Updated about 8 years ago on . Most recent reply
Buying rentals on land contract
We have several opportunities to buy several rentals on land contract. One is a single family home that still needs interior renovation. Purchase price $19,000. Pay off in two years. Projected property worth when finished $50,000. The second is a triplex that has 2 renters in place at $500/month. No repairs needed. Purchase price $42,000. $5000 down and pay off in 4 years. Third is a duplex with the lower portion rented for $525/ month. No repairs needed. Purchase price $32000. $3500 down and pay off in 3 years. We have one house that we are currently renovating for a flip that still has about 6 weeks of work left. We may have to rent it out for the winter and flip it in the spring. We also have another house that we are rewiring that we bought for $7,000. It is a duplex worth about $60,000 when we are finished. It should be ready in a few weeks. We bought our main home on a land contract deal that turned out pretty well. Has anyone had any experience buying rental properties that way? Any advice on the subject?