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Updated about 15 years ago,

User Stats

391
Posts
257
Votes
Chris L.
  • Investor
  • Fort Wayne, IN
257
Votes |
391
Posts

Details of selling on land contract

Chris L.
  • Investor
  • Fort Wayne, IN
Posted

I am considering selling one of our rentals to the current tenants on a land contract.

My questions are:
1. What is the maximum interest rate that Indiana will allow on a land contract?

2. Does anyone know of a company that will handle the payment collection and disbursement to include taxes and insurance for the Fort Wayne area? I would prefer to have this aspect handled by a 3rd party so there are no disputes if they stop paying and we have to foreclose.

3. Would a land contract sale qualify for the housing tax credit?

4. We would obviously close this with a title company but is there a preferred method for holding the deed until the final payment has been made?

5. What else am I missing?

Thanks in advance for any assistance.
Chris

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