Posted: 10/17/2009 5:32:23 PM EDT
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I have been looking for a BOL for quite some time. I have found one that I can work with. I can get it for $14,000 cash or land contract for around $75 a month. Difinately affordable and within my means at the time being.
The only problem is my job is not so secure. By the first of the year I might out of a job. I dont know how long I can make it without a job. Especially if I use my cash to buy outright and the monthly payments might be a problem if I am out of a job for very long. Should I let this pass or grab it and take a chance? I am not for sure that my job will end but it could if the economy doesnt turn around. |
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Tell you what, buy it for the $14K, and if you lose your job, I'll take it off your hands for $7K.
J/K. While it is a very good thing to plan ahead, I mean most of us who browse this forum do, you can't pass up on things because of the possibility of losing your job. Worry about that when it comes. If it worries you that much, then don't do it. How is your deb/income ratio? Is everything covered? Do you have enough in savings to cover the note if you in fact lose your job? If you do, go for it. |
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u make it sound like a bargain... if it is in fact a great deal, i'd do it...
hopefully, the ui will be enough if u do lose ur job. try to put a BIG down payment, and make BIG monthly payments. forget the minimums... that always screws the poor and middle class. hope that helps... and good luck. |
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Quoted:
u make it sound like a bargain... if it is in fact a great deal, i'd do it... hopefully, the ui will be enough if u do lose ur job. try to put a BIG down payment, and make BIG monthly payments. forget the minimums... that always screws the poor and middle class. hope that helps... and good luck. if it really is a hell of a deal, take it. additionally, try to keep about 6 months worth of expenses in a savings account (or rolled up in your mattress/safe). good luck. |
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Quoted:
Quoted:
u make it sound like a bargain... if it is in fact a great deal, i'd do it... hopefully, the ui will be enough if u do lose ur job. try to put a BIG down payment, and make BIG monthly payments. forget the minimums... that always screws the poor and middle class. hope that helps... and good luck. if it really is a hell of a deal, take it. additionally, try to keep about 6 months worth of expenses in a savings account (or rolled up in your mattress/safe). good luck. Make sure it's rated to withstand a fire... |
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You know, I was thinking the same thing. $14K is awful cheap for a nice piece of land. Is it swamp land or something? Will you have to invest additional funds to make it "liveable?"
Another thing I wanted to ask was whether you currently owned a home? You could pull some equity out of it, if you have any, and buy the land with a home equity LOC or a home equity loan. That way you can deduct any interest. The downside is your home would be your collateral, and if you lost your job, you could lose it to. Come to think of it, don't listen to me. |
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I think I will go up and look at it this next weekend.
It is a 3 bedroom house on a slab. It is about 2 1/2 hours away and in the area that I have been looking for about 2 years now. It is a bank owned repo and they are willing to do a land contract just to get it off their book. It says it is a "fixer upper". |
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Quoted:
I think I will go up and look at it this next weekend. It is a 3 bedroom house on a slab. It is about 2 1/2 hours away and in the area that I have been looking for about 2 years now. It is a bank owned repo and they are willing to do a land contract just to get it off their book. It says it is a "fixer upper". 3 bedroom home for $14K??? Even if it is a fixer upper it sounds too good to be true. |
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Is it a real log cabin or a stick frame? I guess this house only sits on a lot somewhere.
If your alone, no kids or wife, you don't need a place that big for a BOL. Even so, I would past and look for a parcel of land somewhere and get a trailer. Save your money and get a cargo trailer for your supplies so you can keep a eye on it. 
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