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Re: question about buying land... [Re: No-Tox] #1009165 11/03/09 12:56 AM
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cameron00 Offline
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We're closing on Friday. I just built my feeders and have everything ready to go. I'm heading straight from the closing to the property to get everything going.

Process was actually really easy. We went under contract almost exactly 1 month ago.


Re: question about buying land... [Re: cameron00] #1010921 11/03/09 04:56 PM
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texas_sooner Offline
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Congrats cameron00. I be you're really anxious for Friday to get here. If it was me, I'd probably be too excited to sleep Thursday night



"Deserve's got nothin' to do with it." William Munny
"What's right is right." Billy Batts
Re: question about buying land... [Re: No-Tox] #1011029 11/03/09 05:39 PM
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Originally Posted By: No-Tox
Originally Posted By: txhunter24
How much of a tax brake does an ag exemption actually get you?


TONS! The place I hunt on now is about 300 acres and the taxes are $350 a year. If it is not in AG exempt or some other exempt status currently the process can take up to 3 years to establish the exemption. So it is critical to look at that when purchasing a property.
Other things are electric and water. Just because they are right on the road by your place doesn't mean it will be cheap or that you can tap into it. I know of a place that has electric by the road and it will cost a bit to get it to extend to where it is needed and there is water lines on the road. The kicker is that the water lines are loaded so until they upgrade the system no one else can tie into them. So that means a well if you want water. It's the little things like that will spike your costs once you buy if you don't do your homework.


If you are building a single family permanent structure and they are a public water supply they can't legally decline service. They'll try....


Re: question about buying land... [Re: No-Tox] #1011134 11/03/09 06:12 PM
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dr730 Offline
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Originally Posted By: No-Tox
You got to have total buy in from the spouse becuase you think you spend a lot of time at the lease. Wait until you own the land and you just want to "go check on it". I took my wife around to see about 4 to 5 properties over the last 6 months. The only property she was happy with was the one that was only 45 minutes away from the house. It was great for me because this was also a place I have hunted for 4 years and know very well already.
The biggest hurdle for most people is the down payment. I'm not sure where the $4,000 to $10,000 came from as stated before you are going to need 20% of the appraised value (so hopefully the appraisal will be same or more as the purchase price). So if you are looking at a small peice of property for $100,000 (on the cheap end) you will need $20,000 just for the down payment. Your closing costs will be anywhere from $2,000 to $4,000.
I'm just very happy that God has given us the opportunity to do this without having to go into debt.



well I have been looking at smaller places out of state around $30,000-$50,000 and was figuring a down payment of around 15%-20%. If I buy in Texas all that would probably go way up to about what you are talking about.

Sounds like you will have a great place pretty soon! Congrats.



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Re: question about buying land... [Re: No-Tox] #1013350 11/04/09 01:24 PM
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Two of the best sites I've found are www.landsoftexas.com and www.texashuntingland.com


Last edited by TX_LT230FH; 11/04/09 01:25 PM.

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Re: question about buying land... [Re: TX_LT230FH] #1032470 11/12/09 06:19 PM
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texas_sooner Offline
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Just burned another morning on the interent looking for some land to buy.

TX_LT230FH, that first website is helpful. Thanks for posting.



"Deserve's got nothin' to do with it." William Munny
"What's right is right." Billy Batts
Re: question about buying land... [Re: texas_sooner] #1032704 11/12/09 08:07 PM
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dr730 Offline
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Originally Posted By: texas_sooner
Just burned another morning on the interent looking for some land to buy.

TX_LT230FH, that first website is helpful. Thanks for posting.



happens all the time.... fun aint it!



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Re: question about buying land... [Re: TX_LT230FH] #1034739 11/13/09 05:42 PM
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Txduckman Offline
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Man, where I hunt the same listings on landsoftexas have been on there for over a year with new ones added at even higher prices. My old lease is in one of the pictures and it wasn't worth $1,000 total just to lease it. More land for sale than I have ever seen and no comps to support them since nothing has sold even close to what they are asking. And less money out there to buy with. Our own moderators land is down to $1,295 an acre and last year they would not go below $1,600. Times have changed.

Now this is funny! Texas hunting land has South African land for sale!

http://www.texashuntingland.com/Listings/2925SouthAfrica.htm


Re: question about buying land... [Re: Txduckman] #1035472 11/13/09 11:17 PM
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Nathan at Fork Offline
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Well, Im dealing with a purchase right now. Not recreational funting land, but a 70 acre farm. Will be living there. MY loan fell through when they realized how much land was with it. Had a 30 year fixed locked in at 4.875%. But, apparently, no one will do a regular loan when so much land is involved.

So, now the best rate Ive found is a 5 year ARM at 6.5 % and 15% down on a 30 year note with no origination fee. Sure hate to do an adjustable mortgage but so far everyone has told me its impossible to do a fixed rate loan on a farm where most of the value is in the land. That mortgage is with City National Bank in Yantis.

I called several of the AG lenders and their rates where higher.

Anyone have any other suggestions? I can do a down of 20% on the purchase price of 180K. Have great cresit, and income to be approve on a larger loan. Would appreciate any help.


Last edited by Nathan_at_Fork; 11/13/09 11:19 PM.

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Re: question about buying land... [Re: Nathan at Fork] #1038764 11/16/09 02:33 AM
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Txduckman Offline
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Is the reason they won't do that b/c they don't think current prices will even hold up? Too much risk on their part?


Re: question about buying land... [Re: Txduckman] #1039553 11/16/09 03:38 PM
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Koolade Offline
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TXduckman,
The money is readily available, at least out this way it is. We have lenders contacting us LOOKING for loans to MAKE. They are local banks and Ag Lenders, but they are there. Terms aren't outrageous either. Of course, it could be because land is still quite a bit cheaper in most of this area than the rest of the state too.


Re: question about buying land... [Re: Koolade] #1039631 11/16/09 04:16 PM
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Some good infor here, going to stick it.


Re: question about buying land... [Re: dgilbert] #1041228 11/17/09 02:14 AM
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Nathan at Fork Offline
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Well, I have called a total of 20 banks and ag bank but the only one who comes close to the 6.5% 5 yr ARM is Legegacy Ag in sulphur springs and they offer the same 30yr loan in a 5 yr ARM at 6% but require an extra 5% down, and a $1000 loan fee. Think Ill be going with CNB in Yantis. I even called all the big AG banks around the state. Guess Ill just have to buy it now, and try and refinance within 5 years using my VA loan or something.



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Re: question about buying land... [Re: Txduckman] #1043339 11/17/09 08:57 PM
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Nathan-I'm going with an AG bank becuase of the Co-Op aspect and being paid a dividend each year if the banks does well. I had to pay the origination fee ($1000) but will make that back with the dividends in no time. with similar rate as you are getting with a 5 year ARM on a 25 year note.
Adjustable is how the AG banks are able to be profitable. You can get a fixed rate but you will be looking at 8% or more.



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Re: question about buying land... [Re: No-Tox] #1044277 11/18/09 02:00 AM
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timbertoes Offline
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Nathan, Please do not get an ARM. its like playing russian roulette with your life.

Better that you live in a shack, with a future.

than live in a shack becuase you lost everything.

With Obama, + whoever = gambling on the future.



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Re: question about buying land... [Re: timbertoes] #1046500 11/18/09 10:09 PM
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Originally Posted By: timbertoes
Nathan, Please do not get an ARM. its like playing russian roulette with your life.

Better that you live in a shack, with a future.

than live in a shack becuase you lost everything.

With Obama, + whoever = gambling on the future.


Good advice if there was a real choice. When buying raw land that is how business is done now. Mostly because of AG banks that want to "guarantee" they will make money and not go out of business like some are doing now a days. These aren't regular ARMs that are suckering buyers into more loan than they can afford.



If you can't lick your own, you can't sit on the dog stand!
Re: question about buying land... [Re: No-Tox] #1046734 11/19/09 12:01 AM
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remember the 80's. 15% interest...

maybe you can split this thing up. House + some land. low interest fixed 30yr, low down payment.
the remaining land at 15yrs + max down.



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Re: question about buying land... [Re: timbertoes] #1046994 11/19/09 02:03 AM
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No-Tox is right about these not being the type of ARM's meant to lure people in. The AG Lending institutions are more conservative, and didn't participate in that practice for the most part. The same can be said for many of the local banks that are still very strong.
Most of these 20 year Ammortized, 5 year fixed loans are capped somehwere in the mid to high 8's (at least the ones my clients have gotten lately).


Last edited by Koolade; 11/19/09 09:25 PM.
Re: question about buying land... [Re: Koolade] #1076066 12/02/09 03:35 PM
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Buy it with your IRA.


Re: question about buying land... [Re: glens] #1080689 12/04/09 01:39 AM
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Originally Posted By: glens
Buy it with your IRA.


be careful and check w/ tax advisor. I'm not sure if the exemption is applicable in this case. Make sure of the tax implications before using a retirement acct. Unless you're over 59 1/2. then doesn't matter.


Re: question about buying land... [Re: JJH] #1080819 12/04/09 02:34 AM
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medic726 Offline
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how important is it to try and get mineral rights these days, it seems that not many people want to give them up or they dont have rights with the sale


Re: question about buying land... [Re: medic726] #1082856 12/04/09 10:11 PM
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Its important IMO but good luck getting them with the crazy oil and gas market now.




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Re: question about buying land... [Re: txhunter24] #1091925 12/09/09 02:03 AM
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Minerals just flat aren't owned by many current owners these days. You can find out who does own them and do your best to buy them out if you want, but they're not going to sell cheap typically.


Re: question about buying land... [Re: cameron00] #1092690 12/09/09 07:24 AM
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Read my ad in land and leases. I am giving full minerals and there is a well ..That is the back 15 acres not the front .



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Re: question about buying land... [Re: fishinbob2] #1093946 12/09/09 08:38 PM
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I should rephrase that...

There are still plenty of places where you can get minerals on land, but those places are typically places where the likelihood of valuable minerals isn't high. Because anywhere that is a hot spot for oil & gas will have speculators making offers on mineral rights. If the owners turned down the speculators because they didn't want someone drilling on their land, but are now selling it, they will price the mineral rights into the price of the land.

People aren't stupid. Most of the places I've looked at and inquired as to mineral rights have been 1 of 3 answers:

1. Don't own the minerals - sold before current owners bought or current owners already sold.

2. Won't sell minerals or will sell minerals for an additional $40,000.

3. Sure, you can have the mineral rights. This isn't an area where natural gas or oil is drilled for.


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