Rent Land Contract
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!!!!!