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We rented a place with 2 acres years ago. Landlord was a good guy we were never late with the rent or on the payments for a used car we bought at his car lot.
House did have one big issue which was a shared well.
So after a couple of years he offered it to us at a discount
We didn't have the downpayment so he fronted us 10,000 of it and upped the selling price to get that back. We also had to pay him a bit on the side to cover the capital gains on that 10000.
We got an ARM through a mortgage company and worked on our finances for the 2 years till the rate was able to be adjusted. We refinanced through a local bank at a decent fixed rate.
We have used the equity we built up to purchase an ajoining 7 acres a few years back and last year the wife borrowed against her 401 to buy the acre next door and end the shared well issue.
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