Banks won't finance a $2,500 lot, so I finance it myself. 0.35 acre near Crown Lake, Horseshoe Bend AR, $49 down
Most banks won't lend on a cheap piece of raw land, so most people either drop the idea or put it on a credit card.
I carry the financing myself: $49 down plus a $100 doc fee, then $105 a month for 48 months, 0% interest, no credit check.
Or it's $2,499 if you'd rather pay cash.
It's a wooded 0.35 acre lot in Horseshoe Bend, Arkansas, with road frontage, about 9 minutes from Crown Lake.
Taxes run $53.72 a year (the full county bill) and there's no HOA, so holding it costs you about $4.50 a month.
Miss a payment and you get a 5-day grace period, then a $50 late fee, then 30 days' written notice to catch up.
After that I can end the contract and keep the lot and whatever you've paid.
You're not on the hook for anything beyond that.
Don't take my word for it.
Look up APN 800-07198-000 in the Izard County records.
The owner of record is my company, YAI LLC.
The details:
- Location: Lot 192, North Shore Addition, Horseshoe Bend Estates, Izard County, AR (36.211225, -91.730959)
- Size: 0.35 acre
- Price: $2,499 cash, or $49 down plus a $100 doc fee, then $105/month for 48 months ($95 toward the lot, $10 servicing).
That's $5,189 total financed vs $2,499 cash, no prepayment penalty.
Card payments carry a 1.9% processing fee, except the $49 down payment
- Owner: me, through my company YAI LLC.
You get a warranty deed, at closing for cash or at payoff on the plan
- Legal access: road frontage, not landlocked
- Flood zone: not in a mapped FEMA flood zone (FEMA layer, checked Oct 4; a map, not a drainage survey)
- Building: the recorded Bill of Assurance requires a single-family home of at least 1,100 sq ft.
While you're on the payment plan, a foundation, well or septic needs my written OK first
- Utilities: power and water are listed as available at the street.
Hookups and septic are on the buyer
- Guarantee: 90-day money-back on the payment plan (the doc fee isn't refunded).
Cash buyers can cancel any time before the deed is recorded
Photos, a sample contract and the tax bill: yaillc.com/l/07198-reddit
Ask me anything in the comments, I'll be around.