SOS: Real Estate Investing Advice/ Land Contracts

[Elvija Haxhaj]

Hi

So I am beginning my investing journey and have had luck of coming across two homes as a land contract deals in Ann Arbor Michigan (close to U of M) and Ypsilanti, close to EMU/Depot Town. Both are great homes, need a decent amount of work to be sold at market value (even though these days things are going well over market value) 

So my question is, if I secure a land contract with both homes, do I have a right to raise the rent on the current tenants? Or have them move out so I can do proper renovations? 
Also, will I be able to get a cash out refinance loan even though it is a land contract? 

Another question I have : do you think the sellers market will come to an end at all. I feel like it’s so hard to get a deal nowadays. Small outdated 900 sq ft houses are going for 300k in Ann Arbor. 

[Eric Wilkinson]

@Elvija Haxhaj. What type of lease do the tenant’s have? Unless it is a month to month lease, you will not be able to raise the rent or have the homes vacated to do renovations until the lease comes to an end.