I have found a deal need help with the type of form to use in Fla

General Real Estate Investing
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I have found a mobile home with land in Fla. The purchase price is $75k. I am going to pay the real estate agent a commission of $2,250. I am going to pay the owner $500 (option money?) and $500 a month for 5 yrs. I will have paid the owner a total of $30,500 after5 yrs. I will have a ballon payment of $44,500 at the end of the term. I have also agreed to pay taxes, property ins, and any repairs needed.

I do these deals in Ga on a land contract and then file the land contract at the courthouse. That way I do not have to pay attorney fees…How can I do this in Fla? It seems they have not heard of these land contracts and I would like to save the expense of going through a title company…Please help!! :bobble

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The laws on using land contracts vary state to state. It sounds like they are not legal in Florida, using the traditional land contract method. See the video at this Florida real estate attorney’s website at: http://www.rdwaller.com/video-archive/210-land-contract.html

I think you need to call a local real estate attorney in Florida (not necessarily the guy in the video of course), to find out out if there are some LOOPHOLES or variations of the traditional land contract that you can do. I know in Texas, where I am, lots of things like “land contracts”, “deed in lieu of foreclosure” deals, “lease to own” arrangements & such are supposedly illegal. However people do those deals all the time here, legally. As I mentioned above…there are legal ways around certain things in certain states.

Heck, even selling your neighbors house to a 3rd party without a license in Texas is highly illegal (note its illegal in most if not all states). But you can buy & sell houses like that all day long, by assigning contracts, 100% legally. I’ve done it many times and it’s a-OK.

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Thanks so much! I do believe there is a way around everything…how else could we stay in business lol. I will see if I can find an investor friendly attorney in Fla. I have found an investor friendly attorney in Ga, although it took some hunting to find him. Thanks so much for your advice…and I welcome any other advice from anyone…