http://www.realtor.com/realestateandhomes-detail/13688-River-Rd_Church-Hill_MS_39120_M71989-59844
There are no negotiations involved - I've been low-balling these folks for 2 years now. They want the asking price.
It literally abhors me to borrow money, but I've finally buckled...I want this place, regardless of the cost.
Income:
W-2: $172,000
Annual trust fund income: $142,000 (various oil and gas properties)
Rental property income: $261,000 (1,800 acres of planted cotton)
Expenses:
Annual mortgage payments on the cotton plantation: $29,103
Memphis condo is paid for. All vehicles are paid for. Only debt is the mortgage on the cotton farm, which is owed to a family trust.
There's another $45 million trust fund that kicks in on my mother's death (sounds morbid to mention it, but if it's relevant...)
If I put down, say, $1.4 million, could I get a bank to carry the remaining $2.1 million (assuming good credit, etc.)?
The property does not generate any income - it's basically an overpriced plantation residence.
I know this sounds dumb - I haven't borrowed money from a bank in >20 years. TIA for any guidance.
There are no negotiations involved - I've been low-balling these folks for 2 years now. They want the asking price.
It literally abhors me to borrow money, but I've finally buckled...I want this place, regardless of the cost.
Income:
W-2: $172,000
Annual trust fund income: $142,000 (various oil and gas properties)
Rental property income: $261,000 (1,800 acres of planted cotton)
Expenses:
Annual mortgage payments on the cotton plantation: $29,103
Memphis condo is paid for. All vehicles are paid for. Only debt is the mortgage on the cotton farm, which is owed to a family trust.
There's another $45 million trust fund that kicks in on my mother's death (sounds morbid to mention it, but if it's relevant...)
If I put down, say, $1.4 million, could I get a bank to carry the remaining $2.1 million (assuming good credit, etc.)?
The property does not generate any income - it's basically an overpriced plantation residence.
I know this sounds dumb - I haven't borrowed money from a bank in >20 years. TIA for any guidance.
