boostnoz 0 Report post Posted February 13, 2010 Hi Everybody, Thank you for taking a read. I emailed an owner to see if he would rent-to-own. He talked to his lawyer and said it would be preferable for both parties to do a land contract. I found out they have two mortgages on the property and are selling it at break even. Is there any creative way I can get into this place without paying the whole monthly mortgage payment? Should I keep pursuing this lead? Thanks! Sam Share this post Link to post Share on other sites
randian 0 Report post Posted February 14, 2010 The payment on the land contract doesn't have to equal the payment on the underlying mortgages. It's dangerous, however, since if they don't pay the deficit you'll get foreclosed on by the underlying lenders. Share this post Link to post Share on other sites
MichaelC 160 Report post Posted February 14, 2010 Sam, what are your intentions with this property? Flip? Buy and hold as a rental? Personal residence? Makes a difference as to whether or not the deal works for you. And as randian said, the underlying mortgages should have no bearing on what you would be paying each month. If the financing is terrible and the owner's payment is, say, $500 above market rent, you certainly couldn't agree to that.Let us know what you want to do with this property, and the specific numbers in the deal: asking price, a realistic FMV, any work that needs to be done, homeowner's monthly payment on all mortgages, and what this property would rent for. Share this post Link to post Share on other sites
