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Buying a home on Land Contract

From Youtube.com - Posted: Jun 22, 2011 - 3,543 views
Cooking | Buying a home on Land Contract | Buying a home on Land Contract
Buying a home on Land Contract
Buying a home on Land Contract
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Yes you can buy a home, with no credit, no mortgage, and no hassle. Learn how buying a home on land contract can benefit you. Michigan finally has a relator savy enough to assist today's buyers with options they deserve.
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What is a Land Contract? Who Can Buy a Land Contract? Who Can Sell a L...

What is a Land Contract? Land contracts are becoming more and more popular these days. Production Realty is based in Michigan. If your not in Michigan, contact a Realtor for your states specific details.
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The Difference Between A Land Contract And A Subject To Deal Real Esta...

http:www.JoeCrump.comyoutubeReal estate investment expert Joe Crump teaches zero down investing techniques. Learn foreclosures, short sales, "Subject To", land contracts, "Multi-mortgage" and other creative real estate financing structures. Six Month Mentor Program http:www.ZeroDownInvesting.com"Push Button Automarketer": http:PushButtonAutomarketer.comRead Joe Crump's Blog: http:JoeCrumpBlog.com Read the Transcript:I spend so much time explaining this to my students: the difference between a land contract and a Subject To deal and the hierarchy of zero down real estate deals. Let me go through it again and explain the differences between them and what works and why in different situations."Joe, can you give some basic definitions for some of the strategies you implement? How can I explain the difference between a land contract versus a "Subject-To" versus a lease option, etc.? Thanks, Javier." -- Javier PelancoJoe: I'm going to try to make this quick. We spend two and a half to three hours on this at the Buying Event because this is the core information of what I teach -- this is the most important part that you need to understand -- structuring zero down deals. That's what this is really all about. Joe: If you understand what the hierarchy of these structures is, it'll make it easier for you to look at a particular deal and say, 'Yes, that deal needs to be structured in this way in order to make it work.' Ultimately, what we're looking for is a way to solve the problem of the seller. Also, we're financing deals. All of these kinds of investment deals are about solving the problem for the seller, and when you solve that problem for them, then they'll want to do the deal. Joe: But it has to be solved in a way that makes profit for you. So, rather than talking about how we're going to make a profit on it, I'm going to talk about how we're going to structure the deals, the different structures that are available and the hierarchy that they should be in, and I'm going to try to do this in the next two to three minutes. Joe: First of all, "Subject-To": this is the top of the hierarchy. The way you buy the property "Subject-To" is the seller that has an existing mortgage on the property deeds the property to you. The loan stays in the name of that seller. You're not assuming the loan. You're not qualifying for the loan. You're not even ever talking to the lender. All you're going to do is start making the payments on it. Joe: The deed is in your name because they deeded it to you -- you're going to take a warranty deed, and this puts you in full control of that property. Now, it's still subject to the existing loan, so those payments have to be made, and it's possible that the lender is going to take the property back if you default on it.Joe: Now, there's some other issues in this which need to be addressed I'm not going to get into it because we don't have much time, i.e. due on sale clauses and things like that, bu it's not difficult. We do these types of deals all the time. This is the top of the hierarchy and this is the way that you want to buy properties.Joe: The next type is "Multi-mortgage". This is if a seller has equity. Let's say they have a first mortgage of $100,000 but the property is worth $200,000. They're willing to sell it for $180,000 but they don't want to take an $80,000 loss, so what you do is take over the first mortgage subject to the existing loan ($100,000) and then you give them their equity as a second. So, they deed the property to you and then you borrow that other $80,000 from them in the form of a note and you owe them $80,000 to be paid over a period of time at a certain interest rate.... To read the rest of the transcript and more of Joe Crump's articles, click here: http:joecrumpblog.comthe-difference-between-a-land-contract-and-a-subject-to-deal-2?utm_source=Youtube&utm_medium=EndLink&utm_campaign=Youtube131022
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Contract for Deed Tips Twin Cities MN Homes for Sale

Doug Goerss (of http:www.BarbGoerssHomeSales.com) discusses Contract for Deed tips for buying or selling a home in the Twin Cities MN area. Doug and Barb Goerss have been practicing real estate full time in the Twin Cities real estate market for the last 32 years. Team Phone - 651-464-1179
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Land Contract Seller Financing for Real Estate Investment

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How to Buy Real Estate without Cash or Credit

http:www.freedommentor.com - Lecture I delivered to the University of Central Florida Real Estate School on How to Buy Real Estate without Cash or Credit.http:www.youtube.comwatch?v=lSXGxOiRp7A
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What Works A Profitable Land Contract Deal Example Video 21 Real Estat...

http:www.JoeCrump.comyoutubeThis video will show you how to do a quick flip by buying on land contract and selling through a real estate agent on the MLS. Very simple, very quick.Land Contracts have some valuable uses if you know what you are doing. Most investors don't know when to use a specific type of financing structure. They don't know if it makes more sense to buy it with a Land Contract or a Lease Option, to sell it "Subject To" or for Cash.If you learn these deal structures and you learn my hierarchy of zero down structures, you will ALWAYS know the best offer to make -- and by best, I'm talking about the one that is the most profitable, has the best exit strategy for the situation, is the safest legally and puts you in control of the deal.Read Joe Crumps Blog: http:JoeCrumpBlog.com Read the Transcription:Joe: Hey, it's Joe. This next video that I'm showing you here is about buying properties on a land contract and when it makes sense. There's several ways that you can do it that make sense. One is, if you're working in Texas, then land contracts are pretty easy to do in Texas because you can foreclose on them in 30 days if the buyer doesn't pay you. And they also help because there's some regulations on lease options in Texas that they don't have in other parts of the country that land contracts will help you comply with. So I'm going to talk about that a little bit.Joe: Also, if you want to do a quick flip, or if you're buying something that's dramatically under market value, you can buy it on a land contract, turn around and sell it through a realtor on the MLS, make a quick chunk of money and then move on. I've done this quite a few times in different states and different areas. You don't have to do it locally. It's very easy to put together, and I'll give you an example of one of the ones that we did recently where we made just a quick 5 grand and then turned around and sold it under market value on the MLS, paid the realtor and then everyone was happy in the transaction.Joe: The other thing that you can do with land contracts is you can buy any property on terms with a land contract. I prefer not to buy properties on land contract when I'm buying them for the long term. I much prefer taking them subject-to or through multi-mortgage. And that's what I stick with because there's so many of those available that you don't have to go down the hierarchy and go to land contracts. But I'll show you an example of what might make sense. Sometimes when you're not as good at negotiating or talking to a seller, a land contract sometimes makes the seller a little more comfortable than just deeding the property to you. Once you get good at talking to them and making them feel comfortable that you're actually going to follow through with what you promise, then selling it subject-to is really not a problem. And if you use the techniques that I have in the push button method, I think it'll be a lot easier for you. So let me show you these types of deals here then I'll be right back.Joe: Here's a little house that we bought on land contract in Pennsylvania. I had to go online to get this picture because we never even got a picture or needed a picture to sell this property. What we did was— the current value was $57,000 on it. This person responded to one of our ads in the paper to sell their home and they went to our website and they filled out the form so we knew pretty much what the values were. They actually told us that the current is $57,000, they wanted to get rid of it and they gave us a price. We offered a little bit less on it, and we said, 'Sell it to us on a land contract. We want that land contract to be no payments at all for 6 months, 2 year land contract.' We figured that if we couldn't get it sold in 6 months, we probably weren't going to get it sold anyway. So, we had no payments on this thing.Joe: Then we went out and called a realtor local to the area. We had him list the property in the MLS for $39,000 and we sold it within 7 days through the MLS for $37,000. Now, after our closing costs and the deal that we cut with the realtor to get a good deal, we ended up making $5,000 profit on this deal simply by talking to the seller, getting the land contract put together, finding the realtor, having the realtor do the work, and a week later they get it done. They sent out a check to us....To read the rest of the transcript, click here: http:joecrumpblog.comwhat-works-a-profitable-land-contract-deal-example-video-21?utm_source=Youtube&utm_medium=EndLink&utm_campaign=Youtube130822
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Understanding Owner Financing and Notes

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owner financing real estate.real estate contract.quit claim deed.quick...

http:free-review-tips.infohowtobuyownerfinance ,owner financing real estate.real estate contract.quit claim deed.quick claim deed.deed of trust, owner financing homes owner financed homes owner financing owner finance homes owner financing homes for sale owner financed homes for sale owner financing contract owner financeFull and Complete Overview of How Owner Financing Works.. In this section you will learn expert insight into Owner Financed properties, homes, and houses? What are your most common options and how exactly do these options work. What is the benefit of a contract for deed, deed for title, or land contract type deal over a rent to own (lease option) or a seller carry back? Also which one of these types of seller carry financing is the best fit for your personal situation.Is Owner Financing Right For You?. Are you ready to get into a home right now and is if so what type of home owner financing is right for you. The two main items I cover in these chapters are:Buying an Owner Financed Home -- What does it mean for you and your family.Selling On Owner Financing -- What it means for the Seller and understanding this will help you negotiate and find your new home much easier?Get Prepared to Buy Now : All you need to know for planning and finding the perfect home. Here you learn step by step the overview of what you need in order to find that perfect home. This section will help you make the search and offer process as seamless as possible.How to Find Owner Financed Homes and Houses (traditional means). What are the most common ways to find owner financed homes available? For instance you found this page either by first visiting a site like CraigsList.com or by a Google search. In this chapter we explore those options.Special Bonus 1 -- Audio Book VersionThe number one request is now fulfilled. Not only to you get the How to Buy Owner Financing Homes Book you now get 5+ hours of tips and advice on buying an owner financed home.Intro to Owner Financed Homes (6:31)Real Estate Ownership (13:42)What is Owner Financing?(6:59)All About OwnerSeller Carry Backs (25:52)Contract for Deeds and Contract Type Deals Explained (18:05)Rent to Own or Lease Options Explained (33:54)How Much Can You Afford and Buying Tips (12:51)Your Secret Weapon... Creating Your Home Buying Packet(21:29)How to Find Owner Financed Homes (9:12)Secret and Hidden Ways to Find Owner Financed Homes (20:37)Negotiation Tips for Owner Financing (1:09:50 -- 1 HOUR 10 minutes of negotiation tips) BONUS CONTENTVerifying Value of an Owner Financed Home(9:39)Verifying Ownership and Other Pitfalls You Must Know (17:20)Secrets to Verifying Financing and Carrying Costs (24:03)Closing the Deal and After You Move In (11:28)In this audio book version that you get instant access too I go into detail about everything that is in the book.homes for sale owner financing land owner financing owner financed land what is owner financing contract for deed owner financed real estate owner finance contract owner financed owner financed homes in oklahoma home owner financing land for sale owner financing owner financing land owner carry financing owner financed mortgage homes for sale by owner real estate sales contract for sale by owner owner finance real estate land contract real estate contract buy owner quit claim deed free legal forms legal documents seller financing real estate quick claim deed real estate finance owners finance homes deed of trust seller financing owner financed properties buying a home from owner owner financed land for sale legal forms owner financed homes in houston free real estate forms deeds quit claim deed form owner finance san antonio deed in lieu seller financing homes free legal documents free lease agreement forms quitclaim deed quick claim deed form contract template deed in lieu of foreclosure grant deed deed lease agreement real estate purchase contract owner financing property land contract form land contracts rent to own contract real estate financing owner financed homes houston tx buying a house with owner financing free rental agreement forms contract for deed form century 21 life estate deed rental contract property deed quick deed what is owner financing in real estate rental agreement land contract homes contracts warranty deed for sale owner financing rent to own quit claim owner will carry rent to own homes rent to own houses lease to own coldwell banker how to buy owner financed homes sample contract seller financed homes purchase agreement owner finance homes for sale bond for deed warranty deed form quitclaim independent contractor agreement release of liability general warranty deed loan calculator lease to own homes property deeds
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How do you buy a property on a land contract?

Buying real estate on a land contract, running a title search to check for liens, judgments, and mortgages. - http:www.titlesearch.com
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When To Use Land Contracts To Make The Deal Safer And More Profitable ...

http:www.JoeCrump.comyoutubeThese videos are teaching real estate investing principals that I have never given away like this before. If you aren't watching this series, you are missing out on some very valuable info.I'm also giving it to you in bite sized pieces to make it easier to understand and absorb.Land Contracts (or Contract For Deed if you are in a Trust Deed State) are the way real estate has been transferred in this country since "Little House On The Praire" days.This video will show you what it is, when to use it and why.Read Joe Crumps Blog: http:JoeCrumpBlog.com Read the Transcription:Joe: The third one is a land contract or a contract for deed, depending on which state you're in. A land contract is simply an agreement to buy a property at a particular price with a particular interest rate with a particular payment plan over a particular period of years. It's very much the same way that you buy a car -- when you buy a car, you go out and get a loan from a standard lender, they take the title to the car, they hold onto that title and they have an agreement with you to make payments to them to pay off the loan, and as soon as you pay off the loan then they transfer that title to you and then you have that car free and clear. It's the same with the land contract. The seller, the person who's selling it to you, keeps the deed in their name, but they have another agreement with you, which is recordable -- you can take it down to the county recorder and record it -- saying that you're going to buy it over a certain period of time for a certain price and if you fulfill the terms of the agreement, then they're going to deed you that property after its done. So that's another way to buy a property. Joe: They can have underlying mortgages on it. You never want to buy one that has mortgages on it that are more than the land contract. And with all land contracts, it should be standard that they can never finance it above what is still owed or remaining on the land contract, so that you remain safe as the buyer in that transaction. Joe: So when you start getting to this, this is the middle of the transaction, and now it becomes almost as safe for the sellers as it is for the buyer. If you default on this deal, if you're the seller of the transaction, you sold it on a land contract and that buyer recorded that land contract at the county recorder, then you're going to have to go through a judicial foreclosure to get that property back. It's not a problem and in a lot of places it's easier than going through a foreclosure on a mortgage, so it still makes sense for the seller. Joe: But, if you're the seller in the transaction, what you want to do is try not to have that land contract recorded, because a lot of times where we've had people who defaulted on land contracts that we've sold to them, it's been easy to agree with them, tear up the land contract and say, 'That's enough. We're going to put somebody else in that property. We're going to sell it to somebody else. We're going to put a tenant in there. We're going to sell it on a lease option; we're going to sell it outright,' or whatever it is we choose to do, and we can get that property back without going through a foreclosure process, and usually that buyer will allow us to do that without any argument. But if they record it, then you have to get it off the title, so it becomes more complex. So, if you're buying the property on land contract, make sure that land contract is recorded. If you're selling on a land contract, try not to have that land contract recorded.Joe: What we try to do is keep control over that land contract and put it in our files so that nobody takes it down to the recorder and records it. If the buyer really wants it recorded, then we can talk about it and we can do that if they really need that to be done.Joe: So, we've got subject-to, we've got multi-mortgage, we've got land contract -- those are the top three if you're buying a property in the hierarchy of zero down structures. And they give you control of that property in relation to where they are at in the hierarchy; the higher they are in the hierarchy, the more control the seller has in the transaction.http:joecrumpblog.comwhen-to-use-land-contracts-to-make-the-deal-safer-and-more-profitable-video-4?utm_source=Youtube&utm_medium=EndLink&utm_campaign=Youtube130822
1,337 views | Apr 19, 2013
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Rent To Own Process

http:www.wendypatton.com Detailed Overview of the rent to own a home process ask Lease option - Real Estate Expert Wendy Patton. Offering valuable insights on how to do a rent to own property and what to expect. Contact info@wendypatton.com for more info
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Completing the Land Contract

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