Posted by sam on January 17, 2003 at 09:00:01:
Read this … http://www.creonline.com/articles/art-196.html
Hope this helps!
Land Contract / Lease Option - Posted by Rodney Walker
Posted by Rodney Walker on January 17, 2003 at 08:48:43:
Are these two subjects the same? Here’s is my situation and I need help. I have no money and horrible credit, but, one of my best friends is about to sell his house, and move to the surburbs. He has offered to sell it to me on a land contract. What are the rules of a land contract? He wants me to put down a lump sum of money, between 5 and 10 thousand, and pay like 800 bucks a month, and i think his mortgage is like 600. I understand people wanna make a profit on renting, but is this the same. Ive heard that your only suppose to pay the mortgage on a land contract, not an upsized rent amount. Can someone include me on what to do. His house is worth about 109,000 if that matters. He has had it about 3 or 4 years also. Its perfect for me and my little girl. Besides that, is there a way for me to quickly get out of debt, and how much do i need to start with. Carleton says no money down to buy, is it true, i just got the course.
Signed,
Desparate