Posted by Rich Iowa on December 11, 2012 at 20:09:58 from (173.30.131.95):
I have no knowledge in buying land so hopefully some on here can give some insight. I've been thinking lately of finding a place, a few acres up to 40 acres in size, to set up a home base of operations if you will and then work towards renting/buying more land as things progress. Friends showed me an ad for a farm of 187 acres for sale close to where they live. Pretty sure the bank won't give this 28 year old $1 million but this got me thinking. My questions:
What kind of loan options are available? I know there are regular loans from the bank. Are there options from farm service agencies? I believe I've seen some where there are loans for beginning farmers. Or a possibility of working with the owners/sellers on a deal?
How long can it take to purchase property? I assume it will take awhile to get every thing worked out, which would give me time to get a degree finished. I expect to be done with school in August, 8 months from now.
I could or would probably rent the land out to a current tenant or someone else for a year or two til I was ready, and may or may not live on the property depending on the distance from where I live and work currently. That would provide a little money at least.
I will talk to a cousin who is a realtor and the guy my sister has worked with at the bank to get their opinions and ideas on this. I know speaking with an attorney about this would be a good idea too.
I know there are lots of helpful guys/gals on here so that's why I'm throwing my thoughts out on the table.
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