land contracts for sale

[Steve Hatch]

i have three contracts i want sell hav an opportunity to buy some repos from a local credit union thought i would use the proceeds to do so,,,,the amount of the paper combined is 44000.00 one contract is from dec 2002,another from aug,2004 and a rescent one just started they are all with the same person and he has great credit and hasnt ever missed a payment if interested please caontact me thanks steve

[Marc Faulkner]

Jason,
These are all great ideas. Are you located in Michigan? I am in Kalamaoo and work with land contracts often. Yes the tax credit can be used for first time home buyers who buy on a seller financed note/land contract. My understanding is that the credit is 10% of the purchase price.
The key to making your notes valuable when using seller financing is to make sure you get enough down so the the LTV on your note is no more than 80% of the purchase price. You are also going to want to make sure you check credit and don't work with anyone with less than a 600 credit score. You can use a second mortgage (create 2 notes instead of one) to get the LTV in line if necessary and keep the second for long term cashflow after you sell off the first!