Any way to to this deal with Creative Financing?

Question

I have a home owner who contacted me today in a nice area of my market that has an average of $1141 in Rent and ARV of $140K. Here are the details:

His spouse past unexecptly and now is wanted to sell and open to hearing my offer.He really wants time to sort through the things from his spouse and wants to move. He wants/willing to pay me $1100 month so that he can stay in the house for a year lease so he can get his things and time to get his new place. He lost his spouse and has also been taking care of his ill father. His explanation is that he does want to sell but needs time to gather what he wants from his spoused who passed and wants to have a place.

Here's the catch, he has a current land contract that has $80K still owed and a monthly payment of $850/month not sure of the interest rate .I plan to get more details on the land contract tomorrow.

Would it be smart to still do this deal with creative financing or would you stay aware from this type of deal?

ARV: $140K

Monthly Payment: $850

He willing to pay $1100 ( to me ) +$300/ Month cash flow

Still owes on land contract: $80K

Tyler Gibson · Answer

@Jerrel Jones He doesn't own the property yet. Land contract means that the deed is in the other persons name still. The property could have a mortgage on it too. This all seems very complicated. How much does he want to assign the land contract to you? Technically that is all he can sell you right now. You need to know everything about the land contract before you can even know if it is a good idea or not.

Joe Villeneuve · Answer

Buy an option on the Land Contract

Jay Jonez · Answer

@Joe Villeneuve okay what would that look like?

Do you have an example on how this could be done?

Any way to to this deal with Creative Financing?

3 Replies