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Posted: 2/5/2017 8:37:54 PM EDT
[#1]
I have 16 acres I bought 20 years ago. What do you want to do with it?
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Posted: 2/5/2017 9:02:27 PM EDT
[#2]
building a house within the next 2 years.
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Posted: 2/5/2017 9:05:33 PM EDT
[#3]
Quote HistoryQuoted:
building a house within the next 2 years. Best bet might be owner financing. Seems it's hard to put a value on bare land. |
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Posted: 2/6/2017 8:52:10 AM EDT
[#4]
Traditional banks do not like to lend on more than 5 acres or so.
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Posted: 2/6/2017 10:14:50 AM EDT
[#5]
Ag South Farm Credit would be a good place to start, even if you never plan to farm the land.
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Posted: 2/6/2017 11:53:21 AM EDT
[#6]
Owner financing would be the easiest but you will usually pay a little higher interest rate.
When I owner fiance something I'm selling I typically charge 1 or 2 points more than a bank quote. I've had good luck financing land through local community banks and when I say local I mean local to the land I was purchasing. Local bankers know the area and property values but most of them only offer short term financing between 48 and 72 months. As previously stated there are financing institutions that specialize in unimproved land but I've never used them so I won't comment on their services. td |
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Posted: 2/6/2017 10:51:19 PM EDT
[#7]
Ask a realtor that sells land in that area who they use. As others have said... not many banks are interested in land loans.
Good luck, and let us know when you are ready to host a shoot. One HTF shoot and you won't have to worry about trespassers. 
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Posted: 2/7/2017 5:57:33 AM EDT
[#8]
Just an update for anyone that's interested. Financing under 10 acres isn't hard to do. 35% down and it's a 3/1 or 5/1 arm based off a 30 yr mortgage with 4 ish% interest. What sucks is when you get over 10 acres. Most loans end up considered commercial so it's a 3-4 year repayment with 8-12% interest. Then it's a whole nother can of worms getting a construction loan to build a house. Looks like we're gonna stay in a 7-9 acre range unless we find owner finance.
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Posted: 2/7/2017 9:34:47 AM EDT
[#9]
Quote HistoryQuoted:
Just an update for anyone that's interested. Financing under 10 acres isn't hard to do. 35% down and it's a 3/1 or 5/1 arm based off a 30 yr mortgage with 4 ish% interest. What sucks is when you get over 10 acres. Most loans end up considered commercial so it's a 3-4 year repayment with 8-12% interest. Then it's a whole nother can of worms getting a construction loan to build a house. Looks like we're gonna stay in a 7-9 acre range unless we find owner finance. That's the problem I ran into. I found two that would do a home mortgage on over 10 acres, Mortgage Lenders of America and New American Financing. They may be able to help, but I'm not sure since you want raw land. It's a little easier if you buy a place with a house already on it. |
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Posted: 2/7/2017 7:10:04 PM EDT
[#10]
The construction loan isn't a problem no matter how much land you own as long as the land is free and clear.
I just built a home on my farm and cut out/surveyed three acres to build on. The bank financed the home and three acres. td |
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Posted: 2/7/2017 7:22:56 PM EDT
[#11]
It'll actually work out well with staying under 10. Construction loan isn't a problem at all. we probably won't have to put any down for that because we'll have quite a bit of equity on the property by the time we build.
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Posted: 2/7/2017 8:07:00 PM EDT
[#12]
Got a bit too excited looking at the title. Was hoping there would be some info on N. Ga land leasing. Still looking for the elusive lease that would allow for setting up temporary barricades and steel out to and beyond 800yds.
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Posted: 2/8/2017 11:31:32 PM EDT
[#13]
We bought 20 acres outside of Ellijay a few years ago. We did a balloon loan, but I don't remember the details as we paid it off about a year later.
Now, I'm thinking of doing something entirely different. If we could find a house with full utilities on a decent piece of land, we could move sooner rather than waiting for the kids to go off to college. We can both work from home (I do already, but she had to be outside a reasonable driving distance), but our land in Ellijay doesn't offer anything except power at the street (and a 1/4 mile pull to get to the build location). |
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Posted: 2/11/2017 5:57:45 AM EDT
[#14]
Quote HistoryQuoted:
We bought 20 acres outside of Ellijay a few years ago. We did a balloon loan, but I don't remember the details as we paid it off about a year later. Now, I'm thinking of doing something entirely different. If we could find a house with full utilities on a decent piece of land, we could move sooner rather than waiting for the kids to go off to college. We can both work from home (I do already, but she had to be outside a reasonable driving distance), but our land in Ellijay doesn't offer anything except power at the street (and a 1/4 mile pull to get to the build location). Neighbors house right across from us is for sale. 7 acre!  You know I'd love to have you up here!!
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Posted: 2/13/2017 2:44:10 PM EDT
[#15]
Quote HistoryQuoted:
Neighbors house right across from us is for sale. 7 acre! You know I'd love to have you up here!!Quote HistoryQuoted:
Quoted:
We bought 20 acres outside of Ellijay a few years ago. We did a balloon loan, but I don't remember the details as we paid it off about a year later. Now, I'm thinking of doing something entirely different. If we could find a house with full utilities on a decent piece of land, we could move sooner rather than waiting for the kids to go off to college. We can both work from home (I do already, but she had to be outside a reasonable driving distance), but our land in Ellijay doesn't offer anything except power at the street (and a 1/4 mile pull to get to the build location). Neighbors house right across from us is for sale. 7 acre! You know I'd love to have you up here!!
Don't tempt me. Hope the family is doing well - we should get a bite to eat sometime and catch up. 
ETA - PM me the info on that property. 
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