Never ending Land Contract

[Faith Steller]

Investment Info:

Single-family residence other investment.

Sale price: $35,000

LandContract is being extended to allow for the purchaser to obtain financing.

What made you interested in investing in this type of deal?

Personal property in the basement of the house making the delay possible. The seller plans to clean out the basement from junk and personal property. The seller lived in the property from 1994-2008, the owner fell behind in taxes after moving to hand over rights to the current seller who paid property taxes removed code violated garage and made necessary repairs to bring up to living condition i.e remodel a bathroom, reroofed half the roof, flooring major cleanout.

How did you finance this deal?

Seller financed for the first year or so to allow the purchaser to obtain financing.

How did you add value to the deal?

Remodeled almost tax foreclosed property and brought it back up to cash flowing property.

What was the outcome?

Delays...

Lessons learned? Challenges?

Need a hard out with my land contact we are now past balloon payment due date and I hate to be the bad guy and foreclosure on the current purchaser.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes, I always recommend talking with your circle of people. I speak with my broker and other agents as well as other professionals in the business that /I might know.