Rentals v Land contracts

[Alexander B.]

So many people love rental properties and even though I like the monthly income I don't like being bothered with the overhead. When I think about after you pay the mortgage, insurance, taxes, plus maintenance you have little left, unless you have a muiltiunit and even still you have to deal with screening tenants, repairs, complaints, etc. So I came up with a plan and this may not work for everyone. So for example, I have a contract on a single family home for $6,500 and close in 30 days and I already have a candidate for sale. So I buy the property for $6,500 and then put it up for sale with lease/option to buy for $19,000 bad credit no problem. I have someone already interested so the deal is that I get $5,000 down and $1,000 a month for the remainder balance of $14,000 for 14 months. The trick is I recouped most of my money of front, I did nothing to the property, and I'm collecting $1,000 a month. Buyer is responsible for everything, repairs, taxes, insurance, bills, everything and it's a part of the contract to keep everything current and in good standing including building codes and or violations which must be done in an orderly fashion. After a years time I will have maybe 5 to 7 more properties collecting a total of 6 to 8 grand month plus I haven't really spent anything because after every sale 2 to 3 months later I recoup my money on every deal. I target distressed neighborhoods where I can find good deals and sell them on contract helping someone become a property owner who probably has no other means of doing so or just appreciate the process being less frightening than the traditional banks. Hello BP family what do you think, feed back please.