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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.