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Updated over 9 years ago, 03/05/2015

Greg W.'s profile image
Greg W.'s profile image
Greg W.
  • from Chicago, Illinois
  • Member since May 21, 2014
Connect

User Stats

71
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7
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Greg W.'s profile image
Greg W.'s profile image
Greg W.
  • from Chicago, Illinois
  • Member since May 21, 2014
Connect
Greg W.
  • Chicago, IL
7
Votes |
71
Posts
Buying & Selling Real Estate

buying a package of properties on lease to own deal

Greg W.
  • Chicago, IL
Posted

Is this a good idea? I was going to do a land contract with sellers but their lawyer advised them against it since they have mortgages snd they csme back with lease to own.There are 7 properties and when they all are rented, it is very profitable. In the deal, I'm added to insurance and pay it and taxes. I put down 15% and will purchase within 12 months. All my payments will be subtracted from purchase price. Is this a good idea? Do I have legal control? Can I hire a managing company if I'm not the landlord officially? Can I file this on taxes?

Thanks,

Greg W

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