? And Best Advice On How To Purchase This Property
If someone could please help me out, I'd really appreciate it.
I'm looking at a farm property to purchase for myself. I want THIS property to use as a rodeo facitity. However, they won't do a lease purchase deal. Yet, this property has been on the market for 3 years!! The owners already bought new home in Florida and it's paid for, they told me this. Also told me they want to sell property to split the proceeds amoung their children. The daughter is the RE Agent on the propery, and I can't get around her. It's a bit beyond my price range, so I'd like to do a lease/purchase, but the daughter won't even consider. I understand this forum is for those looking to invest and make money in RE, but I'm looking to purchase for my own use, and sincerely hoping one of you can help me out. Asking price is $284,000.
I'm working on bettering my credit report. Score is 580 and income is $45,000 (Self employed) I still need another 12 months to better my credit and increase my income.
I'm hoping someone can offer me some advice or suggestions. How can you get me into this place? 
1st thing that came to my mind is try and get them to carry the note for the whole purchase price. They may want you to put some money down, which you were going to do with a LPA. The seller assisted loan and LPA are different in their minds because they are not Landlords. Then the children can get their equal share every month until you re-finance it down the road. They get out of the property, and earn way more mone from you than they would get in the bank. Done it before, so go for it.
Tom
Not sure if this is going to help you but here goes.
Do they own the property free and clear?
If so you could get the deed and then bring in new financing of 50% and have them carry back the remaining 50% and you can make a balloon payment to them within x years. What do you think of that?
Ryan J. Schnabel
Maybe you should email moderator to consider starting a new forum on farm land. After all, we have so many of them in this country, someone has to take care of flipping them