Land contract on duplex - Posted by Mary

Posted by Mary on December 31, 2001 at 08:06:04:

Thanks Woody, I have been studying about it and yes I believe you do reap the tax benefits. Thats a good idea about deposits being used for back taxes. I looked at all of the units yesterday and they are way overpriced. So we shall see. Thanks

Land contract on duplex - Posted by Mary

Posted by Mary on December 29, 2001 at 12:55:14:

I just drove past a nice duplex,3bed side by side, had a for rent sign. I called and asked if they would like to sell. Owner said yes and we are meeting Wed. She asked if I would be willing to go land contract. She is ready to retire and would like income. I researched online the auditors office and she has owned this since 1970. I have rentals and have done rehabs but I have never done a land contract. I have been reading in the archives about land contract. Anyone have any other suggestions or advice before I meet her. Sorry, I know this is a broad question. Thanks for any input. Mary Oh, also, I got a call from someone inquiring about one of my rentals and through the course of the conversation I found out that her landlord is selling all her rentals. I called her and have done some research and I see that she is delinquent on taxes for all her units. Any suggestions on post I can read on the best way to approach this too. Thanks

Re: Land contract on duplex - Posted by Woody (MI)

Posted by Woody (MI) on December 31, 2001 at 04:06:52:

Hi Mary,

I am no financing wiz but basically a land contract is an agreement between you and the seller. She keeps the deed, you pay her. To my simple mind, it is the easiest way to buy. The only suggestion that I have is to make sure that you are able to reap any tax benefits. Now, I don’t know all the details but could you possibly use the assigned rents and deposits to pay the back taxes on the other deal and then go from there? Just an idea.
Happy and prosperous New Year to you and yours