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Land contracts good or bad?

Asked Aug 28, 2007, 06:03 AM — 2 Answers
Is anyone fimiliar with land contracts? I have 3 homes I rent but a friend asked me to check into land contracts since I have had bad experiences with renters destroying my property. Is there money to be made in land contracts? Need someone's advice who has dealt with land contracts before. Thank You

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ScottGem's Avatar
ScottGem Posts: 58,086, Reputation: 28135
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#2

Aug 28, 2007, 06:14 AM


Do you mean Contracts for sale? Whereby a person buys the property from you under a contract rahter then obtaining their own financing? If not, then please define further.
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upyooper's Avatar
upyooper Posts: 5, Reputation: 1
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#3

Aug 28, 2007, 07:37 AM
I own the property and would like to sell under a land contract for say 10 years, is this good or should I consider staying with lease option? I have had trouble with the lease option because I have an investor who finds the tenants but he hasn't been doing his job. Some have moved out and broke their lease also destroyed the property. I have tenants in to others and their behing on their payments. I have just gone and seen a lawyer and am going LLC. But which is better? Going under a land Contract or staying with the lease option. Thank You
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