Dateline: 29 May 2014
I’ve told the story (in My Book) of how I was totally opposed to going to the bank for a loan to build my first house back in the early 1980s and, instead, was able to get a $10,000 loan from Jay Myers, my father-in-law. That relatively small amount was enough to get Marlene and I off to a good start. We built the house ourselves, repaid the loan in full, have added on a couple of times, never had a bank mortgage, and still live in the house.
Yesterday, we sold my boyhood home to our middle son, Robert. We will hold the mortgage. No banks or bank loans are involved.
After six months of waiting for a survey to get done and for a Medicare-related lien release technicality to get settled, we signed the papers yesterday. Marlene and I will hold the mortgage. Robert will pay us monthly for the next 12 years. The monthly payment is comparable to what it would cost to rent an inexpensive apartment in town. If he makes his payments as per the agreement, he will have a debt-free home on 25 acres when he is 35 years old. Sooner if he wants to pay ahead.
Lord willing, I hope to be able to help my other two sons in like manner.
I'm wondering if any of you who read this can relate similar experiences of family helping family to acquire property without the need for a bank loan?