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Updated almost 5 years ago on . Most recent reply

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9
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Jim Burkett
  • Loranger, LA
0
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9
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How do I purchase when the seller has "rent to own" contract

Jim Burkett
  • Loranger, LA
Posted

Local couple is wanting to sell a property an hour drive away. They have a "rent to own" contract on the property and have been making payments for several yrs. a STATE LINE is involved, so I can’t use my normal title company. The only attorney in Magnolia, MS has never heard of wholesaling and balking. I have 2 questions:

  1. 1.Does anyone have a contact near Magnolia, Mississippi that understands wholesaling that I can close through?
  2. 2. Is it possible for me to have them assign me their “rent to own” contract?
    1. There is no language in the contract forbidding assignment.
    2. If we involve the original owner, the original owner will not be happy about me getting in the middle of this for profit. The original owner will profit most if the couple defaults and walks away so the original owner can sell the property AGAIN – I’m working to avoid that.
    3. How can I structure a deal that leaves the original owners clueless until I hand them their payoff money that my Motivated Sellers owe them?

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