I Have To Be Able To Profit Off This Somehow...?
My buddy and I are fairly knowledgable of our city. Good experience, connections, etc. Have a drive to get into real estate investing. Foreclosures, pre-foreclosures, bird-dogging, tax lien certs., etc. We are reading up on it all.
I work for a very large regional bank, one of the tops in the state in terms of market share. Turns out my buddies dad is one of our "workout" departments top lawyers they use to represent them when foreclosing on a property (both commercial and residential).
Yes there is a conflict of interest with me using inside knowledge from the bank (I have no inside knowledge as I am not in that department) but his Dad is a good resource, right? How could we utilize his ability/connection?
Also have you seen the Martha Stewarts Case? Why chance putting someone in danger. I dont consider that an inside source. Unless you mean a source that can put you inside a jail cell.
In Michigan land contracts are common. I assume this is the same thing. Buyer makes payment to owner, when contract paid off buyer gets the deed.
Used to be more popular because it was simpler than a foreclosure when buyer defaulted. Recent law changes here now make foreclosures easier. Still, an undecorded land contract (still perfectly valid and legal) is a good way to avoid triggering the DOSC on a "subject to" deal.
Chris
The reason why people stop using land contract so much is because of the DOSC. but if you have a investor financed loan until of an owner occupant loan. i dont see anything wrong with it.