Owner Financed Home, Owner Financed Land

**beardo** · 11-27-2009, 10:04 PM

im wondering if anyone on here has property thats not working for them. in about a year ill be looking for a home and or land i would like to rent to own-owner finance. im looking to see whats available, what your thoughts on this are? im in california and would like to stay but would consider other medical states

**redivider** · 11-27-2009, 11:33 PM

Originally Posted by beardo

im wondering if anyone on here has property thats not working for them. in about a year ill be looking for a home and or land i would like to rent to own-owner finance. im looking to see whats available, what your thoughts on this are? im in california and would like to stay but would consider other medical states

i would consider looking on a real-estate site. if you're looking to buy now's the time. i helped a friend close a deal on a 35-year mortgage and he got a hell of a fixed-rate. i'm just gonna say it's gonna take him the first 6-8 years to pay off the interest. normally it takes about twice that (for his particular down payment, and the size of his mortgage, assuming the loan has a fixed rate, and no refinancing happens).

if you don't have clean credit it might be hard finding a good loan like the one we pulled off.... good luck

**ataxia** · 12-24-2009, 10:51 PM

thought this was an interesting thread so i figured I'd put my two cents in for a moment. I reside in a state where it's still illegal.. however.. I know cali to be pricer than most places as far as land and real estate. NJ may surely pass legislation by the end of Jan. South Jersey has alot of cheap real-estate and farmland. Also Delaware is also in the running for med mj (although not sure how close?) NORML estimates by 2012. Delaware is a tax-free state and has plenty of propery that is very cheap for undeveloped areas, they are building up quickly there though for such a small state.
Pa is another choice in the east for an estimated 2012 legalization (this i think will be a difficult state) so i won't bother you with details. I understand NY has liberal laws regarding cannabis but not sure of the price... Look east if you're interested. Plenty of cheap states and counites.. Alot of cities here also have very cheap real-estate

**Boneman** · 12-26-2009, 06:51 AM

Thats a worthy .02 cents

Originally Posted by ataxia

thought this was an interesting thread so i figured I'd put my two cents in for a moment. I reside in a state where it's still illegal.. however.. I know cali to be pricer than most places as far as land and real estate. NJ may surely pass legislation by the end of Jan. South Jersey has alot of cheap real-estate and farmland. Also Delaware is also in the running for med mj (although not sure how close?) NORML estimates by 2012. Delaware is a tax-free state and has plenty of propery that is very cheap for undeveloped areas, they are building up quickly there though for such a small state.
Pa is another choice in the east for an estimated 2012 legalization (this i think will be a difficult state) so i won't bother you with details. I understand NY has liberal laws regarding cannabis but not sure of the price... Look east if you're interested. Plenty of cheap states and counites.. Alot of cities here also have very cheap real-estate

**Silky Shagsalot** · 12-26-2009, 07:52 AM

you really have to be careful with owner financing. a lot of these folks are predators. usually with owner financing, the interest rate is one point over the going rate. lets say the going rate is 5%. most contract carriers will charge 8% or even more. those percentage points add up to big numbers over the long haul....

**oregon024** · 12-26-2009, 08:49 AM

if you buy on contract A guy can go to courthouse and do a title search.the person your paying money out to may not own title to property way to know if your getting scammed

**beardo** · 02-03-2010, 02:23 PM

ive found land in death valley - california city....does anyone know if you would be able to drill a well their? is their ground water?

**DubsFan** · 02-06-2010, 12:26 PM

Originally Posted by Silky Shagsalot

you really have to be careful with owner financing. a lot of these folks are predators. usually with owner financing, the interest rate is one point over the going rate. lets say the going rate is 5%. most contract carriers will charge 8% or even more. those percentage points add up to big numbers over the long haul....

Rates can always be improved...price cannot. I would rather own at todays prices and pay a slightly higher rate than own at yesterdays prices with a low rate.

Terms matter more than price sometimes. There is nothing predatory about higher interests rates. I wouldn't loan money for a low return like 5%.

Death Valley is terribly hot. One of the hottest spots on earth. I don't know if you can get well water there.