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Francis Creek, Wi. | My Dad was a Professional Bacteriologist and Worked for the Federal Milk Market Administrator in Chicago all his life. I was 15 when he turned 60 and decided to retire and buy a farm in Wisconsin. He had to float a mortgage as he didn't have enough savings to buy the farm in it's entirety. He had no equity because He and Mom had lived in rent their whole lives. The money they paid for rent had built equity for the landlords of the properties where they had lived. In 1978, I bought the farm from them after Dad's stroke. My wife and I paid 15.5% interest the first 3 years, 16% for the following 3 years, and 12% for better than 8 years after that. We have never paid less than 5.5% in the more recent years. Even though it has been an on-going struggle, I wouldn't change a thing now. We have become very comfortable financially as we approach retirement. Land is NEVER a bad investment. !.5% interest is a wet dream to those of us who started differently. GO FOR IT! | |
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