Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
So, basically I think I want to buy some land, hopefully as an investment, timber + renting fields out. But my dad said he didn't think I could get a loan just for land. I have not talked to a realtor yet.
One property I'm looking at does have a 140+ year old house on it + a few outbuildings, but my hunch is it's unliveable and may possibly need torndown. Just 25 acres, but it's cheap. I'm seeing this one on Saturday.
The other property I was looking at has 3x more land at 77acres, but no buildings and is priced about 1.5x the first. However, the seller had the timber valued at over half the purchase price, and with this one I would get all mineral rights including gas/oil, transferred with the property.
Okay, so after veering around a bit, I guess what I'm wondering is could I get a loan on either of these properties since the first has a "house" and the second would be an investment property and not just a plot of land. I could put down 15% on the first, 10% on the second. The second I would probably have partially-logged soon after buying and re-invest the money in the property.
Time to call a mortgage broker (not a realtor). Discuss the situation and get a real answer. Banks do make loans on land, and they do require a higher % down.
Time to call a mortgage broker (not a realtor). Discuss the situation and get a real answer. Banks do make loans on land, and they do require a higher % down.
A bigger down payment AND usually a much higher interest rate.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
