I have been buying property this last 8 months. Land prices have really gone down and my dh is a builder. We have been looking for lots with a view or on the creek, to build spec houses on.
So far, we have bought five pieces of property.
I paid cash for the acre we are building on now, but I financed the other 4. The local bank is financing land at 2.99% which I thought was pretty good.

What I did not really notice was that the land I bought in North Carolina had a 6% interest rate.
OMG, when I made the first payment, it hit me how much interest I was paying every month.
I have the money in a money market paying me .008% (yes, that is 8/10th of one percent.)
It is stupid to earn 8/10th of one percent and be paying out 6%.

So, today, I drove over to the bank in North Carolina and completely paid off the loan. I feel a little less stupid now!!