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 - New Hitches For Your Old Tractor - by Chris Pratt. For this article, we are going to make the irrational and unlikely assumption that you purchased an older tractor that is in tip top shape and needs no immediate repairs other than an oil change and a good bath. To the newcomer planning to restore the machine, this means you have everything you need for the moment (something to sit in the shop and just look at for awhile while you read the books). To the newcomer that wants to get out and use the machine for field work, you may have already hit a major roadblock. That is the dreaded "proprietary hitch". With the exception of the
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