I bought my last place 40 acres with a 2 bedroom 14x 70 trailer house back in 94-95.... got it owner financed, or contract for deed. We paid it off. And after a few years the Wifey reminded me of how big the kids were getting.... We needed more room.... The family bully or oldest boy needed his space....
So I went to my long term bank and was approved for a construction loan... But the interest was insane. PASS
Tried others... No go...Or I was not willing to pay the rates....And they didn't believe my construction budget. So forth and so on.
Then
At the older sons football game, another father, who was a bank loan officer heard me talking and suggested I come see him... Whoo hoo we thought.
Got the rates, and everything we wanted.... No problem... We're getting a new house!...
Then
Was in his office Friday before closing on a Tuesday.... Signed some last minute papers ECT.... No probs....
That Saturday i got a letter that apologized but they couldn't give the rate previously discussed, but we would be receiving an ARM.... WTH? I was just in his office, not a word?
Monday all 6'4" 325$ of me was leaning over his desk wanting answers!
He had excuses ECT.... But no good reason for not discussing in person when I was there... (wasn't a fun Supper that evening with the family I'll tell you.)
I backed out. Told him to forget it....He said I couldn't do that ECT... I walked out. Didn't go to closing.
Got a INVOICE for closing costs....
We didn't close!
Wrote F.U accross it and mailed it back... Probably not right but it is what it is, or was lol.
I was then introduced to a a mortgage broker by my boss.... She put my application out to many banks... We finally settled down on one and got the rates we wanted. I had designed a 2400 sqft house, but after conferring with my framer we built a 3460 sq ft house in 06/07...he added a 16x 60 space in the attic, to the 2400 sqft which we finished with the rest of the job.
One really bad turn I had was I had split off 5 acres with just the house spot.. Intending to keep 35 acres.. but at closing they had used the whole 40 acres with the house. I protested.... But in the end figured it didn't matter it's all the same anyway, ( boy was I wrong) and i wasn't going home and disappointing my family again... So I signed the closing docs.
I self contracted, called in favors, did as much as possible myself.....Built it for à financed $43 a sqft. Awesome! Right?
By 2010 the companyi was working for, making more than I could find elsewhere, closed.....!!??!! Crap we had a House payment with escrow $1765.00 a month.
I had all my eggs in one basket.... And then dropped it. I don't have a job!
(In the middle of this mess I wake up one night with an epiphany....I'm gonna be a farmer....A niche market fruit farmer) (sell that to your wife in these circumstances)
We put the place on the market.... Couldn't sell it...
Was working, and brokering hay, hustling to save money AGAIN! Sold everything I could. Sold off my tractor equipment... Everything... Ugghhh
But...
I was insistent that we buy land I could farm....Land that fit the dream....To raise Blackberries!.... How my wife didn't leave me when I drove away from houses she loved because the land wasn't right is beside me lol.
We Ended up buying the land we have now from one of the truck drivers we hired to haul hay to OKC Twice a week...
Made me a decent deal per acre, included the creek and ... he financed the 20% down, so I could get the bank on board and away we went, no house or dwelling.... But we had Land!
And she still didn't leave... yet...lol
So we then decided to walk away from the house at this time because it was obvious that if anything bent or broke, or maybe even swayed a little.... We'd lose it anyway... And it just wouldn't sell...
The month after we forclosed, it got an offer alleviating any arrears we had. After it closed, we got out without owing a dime.
Then....
At 40+ years of age I moved my wife and 3 teenagers still at home into my mother two car detatched, garage and osb'd some rooms for privacy..And we started planting the farm.....And started a DIY house.... 2400sqft
The problem was i couldn't seem to get the cash together long enough to pour the slab.... Everytime I did something went wrong!!!
So I finally gave up and bought a temporary, cabin building and we finished out the inside three small bedrooms... A kitch'A'liven room and bathroom... It's been temporary...For better than two years...
The wife has decided that we don't need the bigger house...The cabin is fine....And we are comfortable...I have to admit that it's not bad at all...And we'll use the prepped house pad for a shop later...
It allows me to put every spare dime into the farm..... With a goal of making it profitable and having the choice to drive to town to work or not be in front of us... Freely...
And we're on our way to paying the land off.... Which will make us effectively debt free....Bout 5 years out....And she still haven't left lol
My point is where there's a will and determination to succeed there is a way.... You can buy land with little money.. If you're willing to work hard and push.... don't let life's hurdles get you down... You only get one shot at life.... Make it count...
Good luck.
