Joined
·
5,618 Posts
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.
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.
