Looking for Financing Options - Posted by Scrum
Posted by Scrum on November 06, 2000 at 06:47:55:
Here is my deal;
I have a property on over 10 acres to buy and seller is asking 170K. Home needs about 50K restoration work. Built in 1800’s it’s an old farm house. I’ll probably get the deal all in mortgaged for about 210K.
The property has 11 acres and I can subdivide into 1 or 2 additional 3 acre lots which will sell for 65-85K a piece. Once I sell the land, I would be in a 170K home for about 40-80K. Sounds pretty good on paper.
I currently live in a condo and I think I’ll make 20-30K on selling.I also have about 16K cash I can throw in as a downpayment. Total 35-45K dpmt.
My concern is how long it might take to sell the land once I buy the property. If I do not sell the land then I am a bit strapped carrying what could be a 170K mortgage. I want to live in the house and I am not really interested in flipping it.
I’ve thought about offering a 6-12 month option on the property but I don’t know if the seller will bite on that.