it's a land contract. we need $1500 as a small down payment. the rent for the place will be $800 a month, with $200 of that (along with the initial $1500) going towards a down payment. we get a year to obtain traditional financing. with the $1500 and the extra $200 a month, we will have close to $4000 for the down payment. if we can't obtain traditional financing within that first year, we have a one year extension with the same terms. we can buy out the contract at any time during the first year without any penalties.
it's a damn good deal. the house is a duplex, and we already have someone willing to rent the upstairs. our rent will end up being only $460 a month.
it's so frustrating because it's ONLY $1500. i know to a lot of you that seems like a bunch of money, but it really isn't. i would ask my aunt, but i did the math, and over the course of 5 months, she has shelled out just over $10,000 to me to pay for my schooling and photographic equipment. i don't want to ask her for anymore.
so i have resorted to begging on i-mockery.
