Wife and I bought our first place in 1992 with 17 acres for $42K. We had been fortunate, since the place had been foreclosed on, and we were able to borrow the $42K from her Dad and my Grandpa, we were able to buy with cash before the Sheriff's sale when no one else could even get it appraised, then refinance to pay them off (with interest). We borrowed $60K at 6% to buy the house and do some renovations. I was thrilled to get 6%, as my folks had a 6% mortgage when they built their house in 1967.
When we sold in 2002, we had accumulated over $100K in equity between accelerated payments and further renovations. The next owners had the place for about two years before losing it to the bank and getting divorced.
I remember my Grandpa financing a mobile home for my cousin and her husband to live in while he finished graduate school. The bank wanted over 20% on the new double-wide, Grandpa probably let then off for 10% :wink:
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Today's Featured Article - The Rescue of a Fordson F - by Anthony West. Introduction I live in the UK and have for many years restored Fordson tractors (in the main model N's). I have also restored and shown model F's, E 27N's, Field Marshall Series 2, David Brown Cropmasters and the old rey Fergeson T 20. At one time I had seven restored examples which were shown and used in ploughing matches. As most restorers, I have a number of war stories I can relate on a range of topics that may help other like minded and interested people. Perhaps my first p
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