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| Friend of my son has a problem and looking to the Braintrust here for ideas.
This fellow is 24 years old, married with one child and a very good union job as a pipefitter welder. His wife works also. They fell into a sweetheart deal on a house a couple years ago from a family friend. They bought a nice home from them on land contract well below market value. The seller offered a land contract with zero interest so what could be wrong with that.
They would like to build a workshop and add onto the house but can't get a loan because they do not "own" the house. They certainly don't want to get a conventional mortgage and pay 7% interest.
What could they do to borrow money to expand their house?
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Land contract
