Posted by BarnyardEngineering on September 02, 2019 at 13:01:04 from (66.67.62.199):
In Reply to: Buying Land-Advice? posted by tree-farmer on September 02, 2019 at 11:19:24:
It's not going to be like, "Oh you own 80 acres, we're going to sell you this other land at a cheaper price, give you a lower interest rate, etc. etc.." Land ownership doesn't gain you entry into some sort of secret club.
The 80 acres will be counted among your assets when the bank is analyzing your suitability for a loan on the 30 acres. If you are making payments on the 80 acres, or if the taxes are putting too much of a burden on your income, it may actually HURT your chances of getting good terms on the load for the 30 acres, or any sort of loan at all. At least when I went to borrow money for my house, they made sure that the payments would not exceed a certain percentage of my income. If they were too high, no loan.
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