Is there a market for land contract?
I am a wholesaler in Tampa, FL. In my marketing I got a lead that is a land contact. It's a mobile home in about 1/2 acre of land in Marion, Ohio which is apparently about 30 minutes from Columbus, OH. The owner owns the land and the mobile home. Anyhow until recently I didn't know what a land contract was and I'm still a little unsure. When the owner explained it to me it all sounds to me like a note or a promissory note. Which he wants to do is liquidate for cash. It is apparently worth about 50k and it has about 8 years left. Is there such a market for this? Has anyone ever bought or sold a land contact before? Can someone in Ohio enlighten me? I'm willing to JV on this if need be, just help!