[hunter63]

Hunter63 Saying Hey and Welcome......From Wisconsin.
Your situation is a tough one....
Most owners are not finance companies.....They want assurances they will get their money back....

Best bet would be "rent to own"....or "land contract"

Good luck...but with poor credit gonna be tough.

 

[hunter63]

Other than the other details listed in my initial question, the only question I needed (and still haven't had) answered is the best place to begin, and if their are any good owner financing companies around.

If you don't have those answers, that's fine. I do understand my credit situation, but as I stated previously, it's being worked on. We aren't in the market to purchase tomorrow. It's only research at this point.

I think that is wishful thinking.......
There is no such thing....Sorry
Good luck......
You have to start somewhere

 

[hunter63]

look up landisgreat.com and contact them, they do a lot of owner land financing.....

Most of the transactions are Land Contract
Quote>

Financing
M Land offers flexible OWNER FINANCING on any of its properties. There are no credit checks or intrusive inquiries that you would get at the bank.

The financing is designed to help anyone obtain their dream of owning property. It is for those with little to nothing down or for those that have a down payment or those with a cash purchase.

All that is needed up front is $300 to cover all closing costs. Monthly payments would then start about 30 days later. All transactions can be done via mail with notarized signatures.
Interest rate with no down payment is 10% and can be lowered with a down payment. For every 5% down, the rate is lowered 1% to a low of 6%. There are no prepayment penalities and anything extra over the regular payment is applied to the principal.

All purchases are done on a land contract with a warranty deed provided at payoff. M Land will finance any of its properties up to 30 years.

Please feel free to call or email with any questions or to have any payment numbers run for you.
Quote>

http://landisgreat.com/financing/

I guess good deal IF you want to buy their offerings....and IF you don't miss a payment on 30 years....... land contracts may take land back if you miss payments...would need to check.

 

[hunter63]

10% is outrageous interest and 6% isn't that much better when you can still get under 4% on a fixed mortgage.

As for the OP, I would just decide some areas I might be interested in, and put ads on craigslist explaining you are looking for a small fixer upper with X acres with owner financing at reasonable rates. You would still be better off if money is an issue buying a small house in serious need of remodel than to stick build even a small house from the ground up.

I agree......The lender has all the leverage if you have nothing up front......That how the can offer you, their land, on their terms, for too much money...and still can take it back if you miss payments.
Just be careful......

 

[hunter63]

If it is their land, my gut instinct is it is like these used car places that insist you make weekly payments, they aren't there the day the payment is due so they can repossess your car and sell it to the next sucker.

This does happen......
In a different life time...worked wit 2 brothers that came from Yugoslavia...old day before the trouble.
Both work in out shop.
They would stay in a room over their Uncle's bar...and help out for free rooms.

Saved all their money....then they bought duplexes......and sold them.....
They financed the buyer...no money down...but had a very large balloon payment in the third year.
Most everyone couldn't make that payment...so they would get it back and sell it again.
Both bought bars ...to kinda hide their money....and also ran an imports business.

Point is....this stuff happens all the time...and is legal.....and as long as you make the payments on time...It will become yours ...just take awhile.

Actually bought my second land parcel at "The Place"....under a land contract....and at the end of the contract received a letter from the seller...telling me I had satisfied the contract...and was done paying.
We had a spread sheet...both of us... and seemed that I still had a year and about $1300 buck left.
So.....what to do?
I had asked to pay it off early...but the guy didn't want me too?

Sooo, called my lawyer and had him take care of the details...Yup was paid...???.....and did get a clear title signed off on...and logged it to the county.

In the back of my mind was 14 years of payments....a loosing out for default on a payment.
Cost me $150 bucks of for well spent money....
I do not like leaving these things to chance.