Land purchase advice needed

[dooleysm]

Whatever you do, make sure you get that land. Pass it up and you will regret it forever.

I like the idea of owner financing if you can work it out. Saves you money, makes him extra money, and keeps the money out of the banks' hands. They've proven recently that they don't know what to do with money.

 

[Podunkadunk]

I appreciate all the advice/opinions so far. A lot of issues I hadn't thought of!

Someone asked why he's selling it. He's a big time farmer in this area...probably employs 15-20 guys to help him farm (thousands of acres). He has land all over the county. I think he's liquidating some of it because of his age, but really, I'm not positive. He bought the land about 7-8 years ago from a Baptist Church Association. They had used the land as a retreat and camping area. As I stated before, I only want 20-25 acres of the 200. As long as the land is clear and I imagine it is, I'm glad he's selling it.

I'm going to contact some Farm Credit companies in the area. I'm also interested in looking to see if I could get an entirely new loan with all the land and house in it. That would spread it out, plus the lower rate would probably offset the difference in the new land being in with it! I'll check and get back to you guys.

Thanks very much,
Podunk

 

[blueriver]

I only want 20-25 acres of the 200. As long as the land is clear and I imagine it is, I'm glad he's selling it.

Thanks very much,
Podunk

BUY IT ALL ..........

 

[RollTideRam]

There you go, buy it all. Make your own campground, and add a shooting range. Maybe by the time you have it ready, I will be able to buy one of those evil black rifles and go south for a vacation. JC

 

[riptides]

I'd hang tight until the new administration comes in.

I seem to recall hearing of a stimulus package that may be in the offering. That and talk of allowing us to withdraw money from our 101k's (401k) penalty free.

Today the fed lowered the interest rate to zero float 1/4.

I think something must be done to address the housing market, and the new administration will do that something.

I'd really wait a month before seeking options.

 

[blueriver]

yep wait it out, then when someone else buy's it ...........................

 

[Robert_in_NY]

I wish you the best on your deal but I am glad I live where I do. I bought 40 acres of which 6 acres were grapes and the rest all open fields. We paid $750 an acre and the owner financed us with 0% interest. We just give him $3k a year for 10 years. The grapes alone brought in $7k this year so far and we planted the other 34 acres into corn but have to finish harvesting it still. The land will pay for itself in 3 years at most, 2 years if next year is a good year.

What ever you do make sure you have a good lawyer and spell out who pays what as far as surveys and other fees. A good lawyer is very valuable for any land deal and they will protect your interest.

 

[blueriver]

Robert ... enough already!!!

 

[Robert_in_NY]

Robert ... enough already!!!

Well, I have plenty of bad luck too to help even things out. My 7710-II still sits at the dealers and I am still out the $500 from an ebay deal I got bent over on and I am still recovering from my fall in 2007

 

[blueriver]

Okay ... Okay, your right. I thought that ford deal was resolved? Guess I have not been paying attention ...