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Re: Land purchase question [Re: coondagger2] #7655642
08/22/22 04:02 PM
08/22/22 04:02 PM
Joined: Aug 2021
Posts: 3
Kansas
D
Durk Offline
trapper
Durk  Offline
trapper
D

Joined: Aug 2021
Posts: 3
Kansas
I would buy it if it fits what you are looking for and you can afford it.

As far as the lending part. You are saying itís a great deal, you have 25% down then I would purchase wait until next spring or whenever you are thinking you are going to start building and go back to lender and tell them you want to split the property. You get a new appraisal on the part you are not building on and if you are lucky enough it will appraise for enough to cover the amount you owe. If you are fortunate for that to happen then you have your house lot free and clear for the construction loan. Keep your lot to build on at 20 acres or less so that you can get financing on secondary market after the construction is complete. You mentioned a creek flowing thru , be aware of flood zones, no more waste of money then building in a flood zone. Wouldnít hurt to let the farm credit know what your plans are ahead of time to see if that is something they would allow. If they donít then find a local bank and start working with them. Farm Credit probably is not interested in construction loans. Now in this scenario you would still have a land loan and a house loan so budget accordingly but you would not have any close neighbors and who doesnít want to own as much land as possible.

Lots of ifís and butís.
Good luck

Re: Land purchase question [Re: SNIPERBBB] #7655643
08/22/22 04:04 PM
08/22/22 04:04 PM
Joined: Feb 2020
Posts: 2,121
Missouri
W
WhiteTrash 88 Offline
trapper
WhiteTrash 88  Offline
trapper
W

Joined: Feb 2020
Posts: 2,121
Missouri
Buy the ground if you like it. You can move in a van down by the river to live in wink

Re: Land purchase question [Re: SNIPERBBB] #7655644
08/22/22 04:05 PM
08/22/22 04:05 PM
Joined: Dec 2012
Posts: 1,549
NC - Here there and everywhere
C
coondagger2 Offline OP
"Brat"
coondagger2  Offline OP
"Brat"
C

Joined: Dec 2012
Posts: 1,549
NC - Here there and everywhere
Originally Posted by SNIPERB🦝
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.

I enjoy hunting too much myself to lease it, lol

16 acres of it is fields that are currently being leased to farm. Doesn't add up to enough per year to count for anything. May as well let them farm it for free


Gotta live up to the nickname...
Re: Land purchase question [Re: marathonman] #7655645
08/22/22 04:05 PM
08/22/22 04:05 PM
Joined: Dec 2006
Posts: 10,353
East-Central Wisconsin
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bblwi Offline
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bblwi  Offline
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Joined: Dec 2006
Posts: 10,353
East-Central Wisconsin
How long can you wait on building your new home? If you buy the 45 acres at what you call a good price, how long will it take for you to sell the other half to another buyer? If that time is short then your delay won't be that long.
Also you could use a construction type loan for the start of your home with that becoming a mortgage in a determined amount of time. You may be able to bridge a loan or mortgage and basically hold two properties and or mortgages at the same time. I have worked with several farmers who held Farm Credit service loans and mortgaes. You state that all the proceeds from the sale of the other half (income) needs to be used to reduce the original land loan. Why is that such a bad thing. You wll have signifcant equity in that 22.5 acres with your 25% down and all the proceeds from the sale of 22.5 acres that you should be able to then mortgage your home as well.

Bryce

Re: Land purchase question [Re: coondagger2] #7655648
08/22/22 04:11 PM
08/22/22 04:11 PM
Joined: Dec 2006
Posts: 15,905
Rodney,Ohio
SNIPERBBB Offline
trapper
SNIPERBBB  Offline
trapper

Joined: Dec 2006
Posts: 15,905
Rodney,Ohio
Originally Posted by coondagger2
Originally Posted by SNIPERB🦝
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.

I enjoy hunting too much myself to lease it, lol

16 acres of it is fields that are currently being leased to farm. Doesn't add up to enough per year to count for anything. May as well let them farm it for free

That's why I lhe idea of selling hunts over leasing. You don't lose control over the property and you can hunt whenever you dont have hunts booked.

Re: Land purchase question [Re: bblwi] #7655651
08/22/22 04:17 PM
08/22/22 04:17 PM
Joined: Dec 2012
Posts: 1,549
NC - Here there and everywhere
C
coondagger2 Offline OP
"Brat"
coondagger2  Offline OP
"Brat"
C

Joined: Dec 2012
Posts: 1,549
NC - Here there and everywhere
Originally Posted by bblwi
How long can you wait on building your new home? If you buy the 45 acres at what you call a good price, how long will it take for you to sell the other half to another buyer? If that time is short then your delay won't be that long.
Also you could use a construction type loan for the start of your home with that becoming a mortgage in a determined amount of time. You may be able to bridge a loan or mortgage and basically hold two properties and or mortgages at the same time. I have worked with several farmers who held Farm Credit service loans and mortgaes. You state that all the proceeds from the sale of the other half (income) needs to be used to reduce the original land loan. Why is that such a bad thing. You wll have signifcant equity in that 22.5 acres with your 25% down and all the proceeds from the sale of 22.5 acres that you should be able to then mortgage your home as well.

Bryce

I would say the longest we would wait to build is 2 years. I would sell the other half within a week of putting the for sale by owner sign out at the road. The market for land around here is insane. I would like to sell to someone I know or one of my friends. Possibly my little brother if he can afford it at that time.

I would definitely be using a construction loan for the home. I believe I could sell the land for what the remaining 75% balance on the total would be so I would not owe the bank anything. By putting the 25% down I am depleting my savings so I would have to wait for awhile and then get my construction loan to build


Gotta live up to the nickname...
Re: Land purchase question [Re: coondagger2] #7655653
08/22/22 04:20 PM
08/22/22 04:20 PM
Joined: Sep 2010
Posts: 5,914
NC, Orange Co.
QuietButDeadly Offline
trapper
QuietButDeadly  Offline
trapper

Joined: Sep 2010
Posts: 5,914
NC, Orange Co.
Buy the land and sweat the small stuff later. Scale back the wedding some. Talk to different lenders. Be a little more flexible with your plans to eventually get to your long term goal.


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Re: Land purchase question [Re: coondagger2] #7655663
08/22/22 04:54 PM
08/22/22 04:54 PM
Joined: Dec 2021
Posts: 986
Louisiana
M
MattLA Offline
trapper
MattLA  Offline
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Joined: Dec 2021
Posts: 986
Louisiana
No way should you even consider buying it if you have any sort of idea of selling half of it. The old timer knows what hes doing, you either buy all of it or none. You will 100% regret splitting, selling or any other wierd stuff. Also consider not building a house on it, honestly sometimes land is better without a ugly manmade house put on it.

Last edited by Tofan; 08/22/22 04:54 PM. Reason: words
Re: Land purchase question [Re: coondagger2] #7655680
08/22/22 05:32 PM
08/22/22 05:32 PM
Joined: Mar 2013
Posts: 1,893
chelsea,wi
keets Offline
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keets  Offline
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Joined: Mar 2013
Posts: 1,893
chelsea,wi
get the land...wait for a house


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Re: Land purchase question [Re: coondagger2] #7655683
08/22/22 05:39 PM
08/22/22 05:39 PM
Joined: Nov 2008
Posts: 1,694
Michigan
M
Michigander Offline
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Michigander  Offline
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M

Joined: Nov 2008
Posts: 1,694
Michigan
Buy the whole thing and keep it. You will regret splitting it no matter who you hand pick to buy the other half.

As for a house, consider building it in 2 steps. Build your attached 2 car garage and finish it as a temporary living/ dining area. Above that have your bedroom(s). Then a few years down the road add on the rest of your house when you can swing the extra money. This strategy has worked well for several of my immediate family.


Re: Land purchase question [Re: coondagger2] #7655684
08/22/22 05:42 PM
08/22/22 05:42 PM
Joined: Jan 2020
Posts: 3,945
Aliceville, Kansas 42
Yukon John Offline
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Yukon John  Offline
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Joined: Jan 2020
Posts: 3,945
Aliceville, Kansas 42
They are not making any more land. Buy it and work the house out later!


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Re: Land purchase question [Re: coondagger2] #7655685
08/22/22 05:44 PM
08/22/22 05:44 PM
Joined: Oct 2012
Posts: 2,699
Wisconsin
E
Eagleye Offline
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Eagleye  Offline
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Joined: Oct 2012
Posts: 2,699
Wisconsin
Calculate your stumpage, buy it, log it and build the house later... I would rather clearcut 20 acres than sell it.

Re: Land purchase question [Re: corky] #7655701
08/22/22 06:04 PM
08/22/22 06:04 PM
Joined: Nov 2012
Posts: 741
midland, michigan
M
midlander Offline
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Joined: Nov 2012
Posts: 741
midland, michigan
Originally Posted by corky
Originally Posted by hippie
Buy! Live in a camper if needed, you probably won't get a second chance.

This

X3... I read somewhere that on average, a large piece of land (I think they were talking about ag land) only comes upon the market once every 80 years. If that's true, this is your only chance to keep that entire piece of property. Seems like you have a good career, Id buy the entire thing and worry about building on it a few years down the road. You will kick yourself down the road for selling half of it.....good luck on whatever you decide.

Re: Land purchase question [Re: coondagger2] #7655704
08/22/22 06:12 PM
08/22/22 06:12 PM
Joined: Dec 2008
Posts: 7,075
Manitoba
N
Northof50 Offline
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Northof50  Offline
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Joined: Dec 2008
Posts: 7,075
Manitoba
having a legal survey and it's cost will take quite a chunk up front

Re: Land purchase question [Re: coondagger2] #7655712
08/22/22 06:28 PM
08/22/22 06:28 PM
Joined: Apr 2010
Posts: 3,681
Ohio
S
stinkypete Offline
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stinkypete  Offline
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Joined: Apr 2010
Posts: 3,681
Ohio
Buy the land. Build later

Last edited by stinkypete; 08/22/22 06:29 PM.
Re: Land purchase question [Re: Northof50] #7655713
08/22/22 06:28 PM
08/22/22 06:28 PM
Joined: Feb 2020
Posts: 5,878
Indiana
P
Providence Farm Offline
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Providence Farm  Offline
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Posts: 5,878
Indiana
Originally Posted by Northof50
having a legal survey and it's cost will take quite a chunk up front



Yes but worth it. I looked at a lot of ground in KY before we bought our farm. Several track were listed as 160 acres or 120 ect but often would not be much more than 80 or 100 if surveyed. Often the reality company was not exactly sure where the lines were either. Kind of bad when me wanting the property is contingent on having a came on the year round spring coming out of a cave running down the hill and it right around the line.

It was worse In hill county. The old method of measuring followed the contorted ground making for longer distance and equaling more acres. But that is not how it is figured today its strait lines. KY probably gets taxes on millions more acres than there is acres in the state.

Re: Land purchase question [Re: coondagger2] #7655719
08/22/22 06:38 PM
08/22/22 06:38 PM
Joined: Dec 2012
Posts: 1,549
NC - Here there and everywhere
C
coondagger2 Offline OP
"Brat"
coondagger2  Offline OP
"Brat"
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Joined: Dec 2012
Posts: 1,549
NC - Here there and everywhere
Something pointed out in a PM that I should have said from the start is we do not have a house right now. We canít sell the house we live in now to pay for the new property or new home like a lot of guys do. This is our first shot, and I think the mountain may be too big to climb for our first land purchase and home building.

As bad as I want this land, I refuse to start our marriage out with a poor financial decision that will follow us for years to come


Gotta live up to the nickname...
Re: Land purchase question [Re: coondagger2] #7655722
08/22/22 06:45 PM
08/22/22 06:45 PM
Joined: Dec 2021
Posts: 986
Louisiana
M
MattLA Offline
trapper
MattLA  Offline
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M

Joined: Dec 2021
Posts: 986
Louisiana
Originally Posted by coondagger2
Something pointed out in a PM that I should have said from the start is we do not have a house right now. We canít sell the house we live in now to pay for the new property or new home like a lot of guys do. This is our first shot, and I think the mountain may be too big to climb for our first land purchase and home building.

As bad as I want this land, I refuse to start our marriage out with a poor financial decision that will follow us for years to come


Can you afford to buy the land and stay where you are now? If you can as somebody who is 31 I can tell you that I wish I would have bought a chunk of land, paid it off and got the house later. You only live once and as long as you know how to make money you can always make more. Cant always buy land you want. Just my .02 cents.

Re: Land purchase question [Re: coondagger2] #7655725
08/22/22 06:49 PM
08/22/22 06:49 PM
Joined: Jan 2020
Posts: 3,945
Aliceville, Kansas 42
Yukon John Offline
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Yukon John  Offline
trapper

Joined: Jan 2020
Posts: 3,945
Aliceville, Kansas 42
If there's a way you can swing it, you'll NEVER regret it! Not sure how old you are, but marriage in the first years is supposed to be tough. Don't do something you absolutely CAN'T, but don't pass it up cuz it's not "easy". My best regards!


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Re: Land purchase question [Re: coondagger2] #7655750
08/22/22 07:18 PM
08/22/22 07:18 PM
Joined: May 2011
Posts: 14,249
Oakland, MS
yotetrapper30 Offline
trapper
yotetrapper30  Offline
trapper

Joined: May 2011
Posts: 14,249
Oakland, MS
I would definitely consider buying the land and putting a used mobile home on it until you can afford a real house, if that's an option where you live.


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