Re: What's a guy supposed to do!

Posted by Case DI on March 09, 2007 at 11:18:04 from (71.194.104.16):

In Reply to: What's a guy supposed to do! posted by BOBM25 on March 09, 2007 at 09:15:09:

My wife and I bought 80 acres about 8 years ago. It has a house, barn, pole building, etc. the house is from 1856 and wore out, but the ground was nice pasture and 15 acres tillable. We paid $110,000 for it. Back then land was a lot cheaper. and everyone though we were crazy. They (our friends)said we'd never be able to afford it. They were almost right. We scrimped and saved, especially the first couple years. Well, 2 years from now and it's paid off! We have rented it out to local farmers while we both kept our jobs, waiting to pay it off.
Some advise, do what we did. Talk to the farmers. If you're young and eager, like we were, you may find someone willing to sell directly to you. Thats what we did. We started talking to realtors and quickly realized that we could not afford a farm by purchasing in a conventional manner. So we talked. And talked. Eventually, we met a man about to retire who was looking to sell. He liked us, we talked about buying, and he sold to us directly. Also, he financed the sale! this is not as uncommon as you would think. He gets a nice check from us every year, taxes are less because it's not in one lump sum, it's backed by his ground (if we default he gets his land back)and he knows who's buying his land.
Try it. The hardest part is knocking on doors. get a plat book and start working. I tried to explain this to a friend of mine, but he did not believe anyone could really buy land this way. (the old fashioned way)I explained it to my brother, he listened, and bought 40 acres the same way. At 6 percent simple interest. Paid directly to the farmer who was retiring. It takes work, like anything that's worth it does. The hard part is separating yourself from the rest of the people that say it can't be done. PS. My friend still complains that he can't buy any ground.

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