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Land purchase question #7655546
08/22/22 02:57 PM
08/22/22 02:57 PM
Joined: Dec 2012
Posts: 2,124
NC - Here there and everywhere
C
coondagger2 Offline OP
"Brat"
coondagger2  Offline OP
"Brat"
C

Joined: Dec 2012
Posts: 2,124
NC - Here there and everywhere
For the financial experts on here.

I am looking at 45 acres that is too good of a deal to pass up. I can afford to buy the land with a land loan, but cannot afford all of the land and the price of building our house.

What I can afford is to buy half of the 45 acres and build our home. But the current owner will not sell half, he will only sell the whole 45.

I have the money available to put down 25% of the purchase price of the 45 acres.

I have talked to our local farm credit and they said if the land is sold then the sold value up to the appraisal number will be paid directly back to the loan. You do not keep the money that you get for selling half of it. I would like to use the sell price of the half to build the home.

Is there another way to finance the land loan without the revenue from selling half of the land going directly back into the loan?

Thanks!


Gotta live up to the nickname...
Re: Land purchase question [Re: coondagger2] #7655551
08/22/22 03:07 PM
08/22/22 03:07 PM
Joined: Dec 2006
Posts: 21,537
Sandhills Nebraska
G
Gary Benson Offline
trapper
Gary Benson  Offline
trapper
G

Joined: Dec 2006
Posts: 21,537
Sandhills Nebraska
I wonder how developers get away with selling lots off a chunk of land. Maybe if they pay cash its allowable.


Life ain't supposed to be easy.
Re: Land purchase question [Re: coondagger2] #7655554
08/22/22 03:11 PM
08/22/22 03:11 PM
Joined: Feb 2020
Posts: 8,864
Indiana
P
Providence Farm Offline
trapper
Providence Farm  Offline
trapper
P

Joined: Feb 2020
Posts: 8,864
Indiana
If it is a really good price the part you sell should be marked up making you more than pay off on all the land giving you money for the down-payment for construction.

Re: Land purchase question [Re: coondagger2] #7655563
08/22/22 03:22 PM
08/22/22 03:22 PM
Joined: Jan 2018
Posts: 4,526
MN
D
Donnersurvivor Offline
trapper
Donnersurvivor  Offline
trapper
D

Joined: Jan 2018
Posts: 4,526
MN
If you can afford to keep the whole thing and move a used trailer house in that may be a worthwhile option. Used double wide are pretty cheap

Re: Land purchase question [Re: coondagger2] #7655568
08/22/22 03:26 PM
08/22/22 03:26 PM
Joined: Jan 2007
Posts: 3,960
Northern Nevada
B
Bob Offline
trapper
Bob  Offline
trapper
B

Joined: Jan 2007
Posts: 3,960
Northern Nevada
If it were me I would not do both at the same time. Either build the house or buy the land. If your current living situation is stable and you don’t mind staying where you’re at awhile longer, AND you buy the land at less than market value, I would probably lean toward buy the land, sell half for enough to pay off the remaining balance, and then later build the house.

The only way to finance, sell half and keep the cash from the sale is with an unsecured loan OR using something you already own as collateral to secure a loan. Otherwise if you sell part of the land it will go directly to the bank to pay off your loan. The bank always gets paid first, if there’s any left over it gets sent to you.


"I have two guns, one for each of ya."
Re: Land purchase question [Re: coondagger2] #7655569
08/22/22 03:26 PM
08/22/22 03:26 PM
Joined: Feb 2010
Posts: 19,691
pa
H
hippie Offline
trapper
hippie  Offline
trapper
H

Joined: Feb 2010
Posts: 19,691
pa
Buy if a good deal and what you want, worry about the house later.

(wish I had someone tell me this 40 years ago, I let the land I still think of slip away.)

Re: Land purchase question [Re: coondagger2] #7655576
08/22/22 03:34 PM
08/22/22 03:34 PM
Joined: Feb 2020
Posts: 8,864
Indiana
P
Providence Farm Offline
trapper
Providence Farm  Offline
trapper
P

Joined: Feb 2020
Posts: 8,864
Indiana
If your like me you will regret selling any of the land of you get it and decide to sell some.

I regret not buying the 30 next to mine when I had the chance now I have a 1/2 million dollar house sitting there I'm looking at. I think I may build a few 55 and older rental homes to block the view. Single story, no steps, zero entry shower you can wheel a wheel chair right into. Walk in tub , grab rails. At least then they will be my houses I'm looking at then and hopefully generate income.

Re: Land purchase question [Re: hippie] #7655586
08/22/22 03:49 PM
08/22/22 03:49 PM
Joined: Dec 2012
Posts: 2,124
NC - Here there and everywhere
C
coondagger2 Offline OP
"Brat"
coondagger2  Offline OP
"Brat"
C

Joined: Dec 2012
Posts: 2,124
NC - Here there and everywhere
Originally Posted by hippie
Buy if a good deal and what you want, worry about the house later.

(wish I had someone tell me this 40 years ago, I let the land I still think of slip away.)

This is what I don't want to happen. I do not want to miss out on this property because I know I won't find anything else for a deal like that. It is a beautiful piece of property with hardwoods and a large field that drops down on the river bottom. There is an overall elevation change of 150 feet from the front to the back of the property which is a lot for central NC. You can see for miles it seems like up there on the hill. It would make a heck of a place to build a house


Gotta live up to the nickname...
Re: Land purchase question [Re: coondagger2] #7655588
08/22/22 03:52 PM
08/22/22 03:52 PM
Joined: May 2016
Posts: 3,491
Southern Illinois
F
Foxpaw Offline
trapper
Foxpaw  Offline
trapper
F

Joined: May 2016
Posts: 3,491
Southern Illinois
Get the guy to cut it in half. Get a mortgage on one half and pay him. Maybe he would sell the other on contract and spread the payments out a few years and get his taxes down. Since he wouldn't want to let you pay it off because of taxes if you was to sell it then You would have to sell your contract to the new guy which if they wanted to build they would have to get him to release a building spot.
Could have him sell it to you in two parcels and get two mortgages and if you sold one you could keep the profit from it after paying off balance.

Re: Land purchase question [Re: coondagger2] #7655590
08/22/22 03:53 PM
08/22/22 03:53 PM
Joined: Feb 2010
Posts: 19,691
pa
H
hippie Offline
trapper
hippie  Offline
trapper
H

Joined: Feb 2010
Posts: 19,691
pa
Buy! Live in a camper if needed, you probably won't get a second chance.

Re: Land purchase question [Re: Foxpaw] #7655591
08/22/22 03:55 PM
08/22/22 03:55 PM
Joined: Dec 2012
Posts: 2,124
NC - Here there and everywhere
C
coondagger2 Offline OP
"Brat"
coondagger2  Offline OP
"Brat"
C

Joined: Dec 2012
Posts: 2,124
NC - Here there and everywhere
Originally Posted by Foxpaw
Get the guy to cut it in half. Get a mortgage on one half and pay him. Maybe he would sell the other on contract and spread the payments out a few years and get his taxes down. Since he wouldn't want to let you pay it off because of taxes if you was to sell it then You would have to sell your contract to the new guy which if they wanted to build they would have to get him to release a building spot.
Could have him sell it to you in two parcels and get two mortgages and if you sold one you could keep the profit from it after paying off balance.

He will not split, it will be sold as once piece. I will have to do the split if I want to sell half later


Gotta live up to the nickname...
Re: Land purchase question [Re: hippie] #7655596
08/22/22 04:10 PM
08/22/22 04:10 PM
Joined: Dec 2006
Posts: 7,112
Three Lakes,WI 72
C
corky Offline
trapper
corky  Offline
trapper
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Joined: Dec 2006
Posts: 7,112
Three Lakes,WI 72
Originally Posted by hippie
Buy! Live in a camper if needed, you probably won't get a second chance.

This

Re: Land purchase question [Re: coondagger2] #7655610
08/22/22 04:24 PM
08/22/22 04:24 PM
Joined: Jan 2011
Posts: 467
Southeast KY
K
K91773 Offline
trapper
K91773  Offline
trapper
K

Joined: Jan 2011
Posts: 467
Southeast KY
You can build a house anytime, you can only buy land when it is for sale. If it is a good deal I would buy the land and worry about a house later, the housing market is very liable to crash shortly and that should push materials down to a more reasonable level. The cost to build right now is ridiculously high, and some things are hard to get thus increasing the time to complete the build and pushing the cost up even further. I would not split the land as that could quickly turn a dream property into a nightmare depending on who buys it and what they do with it.

Re: Land purchase question [Re: coondagger2] #7655616
08/22/22 04:28 PM
08/22/22 04:28 PM
Joined: Jan 2014
Posts: 2,081
NW MO
T
TurkeyTime Offline
trapper
TurkeyTime  Offline
trapper
T

Joined: Jan 2014
Posts: 2,081
NW MO
Buy the whole piece, live where you currently are, 1,2,5,10 years later build a house.

Re: Land purchase question [Re: coondagger2] #7655622
08/22/22 04:37 PM
08/22/22 04:37 PM
Joined: Mar 2018
Posts: 469
SW MISSOURI
R
Rockfarmer Offline
trapper
Rockfarmer  Offline
trapper
R

Joined: Mar 2018
Posts: 469
SW MISSOURI
Buy the land - you will never regret it. Continue living where you are until you can afford to build. or other option are build a shouse / shop with small living quarters or buy a used camper and live in it until you can build or while building.
We have 51 acres and its great having the space to trap and hunt. plus the privacy. Definitely buy the 45 and keep the whole thing. We bought the land first, then built. Pm me for more info if you want.


www.nationwidecartparts.com
3rd Infantry Division
1st Infantry Division
U.S. ARMY
Re: Land purchase question [Re: hippie] #7655624
08/22/22 04:38 PM
08/22/22 04:38 PM
Joined: Mar 2018
Posts: 469
SW MISSOURI
R
Rockfarmer Offline
trapper
Rockfarmer  Offline
trapper
R

Joined: Mar 2018
Posts: 469
SW MISSOURI
Originally Posted by hippie
Buy! Live in a camper if needed, you probably won't get a second chance.


agree 100%


www.nationwidecartparts.com
3rd Infantry Division
1st Infantry Division
U.S. ARMY
Re: Land purchase question [Re: coondagger2] #7655625
08/22/22 04:40 PM
08/22/22 04:40 PM
Joined: Dec 2006
Posts: 5,639
Williamsport, Pa.
J
jk Offline
trapper
jk  Offline
trapper
J

Joined: Dec 2006
Posts: 5,639
Williamsport, Pa.
I am with Hippie, buy it now!!!! Maybe timber off some of the trees for a payment or what ever but buy it and figure out the next step later. But it it will probably never get any cheaper.....jk


Free people are not equal. Equal people are not free. What's supposed to be ain't always is. Hopper Hunter
Re: Land purchase question [Re: coondagger2] #7655633
08/22/22 04:52 PM
08/22/22 04:52 PM
Joined: Apr 2012
Posts: 3,032
PA
M
marathonman Offline
trapper
marathonman  Offline
trapper
M

Joined: Apr 2012
Posts: 3,032
PA
Gods not making any more land! Buy it

Re: Land purchase question [Re: coondagger2] #7655637
08/22/22 04:55 PM
08/22/22 04:55 PM
Joined: Dec 2006
Posts: 17,548
Rodney,Ohio
SNIPERBBB Offline
trapper
SNIPERBBB  Offline
trapper

Joined: Dec 2006
Posts: 17,548
Rodney,Ohio
What's the hunting lease rates in the area like? Small property it might not be enough for a house but leasing, pe for selling hunts preferably, might give you some breathing room.

Last edited by SNIPERB🦝; 08/22/22 04:56 PM.
Re: Land purchase question [Re: hippie] #7655640
08/22/22 04:58 PM
08/22/22 04:58 PM
Joined: Jan 2008
Posts: 9,153
Alaska and Washington State
W
waggler Offline
trapper
waggler  Offline
trapper
W

Joined: Jan 2008
Posts: 9,153
Alaska and Washington State
Originally Posted by hippie
Buy if a good deal and what you want, worry about the house later.

(wish I had someone tell me this 40 years ago, I let the land I still think of slip away.)

This


"My life is better than your vacation"
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