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Updated about 7 years ago,
Considering selling a vacant land contract...
HELLO!! I want to preface this post by noting that IM A COMPLETE NEWBIE! So every tip or piece of advice is greatly appreciated!
I purchased a rural 5 acre property in Freedom, IN (Land Only) and sold the property via land contract. I would like to sell the contract so I can use the capital to purchase a 4 unit apartment building in Indianapolis. I've never sold a property on contract prior to this, so I've never sold a land contract either. The details are as follows:
Property was sold in April 2017 for $40k with $5k down at 12% interest for 10 years. Monthly payment to me is $502.15. Contract payoff is approximately $34k. I also purchased the property via seller finance and still owe around $9k, which would obviously be paid off if I sell the contract so the property would be transferred to the name of the contract buyer.
I would like to sell the contract for $25k.
What are some of your thoughts? Would this be a possibility? What are some steps that I could take to make this happen? Would anyone here be interested?