Posted by ak on November 16, 2000 at 11:42:53:
Why not become the bank? Sell the houses to people that you qualify yourself. Do a simple credit check, see why there credit is shot and then sell them equitable title to the home (keeping legal title for yourself) for a small downpayment and and enough money per month to cover the spread on loans that you have if any. If there is no loan on the property then simply create a cashflow situation for yourself. You need to look at the market you are in right now. Are the homes selling for a profit? No then look at getting someone into your homes that may not be able to qualify for a traditional bank loan. The way that I see it, it is a win-win situation. You are not the landlord, you simply hold legal title to the home and they hold the equitable title to the home so they are the ones that are going to be responsible for the home not you, and they get the pride of ownership and tax benefits. By retaining legal title to the home you avoid the potential due on sale clause that a bank may hold to the property.