***land contract or L/O*** - Posted by robert mi

Real Estate Investing
#1

Posted by Tom on July 25, 2001 at 08:05:27:

Just make sure that everytime you refer to that 20K, you call it a “non-refundable-option-fee.”

Louis Brown shows pictures of a house he collected a $25 option fee on, and went back a month later because they had not paid the rent. And they had cleaned out and left. Question: Can you afford one coat of paint for 20K?

#2

land contract or L/O - Posted by robert mi

Posted by robert mi on July 25, 2001 at 02:52:12:

which one is better at covering the sellers intrest?

i have a house that i have been trying to sell for sometime now and have i have someone that wants to L/C or L/O it.

facts-

  1. buyer has 20k to put down.
  2. he is self employed for the last 9 months.
  3. his credit is not the best.
  4. i owe 179k on the home payments of 1600 month.
  5. he will L/C or L/O.
  6. sell price of 190k with 20k down and payments made to me of 1700.
  7. contract or option for 2 years then he must try to get a loan from a back or we go for 2 more years.

??? how do i cover my behind on this? i have talked to him and his wife over and over just to get a feel for them and thay seem like there trying to do the right things.

worries-
i’m worried that if thay can’t make the payments that thay may damage the place. but i do have 20k?

i need to get this house off my books asap.
i guess i’m a eager seller.

i’m ready to read all emails or willing to call anyone.

thanks for all the help!!
robert

#3

Re: land contract or L/O - Posted by Jim FL

Posted by Jim FL on July 25, 2001 at 03:40:34:

Robert,
L/O this puppy, and take the $20k somewhere else to invest.
Write the agreement up using two seperate agreements, a Lease and an Option.
Feel free to e-mail me off the board if you want to call me, and I’ll send you my number.
I’d be happy to assist you in any way I can.
Take care,
Jim FL

#4

Re: land contract or L/O - Posted by Mike-WA

Posted by Mike-WA on July 25, 2001 at 04:33:34:

Man no kiddin’ listen to Jim. L/O. easier to evict than foreclose. And if they flake…wow! what an incredible option fee…They buy it, youre way good to go. Jump on this and good luck!