Has anyone done one of these? Or do you know of anyone who has? We've been offered the option of a land contract for a property we might rent. I have read quite a bit about this on the internet and the idea interests me. If we put down $6000, we would pay $550 a month on a twenty year mortgage for a $60,000 house. If we rented we would rent it for $800 a month, utilities included. The details are a lot more specific, but basically include a contract for either three years or five years, with the option to refinance with the lender of our choice. We're considering this. I've read about positives and negatives, but I figured I'd see if anyone here has any experience with this. Overall I'm getting positive reviews of the process. Obviously we would still go through the process like buying a house regularly- inspection, appraisal, etc, and have a lawyer go over all the contract stuff.
