There is this land that I was watching on the internet all winter. It was 39k, then. By the time I was ready to look at it, it was down to 32k, but the agent was an asshole and wanted me to pay $100 to look at it so I never got there. A few days ago I checked on it again and it's down down into the 20's. I got my mom to call the asshole agent, and... lo and behold the owner will be coming up here on Saturday and I can go out with him to look at it! I called him and he's showing it to some other people, but I'm the first, so presumably if I make him an offer right then and there I get it.
So, the complicated part. There are a lot of properties up here that aren't exactly financable. They aren't on the road system or the construction is rather alternative or whatever. This is one of them. So if the owner wants to sell it, he has no choice but to finance it or hold out for someone who has that much cash.
I have 10k. I think if I could offer him 20k cash he might take it, because he's been trying to sell it for like a year now. But I don't have 20k, I have 10k.
Should I be like, "look, I'm a stripper, and I'm going to go to town and work my ass off and pay you at least 2k a month, but probably more, until it's paid off, with interest?" (but that would suck for me, because I don't want to be in town that much)
Or should I go for low payments so that I can go to town and work for a few weeks and have my payments saved up for the year? I'm worried that the other people looking at it might be able to give him a bigger down or have cash upfront, tho.
When something's owner financed like that, is there a way to have a third party administer the loan, so that when you make extra payments to the interest it's all calculated right?




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