Land Contracts.

[Josh Jacobsen]

Hi Friends, 

I'm a huge fan of the collective wisdom of BiggerPockets, and wanted to seek out a few ideas. There is an apartment building listed on the MLS that I've been fantasizing over for several weeks, and after much considersation gave the listing agent a phone call. The seller is open to creative financing, but wants to find out if I can qualify to assume his loan. I can almost guarantee I will not be able to (in the neighborhood of $1.5m), so I'm looking for legal ideas to structure plan B and keep plan B a win-win scenario to make this deal happen with a Land Contract. Partnering with mom and dad, mom and dad in law, and outside investors are plans C, D, and E - which I really don't want to do.

I read a post a while back from Brandon Hicks that mentioned using pro-rated rent, property taxes, and security deposits as down payment credits. What else have you written into your contracts to produce low or no money down deals?

My goal is to reach a hand shake agreement before settling in with my attorney to draw up a PSA. 

Any input is good input, but I'd especially like to hear from Brandon Turner (sorry Brandon, I haven't read your book), J Scott, Brian Gibbons, Brian Burke, K. Marie Poe, Jon Klaus, Ned Carey,  Aaron Mazzrillo, Dawn Anastasi, Jay Hinrichs, Bill G., Curt Bidwell, and Michael Siekerka. 

Thanks!