$85,000 71 acres Jackson, TN sold at 9% land contract
Looking for a way to make this deal work, open to ideas:
I purchased land 2 years ago for 92,000 on land contract
Still owe 75,000 at 7%, $700 /mo, about 12 years remaining.
Have offer to sell at 85,000. $10,000 down, 75,000 at 9%, 30yrs, $600 a month.
Original owner would rather be cashed out, and my debt/income ratio is too high for a bank loan on raw land.
I am looking for someone that would either carry a note, for my balance of 75k at 7%, I can put the $10,000 down to make it 65k if needed so that the original owner is cashed out.
Or
Someone who would want to fully purchase the land for 85k.
In either case, the land would be sold on land contract to my existing buyer at 85k, 10k down, 75k at 9%, 30 yrs, $600/mo.
If you can think of another way to make this deal work, please let me know. Its 71 wooded acres, 2500' gravel driveway, 24x36 slab foundation ready to build a hunting cabin or start whatever they want. 20 min from Jackson, TN. Between Memphis and Nashville.
Thanks,
Adam