Buying Land

Just a quick question for those of you who have bought your own land in recent years….

What options do you have when buying land? I mean is it just like having a second mortgage or do you have a partner that you went in with?

Curious as to what some of you guys do – when the time comes for me to buy land I’d like to be a little more educated than I am now…

thanks fellas

I have bought(for myself) vacant land in the past and a cabin also. The process is as easy as buying a house or anything else, I have to say that the less partners you have the better though. Being able to make 100% of the decisions regarding your property has its advantages…even if it costs you a little more every month. Is this hunting land or a future building site?

I wish I would have invested more into land a few years back when thing were cheaper

Just bought some land back in March. 3 investors and its hunting land. Interest rates are normally higher on recreational land and we had a hard time finding a borrower that would take less then 25% as a down payment. Thats a killer. We setup an LLC and purchased it under the LLC.

I bought my land 5 years ago and know several who have purshased land since then…In my opinion it is not like buying a house because MOST banks want more then 20% cash and that is what you need in most house loans. I enough money up front so it didnt effect me, I know others who took out home equity loans so they would not have to worrie about the more the 20% cash up front…..I would check with your bank as all are different but that is my expierence….good luck Jay

Buying land is definetely a good investment. They aren’t making it just anyday anymore!
Good luck and let us know more as you find out>

Hey Whitetails;

Where did you get your LLC documentation/agreement from? My cousin and I are in the process of buying a 40 acre parcel in Central Wisconsin. He is all paranoid about going into this partnership and he wants all kinds of protections written down – which I agree with. Just don’t know where to start. I like the LLC part but I can only find LLC agreements for business agreements. Any help would be greatly appreciated.

A friend of mine is a CPA and he did it all for us.