re: Bond for deed - bad idea?

You're telling me stuff I know but there's always potential for stuff you could never plan for. I structured it the same as I have ever done any deal in my life and it was correct. I learned from a friend of mine who has over 60 owner financed properties and he even wrote a how to book about financing deals.

The issue I had weren't just legal fees in dealing with that one. The fact that they put their mechanical sewer system across the property line onto the lot next door and I inherited that mess was not something I could have imagined in my wildest dreams. Surveys and thousands of dollars later to clean it up and it was a lesson learned but how could I have ever thought that would be an issue? It certainly was nothing insurance would cover and no down payment I had received the 3 years prior was going to fix it.

You can plan all you want, but who would ever think that they could inherit such a mess?

In short there is really no such thing as...

quote:

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and planned for the worst case scenario

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You can do your best to mitigate things but there is always potential for something to come and completely blindside you and no first or last months payment was going to cover what that fiasco costs me.