Vacant Land Notes - Posted by Charlie (Fla)
Posted by Charlie (Fla) on January 10, 1999 at 21:17:31:
First and foremost I wish to express that I am not a seasoned note investor. I have located this forum and I am in the early stages of comprehending the foundation of notes.
I am putting out to the floor the discussion of notes on vacant property. The basis of the idea is to secure vacant lots,acreage, mobile home lots, etc… You secure the property for below market value. ( Classic don’t wanter,
divorce). The purchase is all cash to seller. You secure a buyer for 10% down, finance the balance with a 20 year
amortization, three year balloon at an 9-10 % interest rate.
I have seen some for sale signs in my immediate area for vacant property for $100.00 down - $100.00 per month. I never really paid attention to them until I started reviewing this forum.
It seems that securing vacant property would have considerable benefits to create notes. The property would require a contract for deed or similiar instrument to speed the foreclosure process if default occurs.
I would appreciate conversation from the seasoned veteran’s
on this site regarding this topic.