It's no wonder that Land Contracts are finding there way back
into the market place in a major way. When the census numbers came out
and it shows that people are leaving the city and its' streets resemble
urban prairies, not to mention that there's a roomer that HUD just came
out with a new rule for it's Section 8 voucher recipients that make it
impossible for them to rent a house where there is a vacant lot or
boarded up vacant house on the 1 block stretch of the subject property.
I heard this the other day and was like, what? Where are you going to
find that?
Albeit a good idea in theory to encourage renters to seek housing in more densely populated areas within the city this still presents a problem for investors that have really nice houses in areas where there are bound to be some vacant lots and board ups. There will be even more vacant lots now that the city has just received a $6.5 Million grant from the Feds to tear down more houses.
In a time like this it's becomes even more profitable to look for land contract buyers. Now that property values are beginning to stabilize and buyers are beginning to understand that yes, you may be able to purchase a house for $10k but what you're getting for $10k is going to require some work. And unless you have the additional $30k it takes to bring the house back online than perhaps you better save yourself the headache and buy a home on land contract for a reasonable price. Detroit City Homes, a subsidiary of Sovereign Estates, LLC is currently selling lot's of houses on land contract in addition to low income affordable housing initiatives backed by Section 8.
Do you think we're poised to see a major comeback of people searching for land contract opportunities now that income tax season is right around the corner?
Albeit a good idea in theory to encourage renters to seek housing in more densely populated areas within the city this still presents a problem for investors that have really nice houses in areas where there are bound to be some vacant lots and board ups. There will be even more vacant lots now that the city has just received a $6.5 Million grant from the Feds to tear down more houses.
In a time like this it's becomes even more profitable to look for land contract buyers. Now that property values are beginning to stabilize and buyers are beginning to understand that yes, you may be able to purchase a house for $10k but what you're getting for $10k is going to require some work. And unless you have the additional $30k it takes to bring the house back online than perhaps you better save yourself the headache and buy a home on land contract for a reasonable price. Detroit City Homes, a subsidiary of Sovereign Estates, LLC is currently selling lot's of houses on land contract in addition to low income affordable housing initiatives backed by Section 8.
Do you think we're poised to see a major comeback of people searching for land contract opportunities now that income tax season is right around the corner?
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