Posted by JohnBoy on February 15, 2002 at 17:25:00:
Every state has different laws pertaining to contract for deeds. So I would recommend having an attorney in your state draw one up for you. It should only cost $300 - $400.
You can use the LLC as the buyer and then have the LLC assign the contract to the buyer you find to assign to.
Since you would be assigning this you could structure this to where the seller can make some cash flow and a back end profit by setting up the sale price as you would if you were holding and selling to a buyer, minus any down payment you would expect to get. Only instead of the seller getting a decent down payment you would get that as your assignment fee. The seller would get the cash flow and back end profit.
Then all you do is run an ad saying something like:
NO BANK QUALIFYING!
$5k Down and Take Over Payments!
Call XXX - XXXX
Then you take the $5k or whatever amount you get as your assignment fee and your buyer just assumes your contract you have with the seller from you! Get a signed release from the seller releasing you from the contract and you’re done! A quick profit minus your advertising expense!