Posted by MarkB_MI on September 03, 2019 at 13:46:13 from (174.230.27.96):
In Reply to: Buying Land-Advice? posted by tree-farmer on September 02, 2019 at 11:19:24:
If the seller is motivated to sell, and there isn't much interest in the property, they might be willing to go with a land contract, where they finance the purchase and you make payments directly to them until it's paid off. If you fail to make your payments they can go to court to take back the property.
You may not be able to use your home as collateral to purchase the land, but if you have enough equity in your home you could refinance it or take out a home equity loan to pay for the 30 acres. (I'm assuming your 80 acres is also your homestead, or that you at least own a home.)
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Today's Featured Article - On the Road with Dave Gohl: Tractors and Farming - by Dave Gohl. I never thought I'd live to see the day, when I could call myself a farmer. What allows me to say this? Well, when our family moved to our 20 acre site near New Prague, Minnesota, I had one thought in mind. You guessed it, farm it somehow. A little history is in order. In my younger days, mom, dad and my brother made frequent visits to dad's youngest brother Pete, who took over the home farm from grandpa MIke. It was the typical set-up, milk cows, pigs & chickens. In the winter, we'd play
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