Posted by ScottB on November 23, 2004 at 16:47:29:
these are the terms
A guy is willing to sell me a rental property in a low income area. He wants either 10k cash or a little more for a land contract. The home needs minor work to rent. The home is free and clear, he just wants out, said he doesn’t want to be a landlord and tired of paying taxes and insurance.
So I called on all the other rentals in the area and found a guy that more homes in the area. Buys all his homes Land Contract and would buy this one under these terms, 20k selling price, 10% down,9% intrest, 1%payments with a balooon in 5 or 6 years.
So i got a guy that wants out and one that wants in, how do I squeeze in the middle and get paid???
The last piece in this is, i do not want to end up in any way with this home if it doesn’t flip.
My thoughts Buy on LC and assign my contract for a fee
or is there a way I can flip a land contract or set this up some way to stay out of the chain of title and still have control. If i had a cash buyer I would just get a contract on it and double close or assignment, or even put an option on it…I don’t know. to many seminars and courses…
Any help on structering this would be greatly appreciated
Thanx,
Scott