Land ownership is one of the basic tenets of our country. Yep! In the United States, it was a novel idea that a non-noble or non-aristocrat could come to this country, work and save his money, buy his own land, and manage it of his own accord. Its a pretty amazing thing. I know that I just love owning land! But land is expensive and sometimes you just don’t have the capital at hand. There are numerous program designed to help a person own land. One of them is a “rent to own” kind of program, such as the Land contract Detroit program. You can go to the website and search for homes owned by land contractors. These land contractors will work with you as you earn your way toward owning the home. It seems to be geared toward helping low-income or people with unsteady income obtain a home, but even comfortable or high-income people may benefit from looking into it. The website makes it look extremely easy:
- Search the land contract database to look for the home you want.
- Find an investor (nationwide) who buys homes and will invest in your rent to own efforts.
- Agree on the terms, etc.
- Lease the home and make steady payments.
- When you have gained some financial clout and (hopefully) increased your income, you can then get a bank loan and purchase the home outright from the investor. After that, you pay your mortgage to your bank lender.
This is actually very similar to something I did for my own home- we have an investor (it’s through a government program, though) and we are working our way up to getting a bank loan to finish off the mortgage. You can read more about land contracts and investors on the website. I never knew that there were investors who did this, but it makes sense that they would. I never before knew of a resource that offered such choices! You can search the website for homes, there’s no charge (but you do have to register to see details) and some of the properties are very nice. There are probably a ton of good opportunities right now, because the housing market is still depressed, with a glut of properties and foreclosures.
5. March 2010 at 1:24 am
Is it a thirty day risk free trial?