Hi Foot. I bought my first house @ 11% interest (land contract well below bank rates at the time, 1981). Paid it off in 8 years. Co- workers said I was stupid. (Home cost 45K) Sold it for 75K 12 years later. Meanwhile I bought 10 acres had a house built (where I live). Owed 40K. Then bought 57 acres for 109K which I sold on a 15 year land contract @ 5%, 20% down for 315K Dec. 2012. (No realter closed in 13 days).
So whats the bitch regarding 5% interest rates??? Just how long have you been a realator for? Do you even own anything???