All Forum Posts by: Dan Griffin

Lawson, Thanks for the input.  Seller won't finance any more than $50k because he needs the cash to finish construction on a second home.   If it goes on the market it will go quickly.  The next door neighbor owns all of the surrounding 100 acres (except for this 1.6 ac piece) and wants to buy it for the lot and will scrape the house.   I happened to run across the deal before the neighbor found out. 

The home has a lot of history - built by hand in the 50's, one of the first houses in the area, etc.  the owners lived there for 38 years and they rather see someone buy it and live there. 

This property is not in the USDA rural zone.

My financial coach advised against an IRA loan due to unclear IRS rules.

I'll check with our community bank.

I have an opportunity to buy a great property in my neighborhood. $210,000  My wife and I would like to live there in 2-3 years when it is time to downsize.  In the mean time I will rent it out or use it as an AirBnB property.

Due to being self employed I haven't been able to secure financing. I own a couple of rental properties with substantial equity as well as my primary residence. Also have a good IRA and a fair amount of cash.

My daughter agree to sign for a $150,000 loan with the owner taking back $50,000.  The bank now says that they cannot do a conventional loan with owner financing. 

Any advice on how else to get this financed?