I forget who but one of you guys is a realtor.
What would a $10,000 lot cost per month using a 10 or 15 year loan?
How much would a $20,000 lot cost per month using a 10 or 15 year loan?
Eric, I think you are referring to me, the mortgage guy.
$20,000 @ 10% over 15yrs = $215/month.
The one big challenge in getting the land loan is being a qualified borrower. The bank wants to feel secure about getting paid back.
We WISH we could buy a decent piece of land in Eastern Morris County for that price. We would be ALL over it!
One thing I will add: if you write a comprehensive business plan and can honestly demonstrate a true profit potential, a SBA loan could be the ticket too (Small Business Administration loan).