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recession proof GLP...buying land near your home
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Broke!
User ID: 368888
8/23/2008 2:32 PM
Report abusive post | recession proof GLP...buying land near your home
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I have a small amount of money in my 401k. Company will let me borrow half and pay it back into my account. So, I have $15,000 that I can use to buy land.
I had NOOOOO idea land was so dang expensive!
Illinois, close to St. Louis, MO is asking $80,000 for 3 acres. Looking for 1 - 5 acres of woodland property.
I was expecting to pay $2,000 an acre.
If anyone is buying property for their future sustainability, they need to have lots of money or go into debt to a bank with a new loan.
*********
Are people buying land close to home so they can go work it daily/weekly? Planting and fencing, etc? Or, are they mainly buying a bug out cabin far from home that is cheaper per acre?
Thanks. |
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Anonymous Coward
User ID: 452321
8/23/2008 2:37 PM | | Re: recession proof GLP...buying land near your home | Quote |
I think the weekend bug out cabin is a better way to go. Land is much cheaper in the Ozarks. |
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Anonymous Coward
User ID: 452321
8/23/2008 2:39 PM | | Re: recession proof GLP...buying land near your home | Quote |
The main problem I have with buying land and living close to the city you work in is that you have a daily long commute to work morning and evening. Whereas if you have your rural retreat located too far away to commute, you can spend your week in the city and your weekends in the country. |
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CountryJoe 
down a long dirt road is my domain
User ID: 487196
8/23/2008 2:40 PM
 | | Re: recession proof GLP...buying land near your home | Quote |
2k an acre? they don't make land that cheap anymore.
Each of us-
A cell of awareness-
Imperfect and incomplete.
Genetic blends
With uncertain ends
On a fortune hunt that's far too fleet.
IM @ AIM: country12965
Yahoo: JoeSicspak |
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paladin 
Forum Moderator
User ID: 489830
8/23/2008 2:48 PM
 | | Re: recession proof GLP...buying land near your home | Quote |
someone at work bought 15 acres north of Houston...like 100 miles north..
most of it is woods...it has a 2 acre pond that is 20 feet deep with cat fish in it..
it was a foreclosure....paid 40,000 |
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Anonymous Coward
User ID: 489823
8/23/2008 3:02 PM | | Re: recession proof GLP...buying land near your home | Quote |
someone at work bought 15 acres north of Houston...like 100 miles north..
most of it is woods...it has a 2 acre pond that is 20 feet deep with cat fish in it..
it was a foreclosure....paid 40,000 Quoting: paladin
Excellent site for tracking land/home values and prices in U.S., Canada, and entire planet...
[link to www.landandfarm.com] |
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Jdd
User ID: 347452
8/23/2008 3:51 PM
 | | Re: recession proof GLP...buying land near your home | Quote |
Great link! Thanks, AC
Quoting: Anonymous Coward 489823 |
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Anonymous Coward
User ID: 368888 (OP)
8/23/2008 4:49 PM | | Re: recession proof GLP...buying land near your home | Quote |
someone at work bought 15 acres north of Houston...like 100 miles north..
most of it is woods...it has a 2 acre pond that is 20 feet deep with cat fish in it..
it was a foreclosure....paid 40,000 Quoting: paladin
WOW!
Great for him. Sorry for the guy who lost it.
Thanks, this gives me some hope. |
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Anonymous Coward
User ID: 368888 (OP)
8/23/2008 4:59 PM | | Re: recession proof GLP...buying land near your home | Quote |
I think the weekend bug out cabin is a better way to go. Land is much cheaper in the Ozarks. Quoting: Anonymous Coward 452321
This maybe the way I will have to go.
I had wanted something close to visit daily so I could have chickens, etc. |
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Anonymous Coward
User ID: 498352
9/6/2008 12:29 PM | |
Anonymous Coward
User ID: 368888 (OP)
9/14/2008 7:45 PM | | Re: recession proof GLP...buying land near your home | Quote |
Quoting: Anonymous Coward 498352
Great website!
They also have animals listed for sale! |
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Anonymous Coward
User ID: 192810
9/14/2008 7:55 PM | | Re: recession proof GLP...buying land near your home | Quote |
Yeah, the farther you are from big cities, the cheaper the land, that's an unfortunate fact of life. |
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P.T.
User ID: 502933
9/14/2008 7:56 PM | | Re: recession proof GLP...buying land near your home | Quote |
I'm starting to look into possibly trying to buy a foreclosure near my home. My landlord is going to jack up my rent to over 500 a month. Only prob is I'm a single mom and while I'm trying to pay off my debt, my credit isn't that great.
Bottom line: Is it just wishful thinking to try for a foreclosure (and hopefully one that's not trashed)?
Appreciate the input. This thread was the only place I could think to put it.
Have a good night :) |
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Linzartart
User ID: 272356
9/14/2008 8:00 PM
 | | Re: recession proof GLP...buying land near your home | Quote |
I have a small amount of money in my 401k. Company will let me borrow half and pay it back into my account. So, I have $15,000 that I can use to buy land.
I had NOOOOO idea land was so dang expensive!
Illinois, close to St. Louis, MO is asking $80,000 for 3 acres. Looking for 1 - 5 acres of woodland property.
I was expecting to pay $2,000 an acre.
If anyone is buying property for their future sustainability, they need to have lots of money or go into debt to a bank with a new loan.
*********
Are people buying land close to home so they can go work it daily/weekly? Planting and fencing, etc? Or, are they mainly buying a bug out cabin far from home that is cheaper per acre?
Thanks. Quoting: Broke! 368888
dude buy at a tax sale or foreclosure its a buyers mkt right now..... |
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Anonymous Coward
User ID: 368888 (OP)
9/15/2008 9:51 AM | | Re: recession proof GLP...buying land near your home | Quote |
I'm starting to look into possibly trying to buy a foreclosure near my home. My landlord is going to jack up my rent to over 500 a month. Only prob is I'm a single mom and while I'm trying to pay off my debt, my credit isn't that great.
Bottom line: Is it just wishful thinking to try for a foreclosure (and hopefully one that's not trashed)?
Appreciate the input. This thread was the only place I could think to put it.
Have a good night :) Quoting: P.T. 502933
Go to bank or Credit Union and get pre approved. They can run your credit record and tell you what they would lend you based on your information.
Good luck.
Make sure you understand that it will be more expensive to own your own home than to rent. There is always items needing repaired in a home. Buying your own home is more to have your own space, than to save on monthly costs.
House may have more expensive electric bill because it is bigger, you will have to pay water and trash that may now be included in rent. (That's $50 a month).
Need extra $2k in savings for emergencies that come up when you own your own home.
Make sure you figure out what the cost of your home insurance and property tax will be before you sign anything. Those costs will increase $50 each year. My little house costs $2k a year in property tax alone.
Good luck. I love my little house and garden. Some day, I plan on buying land - couple of acres.... |
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Anonymous Coward
User ID: 368888 (OP)
9/15/2008 9:54 AM | | Re: recession proof GLP...buying land near your home | Quote |
I have a small amount of money in my 401k. Company will let me borrow half and pay it back into my account. So, I have $15,000 that I can use to buy land.
I had NOOOOO idea land was so dang expensive!
Illinois, close to St. Louis, MO is asking $80,000 for 3 acres. Looking for 1 - 5 acres of woodland property.
I was expecting to pay $2,000 an acre.
If anyone is buying property for their future sustainability, they need to have lots of money or go into debt to a bank with a new loan.
*********
Are people buying land close to home so they can go work it daily/weekly? Planting and fencing, etc? Or, are they mainly buying a bug out cabin far from home that is cheaper per acre?
Thanks.
dude buy at a tax sale or foreclosure its a buyers mkt right now..... Quoting: Linzartart
That's actually a great idea. I had put the idea of buying land on hold until I paid off my house, but maybe I will contact the bank and see what they have...
Will have to check into the tax sale avenue as well... |
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Anonymous Coward
User ID: 382187
9/19/2008 2:21 AM | | Re: recession proof GLP...buying land near your home | Quote |
Bottom line: Is it just wishful thinking to try for a foreclosure (and hopefully one that's not trashed)? Quoting: P.T. 502933
I don't mean to get moral on you, but it's sort of 'poor form' to deliberately go out looking to profit from another person's tragedy. |
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Anonymous Coward
User ID: 368888 (OP)
9/19/2008 10:32 PM | | Re: recession proof GLP...buying land near your home | Quote |
Bottom line: Is it just wishful thinking to try for a foreclosure (and hopefully one that's not trashed)?
I don't mean to get moral on you, but it's sort of 'poor form' to deliberately go out looking to profit from another person's tragedy. Quoting: Anonymous Coward 382187
If the only home you can afford is one that is priced low, you are being financially responsible to buy in your price range.
You could buy homes that are still owned by the individual instead of waiting for bank to take it back. This way, the person walks away with a bit of money and still keeps good credit.
Either way, you are doing nothing morally wrong. You are not causing the individual pain, you are just trying to watch your bottom line so you don't have to go thru something like the previous owner. |
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Anonymous Coward
User ID: 507621
9/21/2008 6:58 AM | | Re: recession proof GLP...buying land near your home | Quote |
Bottom line: Is it just wishful thinking to try for a foreclosure (and hopefully one that's not trashed)?
I don't mean to get moral on you, but it's sort of 'poor form' to deliberately go out looking to profit from another person's tragedy.
If the only home you can afford is one that is priced low, you are being financially responsible to buy in your price range.
You could buy homes that are still owned by the individual instead of waiting for bank to take it back. This way, the person walks away with a bit of money and still keeps good credit.
Either way, you are doing nothing morally wrong. You are not causing the individual pain, you are just trying to watch your bottom line so you don't have to go thru something like the previous owner. Quoting: Anonymous Coward 368888
go ahead and do it then, parasite. |
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Anonymous Coward
User ID: 333742
9/21/2008 7:34 AM | | Re: recession proof GLP...buying land near your home | Quote |
meh, many people get themselves into these situations through blatant irresponsibility on their part. Buying a foreclosure is just a smart business decision. Screw the moral high ground when so many have been living beyond their means all these years. |
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Anonymous Coward
User ID: 368888 (OP)
9/21/2008 8:31 AM | | Re: recession proof GLP...buying land near your home | Quote |
meh, many people get themselves into these situations through blatant irresponsibility on their part. Buying a foreclosure is just a smart business decision. Screw the moral high ground when so many have been living beyond their means all these years. Quoting: Anonymous Coward 333742
Glad someone agrees with me.
:-) |
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