     Rob (Rob) | Tuesday, January 16, 2001 - 12:34 pm 
A few years ago, my family and I moved 800 miles from Delaware to Georgia. We rented a 3-bedroom apartment until (by word of mouth) we came across 6 acres of land and an old house in the country. We never purchased a home before and considered all of the finance options and finally settled on one that has worked out really well.
We got an appraisal for the property and offered to have the owner hold the note for only 5 years at 10% interest. The seller accepted. There was no money out of pocket on our part. A local lawyer completed the paperwork and mailed out copies including an Amortization schedule, plat reference, settlement statement, warranty deed, etc.
Well, we will make our last payment in December of this year (2001). Nearly 1 1/2 years sooner with no penalties. Our accelerated payment plan has saved us on interest and turned out to be one neat transaction.
Once the final payment has been made, my wife and I plan on building a few single-level apartments to start earning a rental income. Our plan calls for 12 units in blocks of 4 over a 3-year period.
Labor and materials in the area is really cheap. However, prices are certain to rise because the area is beginning to grow, businesses are coming in, the college has added additional facilities, and a bypass is being built.
Has anyone else had a seller-financed deal that worked out really well? Or, have you earned an income from rentals? Please share your experience.
Robert in GA |
