buying undeveloped land... would you?
- Thread starter one Q
- Start date
There are ways to get out of rural land taxes, at least in my state. For instance, if deer are killed your land here you barely have to pay shit. Rich people don't like paying taxes so they write themselves nice loopholes.
Research is gold right
Buying undeveloped land!?
Done it a few times - from 5 acres to well over that.
Didn't always get a "deal" because sometimes you gotta pay that little "extra" if it is something you really want for one or the other reason.
(from a growers perspective it's usually that "other" reason making the little extra worth it!)
Buying (undeveloped) land is THE way to go especially these days where land is as cheap as it was back in the 70's.
Done it a few times - from 5 acres to well over that.
Didn't always get a "deal" because sometimes you gotta pay that little "extra" if it is something you really want for one or the other reason.
(from a growers perspective it's usually that "other" reason making the little extra worth it!)
Buying (undeveloped) land is THE way to go especially these days where land is as cheap as it was back in the 70's.
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My buddy's grandad did the same thing. Built a cinder block shack on undeveloped property. He was an alcoholic and drank 16 oz PBR. He put one can in each block hole. When it thunders you can hear the cans rattling inside the blocks.
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30 years ago this is what my wife and I did. We bought land in the Maine wilderness and staked out our claim in the last wave of the "back to the land" movement. We bought a tipi from Oregon and lived in it while we hacked a cabin out of the bush. We moved up in the snow of late winter and moved into the cabin just before Thanksgiving. We had the world by the balls. Three years living off the grid, hauling water cutting firewood, canning our garden; the whole dream. We finally got power when the nearest neighbor paid to have a line brought down the road. Our first bill was 3$. A few lights, the stereo. We already had a gas fridge, stove and were setup for low useage. Every year a nice outdoor grow to see us through.
A few things to consider about this. Just like the threads that talk about going out to Cali and plugging into that lifestyle, you need resources. Someone said "gravel is cheap". No its not. To gravel out a road off the pavement back to your secluded spot can easily cost thousands, if not tens of thousands of dollars. When the big truck comes and dumps 14 yards of bank run into a big pile and the dozer flattens it out you gain 20-30 feet of road. At $100 a load that quarter mile run back to your spot adds up quick.
There are fixed costs to put up a house regardless of the size or fanciness of the structure. No matter where you are you need a building permit. That will force you to get a septic system designed, even for an outhouse. A septic system will cost anywhere from 5-20K depending on the soil. As stated earlier a well will cost you another big chunk. Getting power run if you want it is big. Putting in any foundation for a house is expensive, be it full basement( you want a basement), I built my cabin on posts and put a full basement under it years later, way harder than doing it in the first place.
Even if you go the yurt, tipi, tent, hovel route you need a good 4 wheel drive to get around, gather firewood(a good chain saw is $350). You need to puke up some structures for storage, tools, animals. Go to home depot and just do a takeoff on a 12x12 shed and realise how expensive it is to build anything, even if you can do it all yourself.
That being said, if I was starting out I would look around at land that has a house, barn, outbuildings something that is already there that you can live in and put some shit in. The more beat down and shabby the better. You want a structure that adds little or no value to the land, but is there nonetheless. Maine is full of these places. Abandoned homesteads with apple trees, old garden spots, roads, maybe a well. That's what you want.
Also, we bought our land in the Winter when you could see through the trees and get a real lay of things. Also, and this might seem trivial but it's not, see how the sun hits your land in the Winter. The farther north you go the shorter the days. You want maximum sunlight. That ridge to the west might block the sun by 2 pm in winter and greatly reduce your solar potential. You want sun in your kitchen windows in the morning in winter if you can.
My family had a lifetime adventure doing what you are talking about doing. It can still be done. You will be greatly rewarded if you know what you are getting into and can adapt and be self reliant. Go for it.
A few things to consider about this. Just like the threads that talk about going out to Cali and plugging into that lifestyle, you need resources. Someone said "gravel is cheap". No its not. To gravel out a road off the pavement back to your secluded spot can easily cost thousands, if not tens of thousands of dollars. When the big truck comes and dumps 14 yards of bank run into a big pile and the dozer flattens it out you gain 20-30 feet of road. At $100 a load that quarter mile run back to your spot adds up quick.
There are fixed costs to put up a house regardless of the size or fanciness of the structure. No matter where you are you need a building permit. That will force you to get a septic system designed, even for an outhouse. A septic system will cost anywhere from 5-20K depending on the soil. As stated earlier a well will cost you another big chunk. Getting power run if you want it is big. Putting in any foundation for a house is expensive, be it full basement( you want a basement), I built my cabin on posts and put a full basement under it years later, way harder than doing it in the first place.
Even if you go the yurt, tipi, tent, hovel route you need a good 4 wheel drive to get around, gather firewood(a good chain saw is $350). You need to puke up some structures for storage, tools, animals. Go to home depot and just do a takeoff on a 12x12 shed and realise how expensive it is to build anything, even if you can do it all yourself.
That being said, if I was starting out I would look around at land that has a house, barn, outbuildings something that is already there that you can live in and put some shit in. The more beat down and shabby the better. You want a structure that adds little or no value to the land, but is there nonetheless. Maine is full of these places. Abandoned homesteads with apple trees, old garden spots, roads, maybe a well. That's what you want.
Also, we bought our land in the Winter when you could see through the trees and get a real lay of things. Also, and this might seem trivial but it's not, see how the sun hits your land in the Winter. The farther north you go the shorter the days. You want maximum sunlight. That ridge to the west might block the sun by 2 pm in winter and greatly reduce your solar potential. You want sun in your kitchen windows in the morning in winter if you can.
My family had a lifetime adventure doing what you are talking about doing. It can still be done. You will be greatly rewarded if you know what you are getting into and can adapt and be self reliant. Go for it.
buy land now, there is near ZERO building of new homes in the USA right now. contact the county you want to buy in and find out what's going into forfeiture due to back taxes, you might just find the parcel that you want and only have to pay the back tax bill on it.
But keep in mind it will take 7 years until that land actually becomes yours.
Until then if the rightful owner pays those "back taxes" w/interest you'll lose it all.
not!
But keep in mind it will take 7 years until that land actually becomes yours.
Until then if the rightful owner pays those "back taxes" w/interest you'll lose it all.
after buying tax forfeited land the owner has a single year to redeem it from the purchaser, the owner LOST IT by going 7 yrs unpaid to the county. buy it and the owner must PAY YOU the tax costs plus interest within a year or it goes over to you. YOU have bought the debt and paid the county, why would the county wanna fuck you?
c'mon! really! who the fuck would buy something he has to wait 7 yrs for just to risk losing his entire investment. it doesn't happen that way at all.
if it were as you stated then there would NEVER be a single piece sold under tax forfeiture. call your county and find out the truth.
tell me what state/county does it that way, be specific because I'm out to prove you wrong.
santamartagold
Member
Some great comments and recommendations.
A couple of things to keep in mind is that banks have taken back an enormous amount of undeveloped/semi developed land that was held as additional collateral by the bank from borrowers. So there is a large inventory sitting on all regional and small local ones as REO and they will sell it at a huge discount. Some may be zoned as commercial (best investment), resi, or agri. Your needs may not be consistent with any zoning or deed restrictions, especially if you plan to ever run a business on it like a trout farm.
If seller is not a lender, you still may want to know who and how much land is available around it for sale for how much and the usual due diligence. A lot of people have been taken on land acquisitions since the housing market collapse in 05. So if this will be a sizable part of your assets, these may be important to avoid an immedeiate deterioration in value.
babble babble lol
A couple of things to keep in mind is that banks have taken back an enormous amount of undeveloped/semi developed land that was held as additional collateral by the bank from borrowers. So there is a large inventory sitting on all regional and small local ones as REO and they will sell it at a huge discount. Some may be zoned as commercial (best investment), resi, or agri. Your needs may not be consistent with any zoning or deed restrictions, especially if you plan to ever run a business on it like a trout farm.
If seller is not a lender, you still may want to know who and how much land is available around it for sale for how much and the usual due diligence. A lot of people have been taken on land acquisitions since the housing market collapse in 05. So if this will be a sizable part of your assets, these may be important to avoid an immedeiate deterioration in value.
babble babble lol
santamartagold
Member
Actually this is very complicated. Some states have a Right of Redemption which varies from 1 to more years. What you are really buying is a tax certificate in the amount of the amount of the tax or the winning bid. You wait until the redemption period expires before you can motion the court for title as the deed holder (owner who owes) can redeem it within the time period plus interest/fees, if any, but would have to pay you whatever you want to remove your claim from his title AFTER the redemption period expires. Deed holders seldom redeem their property because they obviously cannot even afford the tax on it. But if they did after the expiration date, this can become a nasty and long legal battle. You would have a lien on the owner's title you can hold as great negotiating leverage to have owner pay you a hell of a return on the amount you paid for the tax certificate after the expiration period or fight in court where you might motion the court for some quite enjoyment type of deed. Usually, it's the lenders who buy at tax and foreclosure sales 90+% of the time.
There are companiesw that do this for a living, especially on large commercial property and hospitality assets.
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santamartagold
Member
Michigan = 2 years
TN = 3 or 5 years
Fla. = 2 years
OHIO = 0 years
The above may have recently changed
Remember you buy a Certificate and you don't get title automatically after the period expires. The Deed holder can still tie you up in Ct.
TN = 3 or 5 years
Fla. = 2 years
OHIO = 0 years
The above may have recently changed
Remember you buy a Certificate and you don't get title automatically after the period expires. The Deed holder can still tie you up in Ct.
santamartagold
Member
But keep in mind it will take 7 years until that land actually becomes yours.
Until then if the rightful owner pays those "back taxes" w/interest you'll lose it all.
Strainhunter - you are one of the heros at ICM. I read you great thread about getting all setup last week and that's all I have thought about. You're awesome. I see you have a connection this moment.
You may have crossed the 7 years which should be related to squatter's rights. No nothing biggie man from moi.
GanjaGoblin
New member
Buying some land out in the desert would be perfect. Throw up some shipping containers. Convert one in to a living space, the other fro crop. Run em on some generators. Perfect setup
Well Stoner4life all I can tell you is this, and this is how it has been working for me for almost 15 years until 3 years ago.
I now have more land than I am willing to handle
:I have been buying tax certificates for those 15 years, some in Cali, others in FL.
I have "made good" on about 3/4 of the properties and now actually own them.
The remaining 1/4 I was "paid back" the taxes + interest and "lost" the land associated.
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