Can I assign a land contract?

3 Replies

I have come across a deal that seems promising. The owner wants 17k for his sfh and will finance. After researching I noticed "7k in delinquent taxes". The value is 26-27k, with that being said my partner wants to offer 10k in cash only if we can use the equity in the home for a loan, on the other hand, I have a local investor that wants to take over the contract for a fee. 

Question:

Can I assign the agreement to the local investor? Or should we refinance this deal for cash flow?

 (I'm leaving the area is the only reason I have no interest in this deal personally.It's occupied by tenants bringing in $550.00 / the seller wants $400 monthly.)

Who has responsibility for maintenance/property taxes/and other fees?  If it is you, That is not a deal I could recommenced.   $400 a month + maintenance/property taxes/and other fees will cost way more than what you are bring in through rent.   I would not hold that.

Originally posted by @Jonah Wilson :

I have come across a deal that seems promising. The owner wants 17k for his sfh and will finance. After researching I noticed "7k in delinquent taxes". The value is 26-27k, with that being said my partner wants to offer 10k in cash only if we can use the equity in the home for a loan, on the other hand, I have a local investor that wants to take over the contract for a fee. 

Question:

Can I assign the agreement to the local investor? Or should we refinance this deal for cash flow?

 (I'm leaving the area is the only reason I have no interest in this deal personally.It's occupied by tenants bringing in $550.00 / the seller wants $400 monthly.)

 I'm not sure I fully understand the deal, is it a rental you're buying and assuming the back taxes. Are you buying on contract for the 10k price, If there are 7k in back taxes I am not sure I would have much faith in the seller to fulfill his end of the contract. If he is getting his rent regular why is the taxes owed. Then regarding the assignment is the investor taking over your position in the contract for a fee. He is buying you out for a profit to you or at a discount of what you paid.

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