says Dayton City SD in county records http://www.mcrealestate.org/Forms/Datalets.aspx?mode=PROFILEALL&taxyear=2012&ownseq=1&roll=RP_OH&jur=000&sIndex=3&idx=1&pin=&card=1&item=1&State=1&items=-1... more
Donald, do you have any cash reserves or would you need to obtain a loan to purchase your first couple of homes? I see many investors start buying VERY inexpensive homes, so that they can make some quick rental income. Then as they renovate them over time, they consider selling the houses once equity has been built. The proceeds from the sale can subsidize the next purchase to a better property and they "climb the ladder" that way. I have other clients who only purchase "cheap" houses and just live off of the rental income. You have to be ready to handle the overhead of rentals: taxes, insurance, maintenance, the midnight phone calls, etc. It isn't as glamorous as it sounds, but CAN make you a decent living, if you have a plan and try to stick to it. Good luck!... more
I understand this is a very frustrating situation, but here are a few things to remember: the real estate agent only gets paid more if the cash offer is for a higher amount. If two offers are the same, as a Realtor I don't care if it is a mortgage or cash situation, I get the same amount of money either way. Now the real estate agent may very well be acting this way at the behest of her client. She is obligated to follow her clients instructions. Do you have a real estate agent representing your interests in this deal? If so, they should be acting on your behalf to get this situation worked out. At the very least, the Seller should tell you they are accepting a competing offer and not leave you hanging.
Generally speaking, the mortgage rate for a land contract is 1/2 point higher than the regular rate. Shop around for a mortgage broker, they have access to many banks, private lenders and many different programs.