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Updated over 18 years ago on . Most recent reply
Great Opportunity... but I need financing! Help!!
Hello. I've had dreams of opening my own reunion/corporate retreat ranch for most of my life and I've finally found the perfect place:
It's perfect because the sellers are having an unfortunate family feud - but they're selling it for a lot cheaper than it should be (I hope that doesn't make me sound like a bad person).
The gist: it's 154 acres for $2.5 Million. I don't need the spare 54 acres and I think I could sell them for enough money to get most of the money back. My dillema, however, there's no way I can make payments on a loan like that.
My question: Is it possible to get a loan that doesn't require payments through the first 2 or 3 years?
I've looked at Option ARM loans, but even the minimum payment on these would be too much for me and my partner to handle.
Thanks in advance for any replies.