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Updated over 2 years ago on . Most recent reply

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Shawn Ryan
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12
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Seller financing help (hope this is right section)

Shawn Ryan
Posted

I’m looking to buy a 2 acres plot of land 225k. I own a 320k house free and clear. Credit is really crap right now as I messed up and over extended myself. I’m 60 days late on my mortgage and a few credit cards. I know my score went from 790 to 500 or lower. I admit I messed up but will be on top of everything in 40 days or less. Credit will still be hosed.

Now know my credits crap and that I have 60k equity in my personal home and 320k equity in my rental. Plus I own a business and work for the man for the time being. Rent income is $1900 I make $800 every 2 weeks after all deductions. What could I do to seller finance this property that the seller wants to get ride of?  Selling agent said they want to let it go it was extra land from their deal so they would take less he said. I don’t have a down payment really. I’d like to buy it and place 5-10 rv pads and rent them for $450 a month. Plus it’s commercial so I can place my mobile shop on the road front. Any advice would be great. Again sorry for the rant but trying to get the most information out so I can get the best advice. 
I’m trying to get out of the corporate world I left my 115k year job about 2 years ago. 

Thank you,

Shawn 

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