i need help with a land contracts can someone explain how they work and what kinds of bad things can happen ??? and will the property be mine???
They are an estate planning tool. The property is yours because you are the trustee and beneficiary. Two bad things that can happen is that you lose your homestead protection if you hold title to your residence in a land trust and some banks charge more for dealing with a trust. They do offer a degree of privacy in the public record.
Some people use them to conduct real estate transactions in order to circumvent bank rules. In Ohio, using Bill Gatten’s PAC trust requires the investor to be a licensed real estate agent and I suspect most states will rule in a similar way if/when they are ever presented with the issue.
Download and read the free e-book on this site. Its called OWNER WILL CARRY by Greg Winfield. You can learn a lot from this book. Herbster
Just do a google search for “land contacts” and you’ll get a million results. spend a few minutes reading and you should have a basic understanding of them.
Vena Jones-Cox has a great course right now about using land contracts and also qualifying the buyer for the $8k tax credit. I’m using it. It’s at www.regoddess.com.