How I Got FREE Land To Build My Dream Home -- You Can Do THIS Too!!!
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- Опубліковано 2 сер 2024
- I want to tell you how I got free land to build my dream home. No this isn't a gimmick or some kind of land giveaway in BFE. This is something anyone can do to end up with free land. A little out of the box thinking and some patience, and you too will get free land. It's a great way to build wealth and get rich. You can subdivide your way to your forever home.
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These comments! He made some moves and ended up with free land. Yes he had to make some moves that cost money up front but at the end of the day he ended up with a piece of property for free because he got all of his initial money back and was left holding this property free and clear. So yes, free! He didn't say it was quick and easy. He said he ended up with his land that he essentially paid nothing for. Not a hard concept to understand and not clickbait. Smart moves. Thank you for sharing! BTW: Would love a house tour as well. Your place looks beautiful
*TO SAVE YOU TIME:*
He *DIDN'T.*
He bought low, divided the property, renovated the smaller part that had a house on it, then up sold it for a profit, and kept the larger piece for his personal use.
*NOT "FREE!"* But, certainly a VERY good strategy to use.
He made a profit, so better than free, but the whole thing wasn't doable without resources to start with. There are usually angles to leverage, like with the interest rate so low and prices so high, things can be done, but you still have to have something to do something. There are usually differentials in value and opportunity if you look. I wouldn't be buying high right now, you'll get stuck, unless you have a way to leverage. Interest rates are too low and things are dicey. Bound to be a serious correction, and then, but financing will probably be harder. Contacts that keep the low interest rates with a simple transfer were stepped on by banks, some time ago.
Buy cheap, sell expensive, and it _seems_ free
True. Land certainly wasn’t free. Maybe he can say he broke even or had no net cash out after all done, but to say this land was free is a bit of a farce. Buying, moving, renovating, platting, recording, selling definitely has cost to it.
@@locke3141 Everyone click baits, so if he doesn't do some of that he can't compete. That's the real.
Thanks
I love this idea. I buy and sell lots in OK and have heard of subdividing as a strategy to make more but it’s a longer process/turn as mentioned. Been looking at lots now to build a home and it’d be great to get a larger parcel that could be split/sold to help pay for part of it.
I got almost 6 acres of prim river front land on the actual day of the bottom of the market for 1/3 the value of the raw, unimproved land value and it came with an unfinished custom 5,342 plus square foot home, a dream well with plenty of water flow and a septic tank with a leach field in perfect working order. We purchased a used travel trailer and parked it on the property to live in so that we could save money. We sold the travel trailer for the same amount we purchased it for three years later so zero rent or cost of living. We have done 100% of all the construction with our own hands but we are not finished yet. We have a pile of receipts and haven't gone through them yet but will and I suspect that we will end up being half of what you've spent due to our construction experience. My wife is a cabinet designer, builder and finisher and I build homes from the ground up. That's a great video and makes me think of wanting to do it again for retirement money.
Robert, I would watch your video! Congratulations.
@@bob_frazier Sorry but I like to keep my life private.
You just like to hear yourself talk or what ? Blah blah blah
@@subtropicalpermaculture I guess I don't get out much so when this video popped up, I decided to talk and share my experience a little bit. It's kinda like going to town just to sit in a coffee shop to hear others talk but this time I decided to strike up a conversation. I was caught in a week moment I guess.
very good explanation. Thank you
Thanks for sharing and breaking down this strategy @Garrett. I've had this idea in the back of my mind for some time but thought it couldn't be done. Nice. I'm also checking out your videos on ICF as well. If you don't mind sharing, how did you then fund the new build on the sub-divided lot?
This was a long term plan with lots of saving as well as selling 2 properties to fund this build.
@@Challenged1 cool beans. I need to get on that savings plan. Would love more detail if you are willing to share.
@@AaronHope_Sow I'll probably make a "How I did it" type video in the upcoming months. Lots to share and will probably take multiple videos
very helpful info.
Thanks you. I'm glad to help
Smart! Very helpful!
Glad to help
That clock noise had me looking around my house.
Question: I was told properties need to be unencumbered before is divided, that means no loan
I had a loan on my property when I divided this piece of land although I had about 25% down. This is probably a conversation you would need to have with your lender. I was with a local credit union, and they didn't have a problem with it. I do know they had to sign off on it before the plat was filed with the county.
Thanks for posting. I did not know this was a thing.
@@joshnabours9102 Yeah, you can't borrow money to build a home on land you don't own because the bank could loose their investment to your mortgage holder. The work around is a construction to permanent loan where you borrow the money to own the land and then give them a lien on it so if they have to forclose they get both the land and the house. Doable.
its not really free if you need a million in the bank to get it, but i do appreciate the idea. ive seen really remote lots on barter websites but thats obvously not a real option
Actually, you just need the down payment. I financed the property with my local credit union.
@@Challenged1 I see, things work different in usa I guess. I'm from India and its not like that here. Thanks for the clarification!
The only "free" land I have found has been in places I did not want to live, and even then it was in the city, and what they are after is the property tax. There is nothing free.
Love the vintage Art Deco wood clock on the wall.
Another video I loved watching! This seems very feasible!!!.
I appreciate it
Did the back lot have public road access? Or did you have route a driveway by the front lot?
It did not. I created a flag lot with the majority of the land being the flag, and a 40 foot strip along the side of the front lot that allows me access to the road.
In case you're broke and clicked on this thinking it's too good to be true, it is. I watched the whole thing: he paid $200k+ for the land plus $5500 for plot subdividing surveying. He just split the land and sold half for a profit, so he's calling that "free".
Based on your comment, how much did I pay for the 8 acres I got to keep? Was it not free in the end?
@@Challenged1Lets say i go to a casino with $100. Play some blackjack, maybe some slots, get lucky and walk out with $120. I'm not going to walk around saying "The casino's giving away free 20 dollar bills!" Because they're not. No, in order to walk out with an extra 20 bucks i needed two things. I needed the upfront capital ($100) and I needed some luck. This is no different from what you've done.
You need the upfront capital to purchase the property. Even if you only put 25% down, you still needed that $50+k to even consider this move. You're also relying on the property market outpacing inflation. While this has been the case for most of North America over the past decade, it is by no means a guarantee. If someone bought those 8 acres and a house from you for $330k, could they again subdivide it and sell 4 acres and the house for the same price? It's a gamble at best and a Ponzi scheme at worst.
@@CheersAllAround Look at it like this, I bought a property that was reduced in price because it was a foreclosure. It had a significant amount of land in the back that was unused and most considered worthless because it was land locked (no access). The second that I subdivided making 2 lots and gave this back piece of land access to the road, it became valuable. I actually had folks wanting this piece of land included with the front lot, but they weren't willing to pay more for it. Therefore, the market saw this land as worthless when combine with the front property, but valuable split into two lots with two separate homes. There was no luck, just an understanding of how the market works.
If you are looking for free land, you may be able to find those places with struggling towns looking for fresh blood and business. Kansas is actually one of the states that comes to mind for this. Admittedly it is usually an acre or less, and often in a remote town with minimal amenities and such, but you are getting free land. This method described is free as far as net zero goes, which is appropriate considering that’s how we determine profitability anyhow. It surpasses the breakeven point so it paid for itself and is free in the end. He doesn’t say get land with no money, which is an entirely different scenario. In this day and age, creative financing, creative designs, and innovative methods are the only thing that will take you out of the status quo of the average person.
@@joshualruby Well said!!!
Amazing stuff, we’ll done for having the guts at such a relatively young age to do this stuff. 👍🏻👏🏻
Thank you
awesome job man! what state are you in?
Kansas
You're a genius
@0:55 "Sometimes you have to force something to happen for you in order to get what you want."
@1:07 "... someone has to pass away ..."
Me: 😳
Hi Garrett, what part of Kansas are these 6 plats that you have divided up? I might be interested
Southeast of Wichita
@@Challenged1 - can you share a bit more detail of where the land is? Thanks
@@VintagePrincess27 They are listed on the MLS currently. Between Rose Hill and Derby, the only lots from 4.6 to 8 acres available.
What sort of regulations? Are there restrictive covenants in a lot of the subdivisions preventing ICF Construction? For me and my wife we are debating what type we will ultimately do but I really want one way or the other the home to be built out of concrete whether traditional formed walls ICF spider ties or some other method.
I've never seen a covenant preventing ICF construction (would be pretty stupid if they did). I've also never seen a government regulation preventing it either.
@@Challenged1 one thing I have heard about a however is restrictions on people trying to do largely DIY which forces them to go in the hole really big time to get it done in an expedited fashion, basically a payoff to various subcontractors by making people captive to them. Is this something that you have run into along the way at on projects?
But anyway I spent 10 years selling the world's best ice cream and frozen food for a living on one of the areas on my route was a locality that for several years actually had those kind of restrictions in place for no other reason other than the regulating local authorities didn't understand it and local contractors who built stick-built houses saw their livelihood threatened by it. It was the only specific area where I saw that happening although houses built that fashion are still greatly in the minority.
@@eddieschwab864 I have not heard of that. Where was this for you?
@@Challenged1 okay didn't specifically affect me but I know a customer mind that was trying to build had to jump through a lot of Hoops on their project. It was in Kentucky, LaRue County, town of Hodgenville specifically...
@@Challenged1 like watching your videos one thing I'm specifically considering is perhaps using metal trusses for the roof with a layer of concrete over it at the top sort of like what spider ties and a few of the other outfits that supplies for building with concrete use leaving only using wood for framing interior walls.
Get that money Garrett 💕👏🏾👍🏿
How can you find regulations on land
Contact your governing agency and local title companies.
@@Challenged1 cool, thank you
Kudos to you, but your land was not free - you earned it by your work subdividing etc. and also were advantaged by a rising market between purchase and sale.
It ended up being free, which was my goal. Sometimes you have to be patient and think creatively.
@@Challenged1 sweat equity is worth the effort. that's how we have done it as well. our program is rental houses in Canada. your video is excellent.
Do this in california and multiply everything by 10. And I mean everything, like the time it will take.
That doesn't surprise me
My grandparents all passed away and all I got was my grandpa's old t-shirt
Man, what a bunch of jealous looser comments! Good for you. I'm happy for you. Nice vid too.
OK the way you said free made it sound like a lot was given to you for free by the government.
This is like saying I got a free new car after selling my old one and using that money to buy the new one.
Then you didn't listen. I said, "there is a way you can end up with free land"
Free Land ...of Corse you Can Get A Lot of Things For Free .. But It Takes Money To Make Money/Get it For Free.. 300Grand may be chump change to people in ok,ny,ca,ext ext but here where im at That is a shit ton of money & maybe 1 n 100 people have that kind of money around here.. I Was had about 30 acres +-/Farm That my Grand paw gave me/left me But I Got Screwd Out of it by a Crooked so called uncle & their was/is nothing i could really do about it other than not like it.. Even Though I Can Prove It To. He/The Crook/Thief has ben to Prison 2-3 Times For it & tax Evasion But Still at it & i dont have the money to fight it ! It was where i was born & Raised / The Best Memory's Of My Life. It Is the Only Home that ive Ever Really Had ! It Was Originally a 60-65 Acre+- Farm & 30Acres+- Was Passed Down To My Grand Father From My Great Grand FatherWho Bought The Other 30-35 Acres & He Raised 5 Kids & Kept Them Feed & a Roof Over Their Heads & Now They Act Like They Could Care Less about him/Hur?(My Grand Parents) Or Their History/Family Heritage & It Breaks My Heart Ever Time I Think About It ! I Would Love To Have Just The Original 30 Acre's But Like I Said its Hopeless Pretty Much ! But I Have Not Forgot About It !
Thanks for your feedback ......
For more guidance and lessons
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Boy boy oh boy just to much man just say you wanted that land so bad this is what I paid for it hell the owner may have inherent that land so look at what they make off you. But you did break the land down and got some of your change back
That make no sense!!
You bought a land WITH a home and you ended up with a piece of land WITHOUT a home (which was the reason that you was looking for homes to buy!) So now you have to build your home! 🤯🤔
I ended up with free land
I dint think you know what free means. Sounds like you paid appx $270,000. It worked out great for you but it wasnt free.
If you listen to my words, I say "Here is a way you can END UP WITH free land".
Terribly misleading title.
My thoughts exactly. All the things mention are NOT FREE. When were actions free. The things people do just so they can get views. Disliked for google algorithms.
I disagree.
The land was never FREE
Sure it was
...soon to be her house. Sorry bub
Is not free if you need 270k to begin with. Is not simply ‘thinking outside the box’, is also having the money to start and also to wait and be patient till you can sell again.
To resume: I wasn’t free, but I was a good business.
You don't need $270k to begin with, only the 20% down-payment. If you listen to my words, I said "This is a way that you can end up with free land".
@@Challenged1 So it was my mistake. So to have land like that, you only need 54k to start with, and some financial stability, and you will eventually get it for free after selling the rest of the land.
And of course, while you wait to have that, don't forget to think outside the box...
My problem is not with the strategy or the result, it is with the ease with which you say that only "thinking" outside the box is necessary (like modern 'life coaches'). when clearly enough more things are necessary.
In any case, I repeat, it is a good deal and also a good advice if you happen to have all the rest of the requirements.
@@Juancaiman1 You can buy a much smaller house on the same size land and require much less down-payment. I get your point though.
To me, what makes it "outside the box" is the fact that no one valued the land as extra until I subdivided it. Buyers valued the property the same regardless if it was 14 acres or 6. What made it have value was turning it into 2 lots. The value-add was created inside my head and then executed by hiring an engineering/survey firm.
Thinking outside the box to me, is just looking at a problem or issue a different way. While 99.9% of people saw the property as only one thing, I saw it differently which allowed me to end up with free land.
It was usury . Making money off money not your labor . A sin.
You think this is ground breaking to sell of pieces of your property ? People buy property bust it up and turn it into trailor parks ..condos , subdivisions, every day. You act like you did something amazing here . Full of yourself . All you did was have access to credit .