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13 years
No, haven't started anything... done quite a bit of research though, and was negotiating a place in Colombia. They were first renting the property out, and then they decided to sell. I didn't have enough capital to buy, and the banks in Ireland are pretty much not doing business...
I went to them with a lease to own offer, which I could have afforded, and which I would still be interested in doing. If you're not familiar with this... then here's the basic premis.
You give them some key money, say around 5% of the property value, which they keep, whatever happens. You then agree a lease term, say 10 years. You pay a fair monthly rent, and also a premium, which is set aside, and is deducted from the sale price, which is pre agreed. You can probably work in a buy option after 5 years, or continue the first agreement and see out the 10 years. If after the 10 years is up, and you don't want to buy the property, the owner keeps the key money and the premium.
They didn't want to go for this option... and I don't have 100k handy, so, no dice.
The above figures are all general, and you would of course have to work out a deal that works for both parties... I have other business ideas in mind, but, if the right opportunity came along, in the right place, I'd definitly look into it.
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