Hi Randy,
Thank you for your advice. I accept it! As exciting as it would be to own part of my grandparents estate I do not want to lose money just to do it. So far I feel like you're right about the owner financing. I've been looking into other more conventional type loans and while I could make the mortgage payment, It wouldn't make a good investment property.
The property has been paid off for many decades and has been exquisitely maintained. I've contacted some local property managers to see if they'll work with me to figure out how much rent I could get from the place. It''s in the country and I don't know if people rent in the country? Or is that a city thing?
I have a question. Is the 1% rule accurate? Meaning, generally, for a property to be a wise investment you must be able to get 1% of the selling price in rent? For me that'd be $2,200/month. Plus I need them to pay utilities. That's a stretch.
Also, I wonder if I understand you correctly when you say "first and second" ?First on the house and second on the land? Or something else.
Thank you!
