Owner Financing Empty Lots

[Luke H.]

Happy New Year to all reading this!

I am considering purchasing empty lots priced roughly $10-15K below market value.
My plan is to offer owner financing for the land.
These lots have water, drainage, and electric connections available, and mobile homes are permitted.
The area is experiencing significant development, with the lots surrounded by new single-family homes.

I would really appreciate any advice, feedback, or suggestions.
Thank you

[Zach Howard]

I think many people tend to think about the monthly payment number and not about the interest rate. So I'm not sure how long of a loan tenor you're looking to offer with your owner financing sale, but my advice would be to use a higher interest rate while trying to keep the monthly (or whatever other period you use for payments) low.