Rent                                                              Land Contract

Rental Example

Property is worth $75,000

Your paying $950 a month which is $11,400 a year.

You don't get any equity in the house.

You don't get to control how the property looks or how well it is maintained.

Rental rates can increase.

Not all landlords or property managers will take care of the property as well as they should.

Landlord decides to sell, you must move or deal with another landlord if they decide not to evict.

After 15 years you will have spent $171,000 and have nothing to show for it.

Why are you renting?

Land Contract Example

 

Property Sells on land contract for $85,000 with $10,000 down, 8% interest on a 15 year amortization schedule

Payments are $716.74 a month which about $8,600.   

Property taxes an estimate $1,700 a year

Property Insurance estimated $600 a year.

You maintain property as you wish and your monthly payment doesn't change which means greater security.

Land Contract seller can not kick you out of the house, home is yours.  If you want you can sell the house if you wish to.

After 15 years you would spent less than a rental.  At $75,000 if you increase value at 2% a year at year 15 your home value would be worth over $100,000

Also, you can repair your credit and refinance at a lower interest rate to reduce your payments dramatically and increase net assets.  And yes, you will start accumulating assets to plan for a better future

             So Stop Renting & Start Owning!!!!!

FIND YOUR NEW HOME NOW

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Primary Agent:                                                Mike Diri

Associate Agency:              Metro Detroit Real Estate

Address:                        42400 Utica Road  Suite 200 

Sterling Heights, 48314

Phone Number:                                    (586) 303-5696

Email:                      MikeDiri@MiLandContracts.com

Michiganlandcontracts.com is not a mortgage broker, we connect home buyers looking for alternative means of owning a home and home owners willing to sell on land contract.

Our duty is to connect you with the best fit home and home owner looking to sell that will fit your needs.  The example scenarios used were only to show what the structure of each means of ownership were and not an example of the terms of each.  Terms of each means of ownership will depend on what is negotiated between the buyer and the seller.  Our agents are here to mitigate the negotiations between both parties and it is up to the buyer and the seller to both mutually agree to terms on each individual basis.