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Posted: 11/18/2012 7:15:26 PM EDT
[Last Edit: 11/18/2012 7:38:26 PM EDT by buck19delta]
There is a company in tennessee, that has tons of owner financing land. 1-1000 acres of land. Simple as hell. $400 for paperwork, no money down, start making payments. Not even a credit check. I am looking at buying a home locally, but i can almost guarentee in a few years, i will be looking into this. Buy 5-10 acres in the tennessee mountains, take a camper up there, and build a bol cabin, to use as a family vacation/ hunting cabin. not a perfect solution, but for guys on tight budgets, it looks great.

http://www.countryplacesinc.com/

lots of nice properties. im definately going to be checking this out later in depth.
Link Posted: 11/18/2012 9:16:34 PM EDT
Tag.

Thanks
Link Posted: 11/19/2012 4:56:22 PM EDT
Nice. I love the area down there. Will have to check this out later.
Link Posted: 11/19/2012 7:45:01 PM EDT
As soon as you said "no money down" and "no credit check" I got paranoid.

I'm not saying that it's not legit but I'm suspicous.

Link Posted: 11/19/2012 9:07:55 PM EDT
I've looked into some no or low money down property years back. There was always a glitch. Bordering a working rock quarry, near vertical, right of way, ect.

By the way, I hear KY, GA, and ARK are MUCH nicer than TN.
Link Posted: 11/20/2012 12:44:28 AM EDT
Originally Posted By TNhick:
I've looked into some no or low money down property years back. There was always a glitch. Bordering a working rock quarry, near vertical, right of way, ect.

By the way, I hear KY, GA, and ARK are MUCH nicer than TN.


Forget Texas! Yes,Yes I know I'm in ND but I miss Texas a lot!!
Link Posted: 11/20/2012 12:50:14 AM EDT
i might not be correct on this, but ill take a stab at it. I think a lot of tennessee, ( and kentucky), is very poor, with few jobs. They have a lot of land thats not very good for farming, mostly up and down, with little sideways. I think they are trying to make it as easy as possible for people to buy some land there. taxes on 20 acres were like $100 bucks a year.

They rent to own the land, you pay for the paperwork, pay your payments, and default a year later, they get their land back, and relist it again. I am not saying there is no scam, and fnancing it for 30 years would be a bad idea, due to interest, but it could be a easy, low cost way to buy some bol land. I have already decided to contact them, and look into it. Buy 5-10 acres, and take a summer, take a travel trailer and go build a family cabin for vacations, and hunting. you CAN put money down, for lower interest, but for a lot of people, with issues, divorces etc, this might be a good option.
Link Posted: 11/20/2012 12:57:54 AM EDT
Originally Posted By buck19delta:
i might not be correct on this, but ill take a stab at it. I think a lot of tennessee, ( and kentucky), is very poor, with few jobs. They have a lot of land thats not very good for farming, mostly up and down, with little sideways. I think they are trying to make it as easy as possible for people to buy some land there. taxes on 20 acres were like $100 bucks a year.

They rent to own the land, you pay for the paperwork, pay your payments, and default a year later, they get their land back, and relist it again. I am not saying there is no scam, and fnancing it for 30 years would be a bad idea, due to interest, but it could be a easy, low cost way to buy some bol land. I have already decided to contact them, and look into it. Buy 5-10 acres, and take a summer, take a travel trailer and go build a family cabin for vacations, and hunting. you CAN put money down, for lower interest, but for a lot of people, with issues, divorces etc, this might be a good option.


Good on you! I thought at the age of 30 I was going to do this now I'm 33 and have nothing to show for it! Drive and drive hard!!!

Link Posted: 11/20/2012 2:48:54 AM EDT
Thanks for posting this link. Interesting site and nice insights to property in that part of the country. There's something about the Smokies that just seems right.
Link Posted: 11/20/2012 4:06:14 AM EDT
Excellent timing! My wife and are in the process of looking for 20-100 acres in the south mid-TN hill country.

Thanks!
Link Posted: 11/20/2012 7:24:54 AM EDT
Tennessee, like most Southern states, varies from flat to mountains, depending on where you are. I've only spent a little time there, but have seen some beautiful places that I'd certainly be happy to call home. If you get away from the big cities and vacation areas, there are some very poor sections of the state where the factories, mills, etc have moved over seas at some point and taken most of the jobs in town with them. In many of the small towns, if you could move in and open a small manufacturing business of some kind, you'd have your pick from a pool of folks who don't mind a little hard work.
Link Posted: 11/20/2012 8:08:21 AM EDT
Great job, Buck. (Keep steering people away from Indiana and Kentucky!) Great deals in Oklahoma, too.

Meet you at Whittaker's this weekend for the anti-tourist and anti-homesteaders campaign meeting over an RC and a Moon Pie?
Link Posted: 11/20/2012 8:24:29 AM EDT

Originally Posted By ColtRifle:
As soon as you said "no money down" and "no credit check" I got paranoid.

I'm not saying that it's not legit but I'm suspicous.


If it sounds too good to be true...

Be cautious, guys. If nothing else, have a lawyer review any papers you sign and the overall deal.
Link Posted: 11/20/2012 8:44:22 AM EDT
Listen to Slice...
Link Posted: 11/20/2012 9:28:55 AM EDT
Originally Posted By HomeSlice:

Originally Posted By ColtRifle:
As soon as you said "no money down" and "no credit check" I got paranoid.

I'm not saying that it's not legit but I'm suspicous.


If it sounds too good to be true...

Be cautious, guys. If nothing else, have a lawyer review any papers you sign and the overall deal.


This. Even when purchasing a house we do not deal with a (buyer's) RE agent, but I do have a RE attorney who reviews all docs before they get signed. I pay a lot less than paying an agent commission and know I am totally covered.

Link Posted: 11/20/2012 9:33:13 AM EDT
Originally Posted By buck19delta:
There is a company in tennessee, that has tons of owner financing land. 1-1000 acres of land. Simple as hell. $400 for paperwork, no money down, start making payments. Not even a credit check. I am looking at buying a home locally, but i can almost guarentee in a few years, i will be looking into this. Buy 5-10 acres in the tennessee mountains, take a camper up there, and build a bol cabin, to use as a family vacation/ hunting cabin. not a perfect solution, but for guys on tight budgets, it looks great.

http://www.countryplacesinc.com/

lots of nice properties. im definately going to be checking this out later in depth.



Did you look at the interests these "loansharks" are giving????

No money down at ONLY 9.875% interest.

Wonder how they would respond to an all-cash offer?????

Link Posted: 11/20/2012 11:24:22 AM EDT
Originally Posted By RCK1999:
Originally Posted By buck19delta:
There is a company in tennessee, that has tons of owner financing land. 1-1000 acres of land. Simple as hell. $400 for paperwork, no money down, start making payments. Not even a credit check. I am looking at buying a home locally, but i can almost guarentee in a few years, i will be looking into this. Buy 5-10 acres in the tennessee mountains, take a camper up there, and build a bol cabin, to use as a family vacation/ hunting cabin. not a perfect solution, but for guys on tight budgets, it looks great.

http://www.countryplacesinc.com/

lots of nice properties. im definately going to be checking this out later in depth.



Did you look at the interests these "loansharks" are giving????

No money down at ONLY 9.875% interest.

Wonder how they would respond to an all-cash offer?????



They'll take the cash.

We have similar outfits in AZ. They're actually not overtly corrupt, but they do make
money on misfortune. The basic model is they buy a state land parcel
(usually a square mile, 640 acres or so) and slice it up into 40 acre blocks
and put them up for sale at a fixed price per acre (usually between $400-$1000.)

They make money from the interest (they're self-financed, so no banks, it all goes to them.)

If you get behind on property payments, they repo (and since they're the finance company
and the seller, repo'ing is pretty easy for them) and then resell the property. In my area
there's a few lots that have been sold multiple times, and since there's virtually no equity
in the first few years, the buyer is out everything. So they make money on the repo/resales
and I'm pretty sure can even write off the missed payments prior to repo.

They also make some money on fees. No money down, but usually at least $500-$1000 in
various fees.

My BOL is actually a pretty primo chunk of high desert land with a year-round stream
through the property (in AZ, this is super rare) and they were more than happy to sell it
to me for cash, no issues. They're also happy to sell it to someone who will default in
six months, it's all just money to them.
Link Posted: 11/20/2012 11:38:25 AM EDT
Did something similar here in Nevada. I also got a discount for using cash instead of financing. We bought 20 acres.
Link Posted: 11/20/2012 11:55:19 AM EDT
Link Posted: 11/20/2012 1:17:36 PM EDT
Link Posted: 11/20/2012 5:53:20 PM EDT
Link Posted: 11/20/2012 6:06:08 PM EDT
Too bad that place has no land for sale in Lincoln county, TN where I'm looking to buy some land.
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