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Updated about 9 years ago on . Most recent reply

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Nicholas Andrew Choate
  • Seminole, OK
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Question about selling house that is in Contractor for Deed

Nicholas Andrew Choate
  • Seminole, OK
Posted

Here is my situation, I bought a home in shawnee under contract for deed a few months ago. The terms were for $20,000 owner financed over 6 years at a 6% interest rate, which is around $315/month after a $1000 down payment. I did fix up work to the house and currently have tenants in there who rent for $650 a month. I have those current tenants under a residential lease agreement for Atleast 1 year. I make a nice $300+ profit a month but have found another place that could make a huge profit once I flip it. I wanted to see my options as far as selling the shawnee house to fund for the fix up cost of the other property I want to flip. How would I go about doing that since it is under a contract for deed? Also, what would I need to do about the residential lease agreement if I do sell it? I mean I'm sure whoever I sell it to will want to keep the current tenants in the house since it produces $650 each month in cashflow, but would they have to make a new residential lease agreement? I would appreciate any advice or input On this, thank you! 

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