Looking for sample land contracts - Posted by Frank
Posted by Frank on August 11, 2003 at 23:25:21:
Thanks ahead of time for any input.
I have a great opportunity if I work fast.
I found a 8 unit apartment building that has 7/8 rented with rent averages of $630 (including utilities) for two bedroom apartment.
The owner is tired of lawn care, snow removal, and taking garbage out to the curb each week. He just wants out.
Willing to sell his building to me for about $280, 000. Other 8 unit apartments on the other side of the city are advertised at around $495,000. Plus, the guy’s wife owns the building next door which is also a 8 until building and she would consider selling to me as well.
The owner is willing to sell me the building at the 280K with no downpayment as long as I do it through a 12-18 month land contract. He wants some cashflow out of it for the next year while he figures out what he wants to do with his new found freedom and I like the idea of a land contract because then in 12 months, I can approach a lender with a good payment history and with a better then average LTV %.
I have never done this with a land contract. Infact, I have never seen a land contract and want to be sure I obviously do things right to reap these rewards.
Can I obtain favorable land contracts samples in regards to what I am trying to accomplish?