appreciated.