Real Estate Agent · New York, NY · Member since 2018 · 13 posts · 0 votes
Hello,
I just spoke to a close family friend who has 3 homes. He is approaching retirement age and just wants them all off of his hands so he can purchase a dream home down south.
His needs are to have it completely off his hands. No mortgage under his name, just completely off of his hands. He is considering listing with a realtor by end of this week but said he'd like more info on how I could work with him.
I offered a lease option but he doesn't want tenants and doesn't want anything in his name. How would a land contract work? He sells it to me for no money out of my pocket and then I can assign the land contract to a realtor to sell as normal? I get a spread, seller gets his full amount and is free of property?
Hope this makes sense. He said if it can be profitable to a friend he doesn't mind but he criteria is completely off his hands and he gets his money. Should it work for 1 he would consider working all 3 with me. Any advice would be much appreciated!
@Arron Lloyd - So he currently has mortgages on every property? You would just be selling the properties after receiving them on land contract? He must really like you to allow you to just make a spread on the sale. What value are you adding to him?
@Michael Thompson Yes the one he is selling now that we discussed I believe is close to being free and clear probably less than 15k. Maybe my understanding of land contracts are skewed.
He's my step father so it's more of wanting to assist each other if possible. Me with a creative solution to sell his house and getting paid while he also makes money.
If he wanted to sell for 90K with his bottom being 75K wouldn't I be able to take as an assignable land contract and find a realtor to sell to an end buyer for that price? Is my understanding off?