OfflineThere are people out there who are completely willing to walk away from their home if you will take over the payments. There is a myriad of reasons why people do this, but it does happen. They will give you their house if you will make the bank payments.
Here is what to look for. Make sure they are not behind in their mortgage. They need a good reason to be leaving in their own minds. They usually just want to walk.
Do a contract where you take over the payments. Rent it out. If you break even you will still make money in the future. If you make $200 extra a month by renting the house out good for you. I know. I have done it.
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Roy Voeks
Official RE Coach
Roy,
Thank you for this post.
Just for clarification, what type of agreement should be used? Can it be a wrap around or contract for deed(land contract)to take over the existing financing?
Can you please recommend a concrete agreement with the proper contingencies for this type of agreement?
Thank you,
Loren
"Whatever the mind(of man)can conceive, and bring itself to believe, it can acheive." - Napoleon Hill
"You become what you think about most of the time." - Earl Nightingale
How do you handle the hazard insurance on a subject to Roy?