Need some input on a Junker flip - Posted by LeonNC

Posted by Jake on June 03, 2005 at 14:14:39:

Why not buy the land contract for a discount?

Need some input on a Junker flip - Posted by LeonNC

Posted by LeonNC on June 03, 2005 at 24:14:45:

I’ve got an out of state guy who has a house in my area with a land contract on it. He’s told the guy to get out. We’re waiting to see what he does.

I’d like to tie it up. But I can’t inside, don’t know what the tenant is going to do, etc. I think he’d like to get something done now to ease his pain a little.

She’s not paid him for like six months. He has given her the option of paying him what she owes and staying but I think he wants out now.

By the way, his mother lives across the street.

How can I move into this and be somewhere in the safe zone?



Re: Need some input on a Junker flip - Posted by Mike-OH

Posted by Mike-OH on June 03, 2005 at 06:13:57:

I’d be careful with this deal. You’ll need to know exactly what the laws are in your state, but generally the buyer (that you termed a tenant) in a land contract must be foreclosed upon to get rid of them. That’s exactly why I don’t sell via land contracts - because foreclosures take a lot longer than evictions. In this case, if the seller hasn’t started the foreclosure procedure, it could be quite a while before the buyer is out. Therefore, this isn’t really a flip unless you can get the buyer to leave voluntarily and legally give up his interest in the house.

Obviously, you can’t buy the house from the original owner when he’s essentially sold it to someone else via a land contract. You could offer to buy the house from the land contract buyer (tenant) if there is some equity there.

Good Luck,


Re: Need some input on a Junker flip - Posted by luke-NC

Posted by luke-NC on June 03, 2005 at 19:48:34:

Are you saying that the guy who owns the house is paying on a land contract or that he owns the house and the tenant is paying on a land contract?

depending on where you are here in NC, the foreclosure of a land contract may take just as long as an eviction here in NC.

I’m in Meck county and it takes about 45 days to complete an eviction. This is the same amount of time it takes to complete a foreclosure.

I’d try to pay the guy to leave, but if that doesnt work, get an assignment of that contract and get an attorney to start foreclosure proceedings.

I’d get assignment of the contract to me with the agreement that we split the profits someway, then hire an atty to begin foreclosure and then take over the property. Then work out a deal with the homeowner to split the profits on a sale.

Seems he doesnt want to spend any money foreclosing and taking the property back. If you are, you may have a deal.