Portland, OR · Member since 2016 · 108 posts · 33 votes
Hi guys I currently have a 43.34 acre lot of land (technically it's two parcels) that I've been paying $429.46 per month for since January of 2021 and I also put a down payment of $3,674.00 on it. The agreed-upon price was $35,000 (with 7% interest added for doing owner financing) and the final payment will be made in January of 2029. Unfortunately I have run into some financial difficulties recently and I'm trying to figure out if there's a way to sell this contract to someone else to recoup the money I've already paid into it and get rid of the monthly payments? I listened to a real estate audiobook where the author did something similar - he was in an owner financing contract and if I recall correctly, he signed a separate agreement with another individual so that their payments covered his monthly payments.
Really appreciate any feedback on this idea. I would prefer to avoid losing all of the money I've already put into this parcel if possible.
If the loan is assumable you could sell it that way or ask the lender if they will let someone assume the loan. I may be interested in the land so send me a pm
If the loan is assumable you could sell it that way or ask the lender if they will let someone assume the loan. I may be interested in the land so send me a pm
Thanks, Chris, just sent you a "Connect" request which I guess is necessary before I can send you a PM on here.
I am land niche investor. I will take it as is. We have 5 million of land under contract and own 4 properties over 2 million at the moment that we are selling. Would love to provide a win-win scenario if we can.