Posted by Staci on May 11, 2008 at 20:29:13:
In Reply to: Re: Finding lenders w/ 45% down & 550 FICO posted by Ed Garcia on May 11, 2008 at 11:25:56:
Ed,
The piece of property that I am referring to does have a small rehabbed house and older large dairy barn and also includes 23 acres inside the city limits of a small rural town. 3 acre homesites are going for $25k neighboring the property with no improvements. We are wanting to keep the house with 3 to 5 acres to use as a business and then develop the additional acreage or build a mobile home park (which is MUCH needed in this area).
Please excuse my inexperience but could you explain how a seller carry-back works?
Since we are needing to purchase this property as an investment and not our residence we are having trouble finding funding. Any suggestions you could offer would be much appreiciated.
Staci
(Sorry about the name typo. Long day at 1st grade field trip...)