Buy the farm? - Posted by Rick


#1

Posted by Bill OK on January 24, 1999 at 21:42:59:

Don’t buy a liability. Look this over very carefully.


#2

Buy the farm? - Posted by Rick

Posted by Rick on January 24, 1999 at 11:49:12:

I am very interested in buying a 30-acre farm, barn, nice house (though house is 20 years old). Asking price is $239,900. Owner is aging and wants smaller place and is willing to do some owner financing, though it is unsure exactly how much.

I’ve been doing creative techniques for a while, but I would be interested in any ideas on how to structure this deal. Lease option? Land contract? Second mortgage.

Please let me hear what you sharp investors have in mind. Thanks.

Rick


#3

Give us something to go on. - Posted by Bud Branstetter

Posted by Bud Branstetter on January 24, 1999 at 22:10:27:

Aging owner & 20 yr old house suggests low basis. L/O is only delaying giving him his cash if that is what he wants. Land contract is a form of owner financing. For your protection it has to be done right. Not sure what 2nd mortgage inferred. I prefer owner financing. As much and as good as terms as I can get.

You might want to read John Behle’s post on the Cash Flow forum about the free house.