Posted by al on January 16, 2005 at 13:35:57:
Do you pay the insurance? Where can I get the forms?
I have been doing owner financing but didn’t know I couldn’t pay income taxes on the installment sale method.
Thanks for the reply
lease options - Posted by al
Posted by al on January 15, 2005 at 20:02:20:
Does anyone use lease options to sale land/home deals?
Re: lease options - Posted by Tarheel T
Posted by Tarheel T on January 16, 2005 at 04:04:07:
Yes, I use lease options to sell land/homes. Mostly singlewides/land but I just bought a very nice dw/land on 12-29(and its already signed up).After 2 years and 5 land/homes I still have not sold any though.
The reason that I like them is I have found that in my market I can attract some very good tenants who appreciate the idea of being a potential land owner while renting. It has been their dream to own land and now I am giving them the possibility that they thought they would never have.
What is in it for me? Less maintenance due to a tenant who has an owner mentality… An upfront option fee of $1-2,000 to put in my pocket…depreciation just like a straight rental…and who knows maybe some day I will be cashed out for a profit of $20,000+ per deal but it doesn’t really matter.