? double land contract conversions - Posted by JDenney


#1

Posted by Bronchick on November 05, 1998 at 12:18:23:

As long as you don’t have to sell the note with personal recourse, it is ok. However, if you sell the note with recourse, the buyer can look to you if the note is in default.

Q: What not keep the “wrap” yourself and keep the cash flow?


#2

? double land contract conversions - Posted by JDenney

Posted by JDenney on November 05, 1998 at 09:25:48:

I attended a seminar last weekend that the speaker strategy was basicly this:

double land contract and convert

step 1: buy property from seller on land contract

step 2: sell to new buyer on land contract(taking spread)

step 3: cash out new buyer by selling unseasoned land contract or converting to new mortgage (with the intent of the new buyer not having to qualify for financing )

Do you see any flaws with this stategy ?

Thanks so much,
Jeff