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Thread: Financing land

  1. #11
    Hi ShannonBeth. welcome back how have you been?

  2. #12
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    Ty Panderson03. I've been good, just busy. How have you been? How' s your home coming along?

  3. #13
    Regular+ User Peach1956's Avatar
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    Perhaps I'm wrong, but I'm under the impression that any land that is bought from a tax sale, the new owner is responsible for paying any/all liens attached to the property. ... it may not be such a good bargain. Particularly if the lien was nailed by the IRS.

  4. #14
    Quote Originally Posted by Shannonbeth View Post
    Ty Panderson03. I've been good, just busy. How have you been? How' s your home coming along?
    Hi there ShannonBeth. the build's coming along nicely. we got the garage under roof last building season and intend to stack the logs on the cabin this year. I'm glad your log home dreams still alive! we've missed you on the forums!

  5. #15
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    It is well alive and now I have my hubby on my side so it's much easier. Now it's just to get to the class and get going! Do you have recent pics posted on a blog or website?

  6. #16
    LHBA Member fishlkmich's Avatar
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    I believe that if you have a loan on land that you cannot log any of it. Folks were buying property, cutting it for timber and defaulting on the loan. I'm sure that there are ways around this, but thought it was worth mentioning.

  7. #17
    LHBA Member Tom Featherstone's Avatar
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    Quote Originally Posted by Shannonbeth View Post
    It is well alive and now I have my hubby on my side so it's much easier. Now it's just to get to the class and get going! Do you have recent pics posted on a blog or website?
    We'll "Ditto" Panderson's comments Welcome Back! Somehow, someway... get you & your hubby to the next available class. You've been here long enough that we don't have to sell you about the class but I believe that you would move leaps & bounds forward after attending and all this other stuff you're thinking about would all fall in line for you. It's usually not a good idea to put the "cart before the horse" although life at times seems like we're just sitting there waiting for that horse to push from behind... nudge.. nudge....

    You can't go back in time, but if I could and I had found the LHBA 20yrs ago I think I would have followed like others here and on going like the "Blane family" and the wonderful opportunity to build your place with your family.

    Our Dream started over 34yrs ago and even though our place is yet to be built a good portion of the entire dream has unfolded and has gone way beyond what we first thought possible. We now live where we are going to build for the last year and a half. Our well is in and we now have water hooked up to our trailer. Linda wanted her sauna done before we build and hopefully we'll be sitting in it in less than a month from now and when we do build it will pay great dividends to daily healing.

    Part of the Dream is in the journey and learning to enjoy and love the Blessings along the way. If we only knew what Blessings He has in store for us all!

    I hope to see you on the Members side sometime soon!

    Tom

  8. #18
    Quote Originally Posted by Peach1956 View Post
    Perhaps I'm wrong, but I'm under the impression that any land that is bought from a tax sale, the new owner is responsible for paying any/all liens attached to the property. ... it may not be such a good bargain. Particularly if the lien was nailed by the IRS.
    And the answer is.... It depends.
    A quick title search will turn up most defects. Fork out for a full title search executed the day of the tax sale if there is any question about liens.

    We have been buying foreclosed houses and fixing them up for resale. Most have liens far above their value so we let the foreclosure wipe them out, then pick them up for a bargain a couple months later with a clear title.

  9. #19
    LHBA Member ChainsawGrandpa's Avatar
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    I was talking to a young (very, very young) couple yesterday. The wife had fallen in love
    with a piece of land near some water, and had a house, and maybe some out buildings.
    "They only want $550 a month, and we won't be renting!" I had to sympathize with her
    but when I read her an excerpt from an article by Doug Casey her excitement wasn't
    diminished it just changed directions. Just wait a little longer. You won't need to buy at
    a reduced retail price with owner contract, or out of REO from a bank. You can buy at a
    tax sale for pennies on the dollar. Yes, it really, really will get that bad.

    Don't be in a hurry, and do the first things first, and the first thing is the class. It will change
    your mindset drastically, and save you a lot of back tracking.

    Does this mean it's the wrong economic climate to build a log home?
    Does this mean you will never see the log home you always wanted?
    Does the current financial climate mean your dreams will never happen?

    NO! Not at all, in fact, building a log home is now one of the few viable
    routes for a cheap roof over your head (managing a farm - homestead for
    an off-site owner, third party agreements, REO on-site management,
    building a (Skip's Redmond style) log home). Don't run in and do the wrong
    things. That is just too expensive, and a person with cash calls the shots.

    Right now times are tough, and they will get much tougher. A co-worker was
    in tears over his job. He's not being fired, just "right-sized". People are in a
    panic, and wondering what will happen next. I see this as a huge opportunity.
    It was too hard to do anything in a good economy (although I did do well) but
    now the opportunities are just springing out of the wood-work. These terrible
    economic times are a golden opportunity, but it's an opportunity for those with:

    *Cash
    *Knowledge
    *Wisdom
    *Patience

    If you possess those four things you are holding a royal flush, just keep-up a poker face.
    Patience, my friend, much, much patience.


    If I could add anything to what Doug Casey says it could only be, "Amen! preach it brother!"

    G'pa


    Here's the quote from Doug Casey:


    "It’s too early to buy real estate right now, although a fixed-rate mortgage could go a long way
    toward offsetting bad timing. It would let you make your money on the depreciation of the
    mortgage, as opposed to the appreciation of the asset. Still, I wouldn’t touch housing with a 10-
    foot pole – there’s been immense overbuilding, immense inventory. And people forget: a house
    isn’t an investment, it’s a consumer good. It’s like a toothbrush, suit of clothes, or a car; it just
    lasts a little bit longer. An investment – say, a factory – can create new wealth. Houses are
    strictly expense items. Forget about buying the things for the unpaid mortgage; before this is
    over, you’ll buy them for back taxes. But then you’ll have to figure out how to pay the utilities
    and maintenance. The housing bear market has a long way to run."
    Last edited by ChainsawGrandpa; 05-26-2012 at 10:12 AM.
    You know a persons relatives didn't like them when
    their obituary starts with the words, "Ding Dong"

  10. #20
    LHBA Member happyquilter's Avatar
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    Shannon, I definitely agree with the members who are counseling you to take the class before all else. My husband and I had looked at land for a year before taking the class. We came out of the class with a totally different mind set as to what we wanted, and it really paid off.

    We are totally debt free and plan to stay that way. In my opinion, debt is evil, no matter how you try to justify it. Living totally debt free is the most liberating and empowering feeling on earth, and the high does not go away! I would suggest visiting some frugal living websites and get creative about saving every penny you can. It can be a really fun creative challenge for the family to watch that savings account grow to meet each financial goal along the way.

    Best wishes to you and your family!

    Shari
    2012 - Took class, bought stock plans, closed on land, started property cleanup, got used camper trailer, hooked up power & water, demolished ruined mobile.
    2013 - Continued cleanup, marked property lines, drained "Mosquito Pond," hooked trailer up to septic, made trails, built fire pit, relaxed & enjoyed the place!
    http://s1066.photobucket.com/albums/...%20Log%20Home/
    (Please excuse our teeny photo album. Chalk it up to newbie enthusiasm, lol!)

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