
06/22/04, 12:32 AM
|
|
|
|
Join Date: May 2004
Location: Michigan
Posts: 381
|
|
|
Chick,
I had two thoughts there...one was a land contract where he sold the land with no intent to go back, as the land would be someone else's. The second was if he rented it to someone. If he rented it, he would have the right to go back. Sorry if there was any confusion...I do that sometimes.
Fordy,
If you sell on a land contract, you can pretty much set whatever you want as long as you and the buyer agree and it is all documented legally. You can ask for 50% down and then whatever interest you want. That's how some folks with poor credit get land, certain amount down with HIGH interest. I bought a place once for nothing down and 150 a month. It had 8% interest, but that was because the seller just went with what the bank was giving on interest at the time.
|