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Old 08-07-2014, 03:43 AM
 
33,031 posts, read 22,900,901 times
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Quote:
Originally Posted by ringwise View Post
I still haven't heard how you could possibly buy a guest house when you can barely afford a room in a crappy house. You might think you could afford it, but I doubt it would have happened.

My employer had $50K of financing. The property sold for $120K and the seller had agreed to sell me the guest house and its land for $40K. At 5 percent, the payment would have been about $350 with taxes and insurance and I had been paying $500 rent.
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Old 08-07-2014, 07:49 AM
 
15,884 posts, read 9,609,543 times
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Quote:
Originally Posted by freemkt View Post
My employer had $50K of financing. The property sold for $120K and the seller had agreed to sell me the guest house and its land for $40K. At 5 percent, the payment would have been about $350 with taxes and insurance and I had been paying $500 rent.
Your employer was going to purchase the house, then hold the mortgage for you to pay him? If he has that kind of money laying around, and thinks that highly of you, why doesn't he pay you more money at your job?

You have forgotten an important part of the calculation. If that property was going to be split, someone has to pay for that. It costs quite a bit of money to split property. Who was going to pay for that?
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Old 08-07-2014, 09:04 AM
 
Location: bend oregon
937 posts, read 876,131 times
Reputation: 358
You could live in a trailer park, there's a bunch of those here.
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