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View Full Version : Gonna get some land!



O.S.O.K.
03-18-2011, 03:51 PM
We found some land that we like. 30-35 acres (need a survey). Talked to the bank and such and we are in the process of of getting the paperwork done and determining a proper offer (per acre). Very nice with almost 1/2 of it covered in hardwoods and the other half 5 year old pines - which is the "agricultural" part of it. Deer tracks all over - three sides already fenced and has three or four little creeks running on it. Nice sandy loam.

I'll tell you more after we get it done. :)

old Grump
03-18-2011, 04:06 PM
Running water means you might have some springs, nice very nice and the water insures it will be attractive to game. The one thing I don't have on my land is surface water, nice find. Any buildings or are you starting from scratch?

Full Otto
03-18-2011, 05:34 PM
Did you get near a National Forest that you were hoping for?

O.S.O.K.
03-18-2011, 05:56 PM
No buildings on it. Not near a NF, no, but surrounded by acreages in a very rural area. This is near a friend's place.

The county will pop for a culvert and entrance ramp to the place and then I'll need to go for $1500 or so to get a bulldozer to make a short road/driveway up to the home site and clear the site. This will be about a 75 yard drive or so curving back to the clearing.

There is a natural draw that we can put a levy/burm accross to trap the running water and make a pond below where the bouse will sit.

I'm going to build a smaller place at first which will become the "guest house" later or maybe we just build onto it.

The goal is to build it as we go and have the whole place paid for in 10 years or less. I will be 60 at that point...

L1A1Rocker
03-18-2011, 06:07 PM
Very cool! Any idea what acres are going for (per acer)???

Full Otto
03-18-2011, 06:19 PM
This is near a friend's place

Huge plus when trying to settle in and getting familiar with the area. Sounds like a nice spot and good plan

O.S.O.K.
03-18-2011, 07:00 PM
I am waiting to hear back from my buddy. His wife grew up in the area and has a big family = related to a bunch of people there. His sister in law works for the city manager of a town nearby and knows the bank President there. He's asking her to find out what land has been selling for and let me know so I can make a proper offer.

The one bank that I did contact told me that land loans require 30% down. This means something like $14-$20K depending on the final price. I decided to use the accumulated cash value on an older variable universal life policy for this - which allows me to retain the insurance coverage. I thought about doing the loan yourself the money thing but decided against it. If I didn't do this, it would take us some time to save that up.... and I want to pull the trigger on this.

The seller/agent has this listed as part of a 154 acre tract but said he'd look at an offer on a piece. His price on per acre listed is $2069 - for the larger piece. But this is asking price. There is a county road separting the parcel and this chunk is on one side of it - so it's the perfect place to "break off".

I'm thinking we make an offer of $1600 per acre - but I want to know what land has been selling for.

There are a lot of variables like timber, water, road access, which county it's in (this is huge), etc.

Some counties have a large number of ahhem, "dependents" living in them, so the taxes for the people that live there and work/pay taxes are rather high... so they are to be avoided.

Now, some of you maybe be thinking "wow - that's cheap" and it is, but it is also an hour to the nearest decent sized city with airport... so you have to take that into consideration. The local shopping, well it sucks :) But that's of little concern to me.

This is very exciting for us - I am really pumped because it's near my bud - who is the closest thing to a "best friend" that I have (other than my wife), the land is super productive - can grow anything on it, you can literally hunt year-round (deer, hog, turkey, squirrel, rabbit, dove and various varmints) and its populated by old fashioned country folks - the good kind.

The topography is rolling hills and there's a good sized river only 6 miles away (or less) and large lakes about 30 miles away - so if we want to go fishing we can do that as a day trip easy.

az_paul
03-20-2011, 02:21 AM
Sounds terrific!! Best of Luck!!

The banks are all whores these days, so be very careful!!!!

O.S.O.K.
03-20-2011, 11:25 AM
I'm going to talk to two or three there. You pretty much have to use a local bank.

Partisan1983
03-20-2011, 07:37 PM
I am insanely jealous!!!

O.S.O.K.
03-20-2011, 07:54 PM
I still think that getting 5 or 10 acres adjacent to a national forest would be a great way to go... especially in areas where the land pricing has risen to $8K+/acre.

That's the case in Texas - depending on where you locate of course - there's land for less than a thousand an acre - but its in a very remote desert area.

Dr. Gonzo GED
03-20-2011, 08:03 PM
That's Awesome!

I want to do the same thing out here in a few years. (Working on getting enough to buy a parcel outright)

Sounds like a great find with all that water. And how cool to have a small private Lagoon? Get yourself some fish and crawdads right out of the back yard! Take fresh game at your leisure. Living in the heart of mother nature every day.

Sounds like heaven man!

HDR
03-21-2011, 03:09 PM
Running water means you might have some springs, nice very nice and the water insures it will be attractive to game. The one thing I don't have on my land is surface water, nice find. Any buildings or are you starting from scratch?

I have surface water but it is about 500' down and steep. :D

Buford T. Justice
03-21-2011, 03:36 PM
No buildings on it. Not near a NF, no, but surrounded by acreages in a very rural area. This is near a friend's place.

The county will pop for a culvert and entrance ramp to the place and then I'll need to go for $1500 or so to get a bulldozer to make a short road/driveway up to the home site and clear the site. This will be about a 75 yard drive or so curving back to the clearing.

There is a natural draw that we can put a levy/burm accross to trap the running water and make a pond below where the bouse will sit.

I'm going to build a smaller place at first which will become the "guest house" later or maybe we just build onto it.

The goal is to build it as we go and have the whole place paid for in 10 years or less. I will be 60 at that point...

Just a suggestion but what you may want to do is what I am doing on my newest farm. We built a 30x48 pole barn and ran electric and plumbing. We are finishing a small insulated living area (18x30) in it and then we are going to decide what kind/size of home to build. The house will be many years down the road. The living quarters will become office space/man cave/guest quarters etc. and we still have a nice size part for machine shop/work shop or whatever.

American Rage
03-21-2011, 06:20 PM
Pics please.


Rage

O.S.O.K.
03-23-2011, 12:57 AM
Rage, not sure if you mean me or Buford - I'll post some pics after I get it done... and Buford, that's a good idea. I have thought of doing that... that space could just become an air conditioned shop space too...

One good thing about this is that I am in sales. I entertain customers.... I should be able to write-off my expenses for this property based on my use of it for entertaining customers. I have to get a good accountant for this.

American Rage
03-23-2011, 11:48 PM
Rage, not sure if you mean me or Buford - I'll post some pics after I get it done... and Buford, that's a good idea. I have thought of doing that... that space could just become an air conditioned shop space too...

One good thing about this is that I am in sales. I entertain customers.... I should be able to write-off my expenses for this property based on my use of it for entertaining customers. I have to get a good accountant for this.

I'd like to see your land if you don't mind.


Rage

ubersoldate
03-24-2011, 12:15 AM
Very nice man!! VERY nice!

Im not sure how people can think about living, or buying in large cities or towns if they really believe that there is something coming down the pike..
What your doing is going to mean the world to your kids as well!

NewbieAKguy
03-24-2011, 12:21 AM
Lucky duck!!!

O.S.O.K.
03-24-2011, 01:26 AM
Very nice man!! VERY nice!

Im not sure how people can think about living, or buying in large cities or towns if they really believe that there is something coming down the pike..
What your doing is going to mean the world to your kids as well!

Thank you - I am hoping that we can move there in a couple of years - cause that's exactly how I feel too. Regardless of what happens, I would rather be in a rural area, living as much off the grid as I can reasonably manage. It's really the only way that we will have anything close to a "retirement" when the time comes.

Not that I'm ever planning on just vegging - but I don't want to continue the travel and BS for any longer than I have to. I think it would be nice to get an FFL and start an on-line gunshop maybe - or something like that that I would enjoy and that would cover the bills.

One step at a time though - and you guys that have already done this have shown the way - thanks!

O.S.O.K.
03-24-2011, 01:31 AM
I'd like to see your land if you don't mind.


Rage

I will. I don't have the pics from the camera handy but I'll post some of those. I can also post a satelight pic too. Hopefully soon! :)

I talked to the bank Pres today (small bank) and he gave me the go ahead - said to let them know when I had a purchase agreement. I do want to get some other quotes though... and I'm still waiting to get feedback on the going land value before making the offer.

sksAL
03-24-2011, 10:26 AM
sounds great! you get mineral rights too? i like the water on the property.

Mark Ducati
03-24-2011, 11:55 AM
Mineral rights? That's right... get a shovel in the creek and try some panning, you never know what you might find a foot or so down that's been covered for a 1000 years.

There is Gold here in GA... when we get our land, that's one of the first things I plan to do.

old Grump
03-24-2011, 03:33 PM
There is a natural draw that we can put a levy/burm accross to trap the running water and make a pond below where the bouse will sit.You do know that there are a host of regulations regarding running water and what you can do with it. If it doesn't originate on your land and it leaves your land the regulations are even tougher. If you are really going to try and make a pond you will need to get with the state boys and get all your permits in order before you turn over the first shovel full of dirt or it is going to get real complicated and expensive.

I had considered making a pond on my land and I was going to have to fill it from a well because I have no running water. Then I looked into the permits and the requirements and the restrictions on depth, and surface measurements and what I could put in it and I dropped the plan. Then there was the question of insurance and the tax assessor taking another look at my property. Things you need to consider.

coppertales
03-24-2011, 03:47 PM
mean SNAKES, the watermoc kind. Be careful. I gave up on the land plot in west Texas. I am concentrating on a UP camp now....chris3

O.S.O.K.
03-24-2011, 06:48 PM
My buddy didn't get any permits that I know of. He just did it. I don't think there are any such required in this area.

Coppertails - I wondered about that West TX deal - very remote and dry... kinda cool but very remote and dry.

coppertales
03-25-2011, 09:40 AM
I would do the west Texas land deal. It was on Terlingua Ranch. Lots of land for sale there cheap. The only problem is that most of it is off the grid. At 67, I just don't want to take up another project that is rather out of the way. I am satisfied with my camp in east Texas and the one I hope to buy in the UP. I have two on the line. All I have to do is convince the old lady to pull the trigger on one of them. After all the whining she has done about buying a place up there, now she is getting cold feet....chris3

Forgot to mention that I already have a lake access lot in the UP. We are just trying to decide wether to build a cabin on it or buy one already built.....chris3

O.S.O.K.
03-26-2011, 11:36 AM
My wife did the same thing. She was gung ho and then after I call and tell her the loan is approved she has some misgivings.

I think its just the normal wife thing where they want you to be the one making the decision. If it works out great - fine if not, its on you :)

That's the way it is...

And I JUST FAXED THE OFFER IN TO THE AGENT!

:woot:

Can't party or celibrate yet - he has to accept or counter now....

I came in a bit low but did my research to see what land was actually selling for - since this land is mixed pre-salable lumber and hardwood bottoms, I had to guestimate a proper price. The offer is $500+ below his list per acre though... but that was based on the whole parcel which was mostly presalable and salable lumber - which is higher.

So now we wait...

old Grump
03-26-2011, 12:53 PM
Depends on how long the land was up for sale and how bad the seller needs to move it. I bought my place for basically what the owner needed to pay off the IRS so he had to sell and I was the only firm bid he had. He hadn't been reassessed for years so I was able to get it for what it was assessed at. Since then I have been reassessed twice and my taxes have tripled. I couldn't afford to buy it from me now with the market down and the assessment so high. Thank God I busted my hump with all those extra payments and got it paid off before I turned 65. Now all I have to worry about is stupid things like utilities, taxes, new roof, (ouch).

If your offer is firm and he doesn't have any other firm bids you are in the catbird seat. Good luck.

abpt1
03-26-2011, 01:45 PM
My wife did the same thing. She was gung ho and then after I call and tell her the loan is approved she has some misgivings.

I think its just the normal wife thing where they want you to be the one making the decision. If it works out great - fine if not, its on you :)

That's the way it is...

And I JUST FAXED THE OFFER IN TO THE AGENT!

:woot:

Can't party or celibrate yet - he has to accept or counter now....

I came in a bit low but did my research to see what land was actually selling for - since this land is mixed pre-salable lumber and hardwood bottoms, I had to guestimate a proper price. The offer is $500+ below his list per acre though... but that was based on the whole parcel which was mostly presalable and salable lumber - which is higher.

So now we wait...
Good luck!

O.S.O.K.
03-26-2011, 01:51 PM
Thanks guys. I do have to check all of the pitfalls - back taxes, etc.. I don't think things are moving that quick right now but it depends on how badly the owner want's to sell.

There's not a lot of land for sale in this area but there is some - my buddy found another guy (timber man) that knows of other places - but they are all 150+ acreages and you don't know if the owner will subdivide...

30-35 acres is all that I want (to pay for)... ;)

And OG, you should look into setting yourself up with wind/solar power generation. Once that is paid for, it's just maintenance and of course eventual equipment replacement, but the monthly cost works out to a very low figure. And if you have timber on your land, you should be able to take care of the heavy lifting with that (heating and cooking).

old Grump
03-26-2011, 04:59 PM
Thought about both but I live in a valley and while I have a lot of pesky wind funneled up the valley most of it is of limited use. more slack time than high wind time. Solar is an option I am thinking of when I redo my roof but both are limited because of my location. Solar water heat would be good maybe 5 months of the year but the maintenance goes on year round. Solar electric appeals to me because the front of my house faces south, (on purpose), but the initial cost of solar panels and the wiring is way out of my reach. This is in my field of expertise and I know batteries and inverters well. To make a unit big enough I need to give up a room or add a small out building near the house.

But, and this is a real big 'but' for me, my area averages 89 full sun shine days a year and another 90 days of partial sunshine. Winter or summer it doesn't make any difference, solar power would work in cold weather but there is a reason suicides in my part of the country go up in February, you can go over 30 days with no sun showing at all and when you do get sun it gets colder than hell. If I lived where I want to live my house would be an advertisement for solar power but family obligations has me in Wisconsin and I'm getting a little long in the tooth to make a major change unless I win the lottery.

Wood I got and my brother and I both prefer wood heat, the problem is we got old and rickety when we weren't looking. Now it is only supplemental because we aren't able to go out and process it like we should. Hill what damn hill, I don't remember no friggin' hill. I have a hard time just getting a garden in and while I still shoot way more than most it is beginning to become more of an effort too.

coppertales
03-27-2011, 08:51 AM
My fingers are crossed. I spoke with my BIL and he thinks I am doing ok with this buy. FIL likes it too. He said he will walk the property to see if it is all like the front part. I notice a dirt road touches the NE corner of the property so I may have access to the back side. This property is a HUD and in forclosure so the bank may just want to dump it and claim the loss to zero and get a refund. My inlaws live on an excellent walleye lake about 3 miles away. I am looking forward to spending my summers there. Now, to get this house ready and sold so I can get out of the city....chris3

old Grump
03-27-2011, 01:54 PM
Good luck on the house sale but that might take awhile too unless you are willing to take a big chunk out of its market price in order to move it. I hope you have a heck of an aggressive Realtor pushing your property. One house I sold in Prospect Heights Illinois when houses were selling still took me two years to move selling for market price and two houses I sold in Wisconsin since then I basically sold for what I had in them, took me 6 months to get rid of them.

O.S.O.K.
03-27-2011, 03:52 PM
http://farm6.static.flickr.com/5261/5565114981_9ccc2203c8_m.jpg

OK, this is a satelite pic of the total parcel - I have the offer in on the part in the lower right-hand corner. See the white county road running north to south? That's the western side of the division that I'm after which lies to the east of the road and outlined in blue. It's about 35 acres or so. The total blue outline is 154 acres. The light color is 3 year old pine in this pic which is from 2007 - the pine is now 7 years old. The little dark green spot on the left is actually an area that has a small family cemetary on it (there's one headstone for a young woman who died in 1840's). The other dark areas are hardwoods and bottoms. The land to the south and east of this is a cattle ranch (a guy from Texas - go figure!).

I have some ground shots too - from when we were "touring" but they're on my wife's camera and I can't find it... I'd blow this up but I had a hard enough time getting this off of the pdf file that I had...

coppertales
03-27-2011, 06:56 PM
You can do a little paranormal investigating. Nice piece of land. Tell us where it is after you buy it.

I don't think I will have any problem selling this house. When I bought it I did the location, location, location thingie. Quiet street, elementary and middle schools two blocks away, 4 grocery stores within 3 miles, major mall 5 miles away, DFW airport 12 miles away, Fort Worth 10 miles away. Besides, this area is fast growing. chris3

O.S.O.K.
03-28-2011, 09:54 AM
Things in Texas aren't as slow as in other parts of the US. Houses are still selling - though slower than before... but they are selling. I've seen it in my own little community.

I will say that the large, expensive houses are sitting. It's the smaller houses $150K and less that seem to be selling.

My town is typical of a lot of smaller towns - has large mansion type homes for $500K on down to stuff that needs to be knocked down.

O.S.O.K.
03-28-2011, 04:32 PM
Well, heard back from the agent - he countered with $2260 or flat amount of $70K. Not what I was looking for. Further, they want $7000 in earnest money - WTF? Crazy.

We located some other property and there's another guy that has some listings I can check out.

O.S.O.K.
03-28-2011, 06:19 PM
I replied to this guy and thanked him for the quick response, told him how I got to the offer price and let him know that there's other acceptable land available.

We do like this spot but there are more... see what he does.

O.S.O.K.
03-29-2011, 05:41 PM
Contacted another realtor and she recommended a bunch of other banks - said that 20 and even 15% down is more like standard.... she also has some good listings - going be back in the area in a few weeks and check em out. One place is 80 acres for $86K - doable but is out further... but the sats look very nice - prime hunting area.

This may take a while... but I'm on it like a bloodhound now - the wife's even bugging me now asking what I did each day :)

American Rage
03-29-2011, 10:17 PM
You bought the right parcel. Best of luck.


Rage

O.S.O.K.
03-30-2011, 09:47 AM
Nope - no buy yet... I am still working on it. But thanks :)

That 80 acres is very nice - I'm going to go take a look at it in a couple of weeks along with some other places.

Maybe this will all be for the better - that other place was only one of the very first ones we found...

And 20% down is a hellava better deal on the loan.

O.S.O.K.
03-30-2011, 03:29 PM
Well, talked to two more banks - both sound a lot better than the one that was working with. One of these is a coop too, which I like!

There's a lot to buying land... almost as much as with a house... more in some ways actually.