I’ll try to give as much info as possible.
Someone has a property for sale for $1.5M
This property is worth about $1.3M
They will sell it to me for $1M because they like me, and they would still make a profit on what they bought it for. AKA it’s a family member.
I do not have $1M
The property is roughly 37 acres.
The Nextdoor neighbor and I could split the property, I could purchase the part with the house and 17 acres, he could purchase the other 20 for recreation and to add it to his property.
He can pay $375-450k, leaving me with the house(which is marginal) and 17 acres. For the difference to equal $1M.
I have an existing house I bought for $220K on a First time home buyer loan, it’s now worth $270-280K. In 2020. 3.25% rate.
If this property goes, it will probably never be back on the market, it’s a once in a life time deal, and I need help trying to figure out how to make it happen.
Any advice or tools would be greatly appreciated. This deal expires 4/30 when it will be sold if it doesn’t go to me and the neighbor.
Income is gross $130K, but I recently secured a job at a tech company and will start with a $250-275k gross in April. Wife’s income is $50K.
I have used a first time home buyer before my wife and I got married. She has not. Don’t know if that matters.
Only debt is $350/month car payment and home loan. Roughly $1200 a month + bills.
Thank you for any help.
The state is Oklahoma
original posted by Apartment_Vast to r/personalfinance on Thu, 07 Mar 2024 01:59:51 GMT.