By Dr. GLENN MOLLETTE
As we approach Memorial Day, give thanks for our soldiers who gave and are giving sacrificially for our freedom.
One of the freedoms we enjoy is the freedom to own a house. The greatest asset of most people is the roof over their heads. Your house may be worth more than all of your cash, savings accounts and in some cases retirement funds combined.
If your house is paid for then congratulations to you. You have achieved a beautiful piece of the American dream. When I was 26 years old, I bought a house on a land contract. The house cost $80,000. Interest rates were 17% back then and a man sold it to me for no money down and 10% interest rate. The rate then was good and it was good for him. He was using the sale to fund his retirement for 20 years at about $800 per month. It was great for me because I didn’t have a nickel to put down on the house. If you can buy a house this way then more power to you and the seller. Talk to an attorney and make sure the title is clear and the contract is solid before you enter into the agreement. A couple of years later I moved and sold the house and cleared $10,000. It worked out okay for me. The man got his balance owed plus interest.
Read the whole story on the Ledger/LCJ daily newsletter