[Declan]

Most of the transactions are Land Contract
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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.
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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.

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.

 

[Declan]

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......

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.

 

[Declan]

I agree it's high but not outrageous by any means. 4% is available IF you've got the credit, history, down payment, and collateral.

If i was the lender and someone was looking to buy vacant land with $0 down, no/poor credit, etc. i don't think 10% offsets the risks i would be taking. Its still vacant land and if they can't afford a down payment, what are the odds they can afford a dwelling, well, septic, utilities, etc.

12% is the point after which it becomes illegal in my state if you are not a registered banking institution or lender. 10% is high to me.