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 - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
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