Land Questions

[allen84]

I had to narrow my search to owner finance properties because I didn't have much cash and traditional financing was not an option for me at the time (if you go that route, try to find a true owner finance, not a lease purchase. Difference is, the property is actually deeded to you up front)... This greatly narrowed my search. I ended up finding something with well water and electricity already on site and got a better finance deal than any bank could ever offer. Do your homework and you'll know when you find what you're looking for.



One other thing... Not to say time is of the essence, but time could possibly be of the essence if you want to save money. I heard an old man that's been in the real estate business a really long time say that, "on average, property values double every 15 years." What I've paid $2000/acre for over the last 3-6 years is now worth $4000-5000/acre.

[StressMan79]

Hey Everyone,

So I have been eager to take the class, finally got some money saved up and hopefully if they announce one I can jump in the next class. Anyways as I have been working on paying down debt and getting in shape financially to build a house and buy some land. As I look at land prices they vary widely of course depending on region, access to cities/work and so on. I have seen a lot of affordable land out in the western states but have seen the issue of water rights come up. Does anyone have a good source of info on how that applies to land owners out west. I would love to get 40+ acres at a good price but if it means I can't raise animals or have a way to grow my own food due to restrictive water access issues then it's not really a bargain. On the other hand in the other areas where land is somewhat affordable you are looking at very high property taxes (northeast area of the country). At this point in time land costs where I live in Arkansas can be pretty wild depending on region, anything with farming/livestock potential usually comes at a high premium. I am a younger guy, fairly new to this so any help is appreciated. I know not to buy anything before attending the class but just trying to get an idea if my dreams are realistic so I can plan accordingly for my budget.

Take the class. Then take a vacation out west, I'm renting my place for the 400 to a member. My current renter is leaving in September. I'll be there end of August.
Worst thing can happen is you get a hell of a 1 week vacation.

[mudflap]

I had to narrow my search to owner finance properties because I didn't have much cash and traditional financing was not an option for me at the time (if you go that route, try to find a true owner finance, not a lease purchase. Difference is, the property is actually deeded to you up front)...

This is how we got ours. Take the class first though.

15+ years ago, my ex and I were looking for a cabin by the lake or in the mountains. I put a pin on a map for where we lived. Then I took a string that was the length of a "2 hour drive" and drew a circle on the map. For the next year, every weekend or so, we drove in a different direction until we reached the 2 hour limit, noting any properties for sale. We eventually bought a cabin in Paris, ID on 20 acres with a creek.

Fast forward to Alabama 3 years ago- I did the same thing- except I knew all the areas I didn't want to live, so we focused on where we did want to live. Driving around in the area you want to live is a great way to find property- you get a feel for what your commute will look like, find places you didn't know were there, etc. There's still a lot of property for sale by owner that isn't listed on the internet. I think our seller even said he wanted someone local, so he didn't advertise it on the internet on purpose - just a sign and a phone number.

Water rights out west vary, but are usually built in to the deed or come as a separate document. Make sure it is spelled out and is recorded with the county records office. I owned a home in Ogden, Utah with a spring on the property (appropriately named "no name spring"). We had a deed to the spring. The husband of the lady we bought the home from, his brother, and the neighbor all got together and developed the spring back in the 1920's. There was also one of the many canals for the Weber canal system running through the property. So even though the spring was on our property, each neighbor owned a third of it. Since it was quite a gusher- 60-80 gal/min, there was never a problem- the excess ran into the canal (which was also spelled out in the deed- we had rights to the canal water). When the property above ours started to get developed, I thought the heavy machinery might damage the spring, and I warned the contractor that the 3 of us would take legal action if he disrupted the spring. He stopped pushing dirt off to the side immediately. You don't mess with water rights out West- very expensive, and the one with the water rights usually wins.

[John17three]

What draws u to a state with those kind of hassles?