Wife and I bought our first place in 1992 with 17 acres for $42K. We had been fortunate, since the place had been foreclosed on, and we were able to borrow the $42K from her Dad and my Grandpa, we were able to buy with cash before the Sheriff's sale when no one else could even get it appraised, then refinance to pay them off (with interest). We borrowed $60K at 6% to buy the house and do some renovations. I was thrilled to get 6%, as my folks had a 6% mortgage when they built their house in 1967.
When we sold in 2002, we had accumulated over $100K in equity between accelerated payments and further renovations. The next owners had the place for about two years before losing it to the bank and getting divorced.
I remember my Grandpa financing a mobile home for my cousin and her husband to live in while he finished graduate school. The bank wanted over 20% on the new double-wide, Grandpa probably let then off for 10% :wink:
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Today's Featured Article - Grain Threshing in the Early 40's - by Jerry D. Coleman. How many of you can sit there and say that you have plowed with a mule? Well I would say not many, but maybe a few. This story is about the day my Grandfather Brown (true name) decided along with my parents to purchase a new Ford tractor. It wasn't really new except to us. The year was about 1967 and my father found a good used Ford 601 tractor to use on the farm instead of "Bob", our old mule. Now my grandfather had had this mule since the mid 40's and he was getting some age on him. S
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