I have an opportunity to obtain a rental property via a contract for deed. I will be living in one of the units, and will be selling my house as part of this whole thing.
I have good credit and could probably do this via traditional financing, but the seller and I know each other and have engaged in various forms of significant business over the years. The contract for deed appears to be an appropriate mechanism to keep the money between us and avoiding unnecessary expense.
He's 25 years my senior and is no longer at a point in life financially where a credit score means much to him. I, however, am still interested in maintaining a nice score.
So, will this contract even show up as an account? Do I want it to? I could see if I was in need of payment history, but I don't think I really care. If I did want it reported, would I have to bug him to do something extra to get it reported? Or is that something I do?
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