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Young bloods in need of ideas on finding bare land with owner financing/land contract/bank?  RSS feed

 
John Paul
Posts: 5
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Hello all, this is our first post, nice place you have here.

3.5yrs ago, a bank failed to give us a $20,000 home loan, even though we had credit cards w/ $7000 lines of credit. So, rather then renting for another 3 years, we built (completely ourselves) a 700sqft semi-green cabin on my in-laws family farm.

We now have 2 boys, and wish to get a piece of bare land to work on paying off over the next few years so we can build a new one, or move this one, as the corruption of the encroaching city is here and will overcome this area in the coming years.

One of us have real good credit, the other (me) not so much. We will have $2500 to get us started come first week of Fed 12'. We have $500 aside for finding the land and researching over the next 6wks. We both live very simple, and have very simple incomes, (1/2 the poverty line, but we are plenty happy.)

We are looking for a simple bare or wooded 3 to 5 acres for about $2000.

With that, here is what I have learned from this site, what am I missing, what advice to you have? More so, How Do We Find?

Thanks in advance!

*
Owner financing
Pro’s

No $1000+ closing costs, pay a lawyer a few hundred.
Owner picks who buys land, they get to discriminate.
Owner earns the interest, not banks.
Normal pay off in 10years.
Deed is titled to us, but owner is lien holder rather than bank.

"if you find a place that's listed with a real estate agent, your down payment is more than likely going to have to be enough to at least cover the commission. My place was a "for sale by owner" - no real estate agents, no bank. Everything was done by a title company."

"We found a deal for 20 acres with power, well, and phone on it. He was asking 57000 for it, we offered 50000 with 15000 down, and 8 years at 8 percent interest for the balance. He didn't even quibble. No credit check. We did the deal through the title company, they take care of the payment from us to him for a small fee. The total of the closing costs was 400.00 to the title company."

Buy woods or hillside, not good ag land as it is high now due to the price in corn
*
 
Tyler Ludens
pollinator
Posts: 9740
Location: Central Texas USA Latitude 30 Zone 8
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Please post your location or where you would like to buy land. There may be someone on the board who will split off a piece of land for you to buy.

 
John Paul
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Tyler Ludens wrote:Please post your location or where you would like to buy land. There may be someone on the board who will split off a piece of land for you to buy.



We put $2000 for 3 to 5 acres! HA $20,000....


We are looking for Holmes County, Ohio. Possibly Wayne or Knox County, but Holmes is where we are aiming.

Thanks
 
Terri Matthews
Posts: 469
Location: Eastern Kansas
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$20,000 is MUCH better! LOL!

We ended up buying 5.7 acres for $27,000? I forget: it was a while back. At any rate, I looked at www.unitedcountry.com, which brought up some affordable places. I went and looked but I was not impressed. What DID! impress me was that the entire area was affordable! It wasn't just one affordable place it was dozens and dozens!

So we found a place we liked and then we visited the realtor on the "for sale" sign. The realtor told me which bank would finance on bare land (most banks insist on lending on places with houses), and so we ended up with a place for 15% down and payments of $150 a month.

Ugh. Never mind: I just looked at the very few properties they offered. Still, they are not the only people who advertize their properties online: online is where I would start, if only to find which areas are more affordable.
 
John Paul
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So after some hard thinking on what we can really do here....

I think our plans will be set forth...

We are paying off our SUV in May via tax return, so we'll have this outta the way, plus cheaper insurance. Saving us $200 a month, that we will replace with a land payment.

I feel from what I learned here, we need to become known with a local bank that offers what we will be needing, Chase would be to hard to work with I feel. SO this week we are opening a savings & checking account at such a local bank we have picked out, so by june 1st we have a track record with them.

If we really hunker down, we project to have right over $5000 in savings by june 1st.


In the meantime we will research land, but this ensures we will be able to get what we need, while having the closing costs & nice down payment if we go with the bank. (worst case we have a rainy day fund)



So if you are reading this post before june 2013, (and the world didn't end lol) please feel free to post any good info on finding vacant land.

Thanks!
 
S Bengi
Posts: 1359
Location: Massachusetts, Zone:6/7, AHS:4, Rainfall:48in even distribution
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Your car loan is most likely zero interest so it would be better to use the money to pay off, other higher interest loan or to make a bigger down payment on the land thus less interest payment on the land.
Plus with a few thousand dollars in hand you are views as less of a risk and more likely to get owner financing and even bank financed.

I have no idea what your finances look like. But if you can save $5000 by june - the june suv payment + tax return + 7,000 line of credit. Thats 5,000+7,000+tax return(5,200)-200=$22,000 and you only need 27,000 you can most likely get owner financing for the other 5,000 or just ask each of your grand mother to loan you 2,500.

here are a few places I found
http://www.landsofkansas.com/land-for-sale/7-acres-in-Shawnee-County-Kansas/id/1125638
http://www.landsofkansas.com/land-for-sale/13-acres-in-Douglas-County-Kansas/id/1106264
http://www.landsofkansas.com/land-for-sale/248-acres-in-Osage-County-Kansas/id/1105862
http://www.landsofmissouri.com/land-for-sale/40-acres-in-Benton-County-Missouri/id/979711
 
John Paul
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0% on the car lol, nope... not a new car....

 
John Paul
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Thanks for the land links, but as mentioned we are only buying in Holmes County (Or surrounding), Ohio. We still have family where we are and need to be somewhat available in the event of emergency
 
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