Buying land

[wldlndfirefghtr]

Hello everyone,

First I'd like to start out and say, this is an excellent forum and the quality of people and willingness to help is incredible.  I started out in REI a little over a year ago, by buying a single family home in a college town.  If it wasn’t for the 8 months of reading, researching, asking questions, and getting feed back from individuals such as yourselves, I’d probably be lost.  I’ve been trying to get more property there right now, but the market seems over heated, houses and condos are selling fast, most condos are selling less than a day of coming on the market, which has in turn pushed prices up.  So I have turned to trying something else.  Looking into buying raw land in my home state of Alaska, and considering sub-contracting to build single family or duplexes, and either selling for a profit or holding as a rental, all of course subject to the numbers.

Any feed back from individuals that have gone this route, specifically the purchase of the raw land, i.e., lots and small 1-2 acre areas.  Trying to narrow down the things I should be aware of, questions to ask, etc.  Once I get a good idea of what ask and things to look for, then start figuring the next stage.

So anybody got and good ideas.

Thanks so much in advance.  

[NancyChadwick]

When thinking about buying land, I think people should start with the premise that everything they need to know about the parcel has to be researched because it's usually not self-evident. Issues such as current zoning requirements and restrictions, availability & accessibility of public utilities to the site, deed restrictions, wetlands, floodplain, environmental contamination, realistic sale value of the new house on its lot.

Essentially, you don't want to have to close with the seller until/unless you have all the approvals & permits necessary in order to stick a shovel in the ground. This means getting a good real estate attorney involved to draft the contract with the appropriate contingencies for an upfront due diligence period and also for getting the subdivision and/or zoning approvals.

Nancy

[Mohegan]

Found what could be a desperate seller.. what should be done or researched.. How can i make this profitable? What kind of creative fiancing with owner? I will go see the property this weekend..Any ideas..or Aligator?Maybe dividing it up and selling lots is the best idea..

36+- acres in Greenbush about a mile in on a nice dirt road, plenty of logging roads to keep yourself happy, wildlife lovers paradise, room for whatever you want to do, taxes are cheap, bass fishing is ten minutes away. once in a lifetime deal . I am out of work. $25000  

[shayas]

There are definetly lenders that will look at this property. There are a few NY based lenders that are willing to listen to a "story" so being out of work, without the right zoning, etc, they will work with you to get it done.