| I'm sure not everyone out there has ever considered | | | | properties that are owned outright, as in there are |
| living on the water, whether it is an ocean, a river, a | | | | no loans or mortgages on the, so the owners have |
| lake, a canal or even just a large ditch that never | | | | the ability to be a bit more flexible and creative in the |
| dries up, there are a select few who have dreamed | | | | sale of this waterfront property to you. If a bank |
| of it forever and just never thought it was possible. | | | | where holding a loan on it, of course they would |
| Well, you couldn't be more wrong, especially in these | | | | want to get that loan paid off and also try to put |
| economical times. There are so many deals out there | | | | some money in their pocket, so they would be less |
| right now, it is insane. Even if you don't have a ton of | | | | willing to negotiate you the best deal, not to mention, |
| cash or your credit is somewhat questionable, there | | | | they more then likely couldn't do owner financing for |
| is still hope for you. | | | | you. |
| Sure banks are less then user friendly, especially if | | | | Owner financing is your single best bet, if you don't |
| your credit rating is not the greatest, but waterfront | | | | have the cash and your credit is less then bank |
| property is still with in your reach. What you need to | | | | worthy. Usually you will be required to put a certain |
| do first of all is find an area that you like, not matter | | | | amount down, and then agree upon an interest rate, |
| what state it is, then do your research and make | | | | which is usually a bit higher then a current bank rate, |
| sure that area has everything you need in it. This is | | | | and finally, a note structured this way will have a |
| important, because needs are different then wants. | | | | balloon payment due at some point in the duration of |
| You may not find everything you want, but as long | | | | the note. Don't let a balloon scare you, they are |
| as your needs are met, that it is potentially a good | | | | usually between 5 and 10 years and it allows you the |
| fit. | | | | time to build stellar credit, so when the time does |
| Next you need to figure out just what sort of | | | | come, you can secure financing through a bank, or if |
| waterfront you are interested in. Do you want deep | | | | the original person holding the note likes your |
| water frontage that you can park a 70 foot yacht in | | | | relationship, they may extend the balloon for an |
| or would you be happy with a pond big enough to | | | | other 5 or 10 years. |
| put a small paddle boat in so you can go and paddle | | | | So the bottom line is, if you have always dreamed of |
| to no where, but you are still on the water doing | | | | having a nice piece of waterfront property to spend |
| your thing. Perhaps you want to get a John boat and | | | | the rest of your years on, this may be the greatest |
| go do some relaxing fishing. Whatever you desire, I | | | | time in our current history to realize that dream. So |
| strongly urge you to figure that out before you go | | | | the moral is, anyone who really wants to own |
| hunting for the perfect piece of waterfront property. | | | | waterfront property, more then likely can pull it off. |
| It could save you major headaches down the line. | | | | Take a gamble, you just might receive your just |
| Next, unless you have boat loads of cash sitting | | | | rewards. |
| around. I would encourage you to search for | | | | |