Advice...needed from some older wiser people

a lot of people do owner financing to keep from paying capital gains on
income tax. it may have nothing to do with the value of the land but a tax strategy.AT i sold a house in 2006 and held the note and so fer it has worked out great.I get a check every month.also i bought my first house
in 1986. iwas 20 years old and nervous as a ##### in church when i did it.
i had owner financing,got my lawyer to do the settlement and it worked out great.evan after real estate market crash its still worth 5x what i paid for it.ask a realtor to check some comp's in your area,if the price is right
go for it .just make sure you pick the title/settlement attorney

 

Ok so I found a WAYYYY Better place to find land in SC. And Apprently theres allot more of it for sale then I thought!


Anyway so I've found lots of large pieces of land for sale for allot less, and all of this is through realty companies...So I'm going to let this one go and buy a cheaper lot.


I've found allot of 12-20 acre lots for $29K-$40K and 21-40 Acre lots for $40K-$90K.


Thanks for all the advice and for all the info that I didnt know about buying land.



When I buy one I'll post pics!






American Trucker

 

Good deal! That sounds alot better. I was going to say in where I live, you can buy acreage for $2500/acre. I wasn't sure about SC. I lived in SC when I was younger. It's a good state to live in.

A little more advice. We had a few truckers on here that done the same thing. If you are out in the middle of nowhere, you open yourself up for crackheads stealing everything on the land. Keep it to a minimum. Put you a gate up at the driveway entrance.

Also, if you put your stuff in storage, computers don't like cold weather. I learned that the hard way. Furniture handles it well. I had my stuff in storage two years before I moved back home. You don't have to spend extra money on a climate control place.

You might check with Ag Credit too. They have special financing on rural property.

 

Well this isn't what I'd call rural, but its on the edge of it lol. I wont be haveing any problems with Trespassers I can garentee it! After the first shot people tend to run away......well limp away when I'm the one shooting...


Where I come from....That little yellow POSTED sign means if you pass I shoot....If you die, not my problem. Thankfully The law here in Both of the carolinas reads pretty much the same.


And once theres a house on it there will always be someone there...





American Trucker

 

There'll always be a nice piece of property available somewhere. Why is it so important that you buy this particular piece now?

If you can get rid of your apartment, put your stuff in storage, live in your truck and save money, by all means do it! Save your cash, and when you have enough to buy this kind of place without taking out a mortgage, start looking...you'll find what you want.

 

First of all you have only been in this biz for one year. Who sez the seller will have enough confidence in your earning power to complete the deal? Considering your age and limited yearly income... $40K is about $12K under what the Feds say is the national average.

The owner will laugh off that $100,000 low ball offer... I know I would. And I wouldn't consider you a serious buyer unless you had the 10% downstroke... and a co-signer.

You are 21... the real estate market hasn't hit bottom yet in many areas... you will have plenty of time to buy your 'dream' property. What you may not realize is what your 'dream' place is today will NOT be your dream place when you are 30... or 40. Things change... tastes and needs change (heck I used to drive a Freightliner... and liked it!).

Few people buy once and stay put forever.

Young buyers like you were my bread and butter when I was in the car biz... they are impulsive... they 'buy with their eyes' and seldom consider all the factors when making a purchase. I would say 80% of the cars I sold to people under 25 years old were traded within 12 months.

If the seller would agree to sell that parcel to you on a contract I would bet he's aware that odds are you will never complete the contract.... you are likely to walk away when things get tough... and tougher times are ahead of us I'm afraid.

 

See post 72.....





American Trucker

 

not to hyjack but I want a piece out in jackson hole,WY anyone want to barrow me 15-16 mill.

 

Just make sure all your (ducks) are in a row, couldn't find ducks, before you buy.