What's your opinion?
Hey everyone, I'm new to BP and wanted to get some opinions of all the great people on this place. So here goes.
Here is my situation. The house I live in currently has some equity in it. Approx 69K if comparing to just the tax assessment. The same exact house in the same on the next street over sold recently for over $200K. So I think that is a good thing. Now I also have 2 parcels of land that are free and clear. One of them is assessed at about $20K and the other I think is $38K. I have 2 separate people interested in the lots. The issue is that both want to do owner financing so and so then I would do a CFD. The first lot the buyer will buy it for $25K with approx $6600 down and they are covering the attorney,escrow, closing which is about $1400 total. I would carry the contract for 3yrs @ 7% and get $500 something a month. Now the 2nd lot the buyer wants to buy it for $55K and maybe $60K and will give me $5K down but doesn't want a payment of more than $500-600 a month. So if you play with the interest rate and terms I can keep that payment where they are looking.
I had both pieces listed with a realtor for about a year and they were listed for $30K and $70K, I have sense stopped listing them about a year ago and just advertise a little here and there. I don't mind doing the installment thing and earning the interest either but would this be something you would do?
I was planning on going that route but it got me thinking about if I kept them then I could use the equity in those pieces as well maybe to help fund something to start my investing. But I am open to ideas as well.
Thanks for looking and have a great day.
Mark