I just secured 40 acres in Northern NV for $250 a month for 10 years and a well and septic is required before I can live there permanently but this is a much better option than just continuing to rent and never own anything.
I’m on the same path I’ve chosen Colorado tbh I was just looking up local well depths with the water well app. I’m also looking into septic tank placement too by using local companies.
@@michael_linden I got some just outside of Winnemucca so much cooler than Vegas. I would have preferred Elko but I wasn’t getting 40 acres for 20k anywhere else.
Remenber that in the 80’s, people were encouraged to save due to the interest rates. Right now there’s very little incentive to save because those who are saving are watching those who are reckless taking it in. I’ve been trying to save for a home and it’s been discouraging to watch prices continue to not budge because there’s people willing to get into a mortgage where they’re paying 40% of their income. It’s insane.
You're right! With the help of an experienced coach, I made some changes in my investments. I started with $321k, and now I have more than $750k by investing in stocks, ETFs, and bonds. I think housing prices won't go down much until there are more houses available.
Good information Wayne, I bought my 6 acres by land contract. I put 20% down over 10 years @ $125 month. I paid it off this year. Now the property is worth $35K more than I paid for it.
@@TanyaDavis954 I haven’t yet. My land is about a 3 hour drive from where my house is and I’m trying to decide how I want to develop it or if I should sale and buy something closer?
Ok, all the properties that have sold with similar features, on FMV is considerably more than you think. Sure, an ounce of Gold is $2600+, the ounce is the same, so the dollar is essentially worthless, but it’s still our currency.
With Offgrid Living and communities wanting to get back the land and owning land to create generational wealth this is a great way to start. People are wanting a more relaxed lifestyle and a home without the hustle and bustle of the city. These people are downsizing to Tiny Homes, Shed conversions and living in communities that provide that service. I say it’s an untouched market on the wave right now. From what I see of my community So I’m trying to figure out how to accomplish my dream and theirs. Think I got it!
I know an old black man w/ 2000 acres 400 developed. It’s amazing.. All his children have bachelor and masters degrees in finance.. 2 Male sons are builders. It’s. Amazing to watch..usable land is very important with the right people to help.
@@hamsack981black people are blantantly racist asf and dont think we are/or think its ok cause we suffered through slavery...as if every other race haven't also been enslaved. We're special for some reason though
Great info, A huge lesson I learned is: if the contract says “must adhere to the bylaws” get a real estate lawyer or someone who knows what the bylaws are. I purchased 3 acres, then the original owner shows up a few months later, he told me now I’m part of the (HOA) There were lots of HOA restrictions and I got tired of paying on a lot where the a-hole original owner was constantly trying to make a buck off of me and the other owners. He tried to control everything
For people new to buying land he is point out things that do happen: Also the right of way th the property may be land locked, ( title Search going back as far as you can) Check all leins on the property, taxes, irs, law suits against the names on the deed that lean the property, Department of environmental control, (Chemical Dumping) Was the property onec a land fill, a factory Site, people illegally dumping bio hazard, Get the well water tested, are you down hill from a different place that floods your property ( country map, and history archives) Was it an Indian burial ground, Do you have water right ( often not) Mineral, oil and gasl and coal rights on that land that some companies can literally show up and start digging, Underground mine tunnels under that property, Hostile Neighbors to newcommers, People squatting the land, Hostile Country employees, ( which maybe why they are selling)
I was surprised to learn of all the hazardous dumping that goes on in Oklahoma. Half that state is a super fund, wind turbines, toxic water, you have to do your due diligence.
This is by far the best checklist I have seen. I have called out not only realtors but also land owners that cover up issues on the property. People need a warranty deed, never a quit claim.
That happened to me 20 yrs ago. I bought with the intention of building a retreat for business men holding conferences, but the deed restrictions, which were not given at closing, stated the land was dedicated residential only.
One thing to consider is the property owner owns the land (in some states) until you make that final payment. The danger is if they are sued they could take that property. For example, the property owner falls asleep at the wheel and kills somebody and they sue for 5 million dollars…. If they don’t have $5M laying around they could go after the property owners assets (including the property you’re making payments on).
That's bullshit 😢 I didn't know that. My plan is to just save up and pay in full. Best way I would think to do. Then just live on that land in a RV until I have enough to build a cabin
@@twstalder true, that's why you get a new deed with property owner as lien holder, just like a regular bank/mortgage company. The lien holder is legally termed a trustee. You also draw up a contract/have attorney do it, laying out the terms explicitly. Term, payment amount, interest rate, payee. One thing to remember is most people offering owner financing do not want the debt paid off early, as they only want so much a year. So it's important to have that discussion and put terms in contract. Deed, contract are both notarized by buyer, seller and notary, leaving no doubts. Do it this way, it's legally binding in all 50 states and property cannot be taken, liens placed as it's no longer an asset of former owner who is now the trustee.
As someone familiar with contracts, you’d be surprised what you can get in plain writing between two people without an attorney to help that will be accepted and adjudicated in a court of law. You do want an attorney to review the contract at a minimum if you’re going to write your own contract because there is usually a lot you’ll miss out on, but you can write your own contract. It’s been done since forever. But! He’s right!!! Get it on paper asap with signatures. Also consider what happens if breach occurs. You can even write in your remedies for breach between the parties. The court upholds these if they are reasonable and commensurate with the breach. But my advice is his. Get an attorney to write this for you, but be in on the writing and make sure you understand what you’re accepting. ❤🙌
Buying land can be a good move, but it’s important to weigh both the pros and cons. land is a finite resource. Unlike stocks or even rental properties, it’s not something you can just make more of. Over time, as demand for space increases, the value of land could appreciate. If you buy land in an area poised for development or near growing cities, that land could become highly valuable in the future
That’s what I was thinking. Plus, land ownership doesn't require much maintenance. No tenants, no repairs just hold onto it and wait for the value to go up
buying land cheaply often means it’s in a remote or undeveloped area. That means it might take decades for that area to develop or attract investors, if it happens at all. And during that time, you may face carrying costs like property taxes, insurance, and legal fees for maintaining the land.
Not necessarily. Some land in extremely remote areas can actually lose value if it’s not attractive for development or has undesirable features like lack of utilities or difficult access. Plus, environmental factors could impact the land. You might need to worry about zoning laws or environmental regulations that could restrict what you can do with the property. And if you ever want to sell, it could take a long time to find a buyer willing to pay what you think the land is worth
I scored a good piece of land in central Florida for $200 per month And Next month I will pay off the balance… I’m feeling good to have had the opportunity to buy land without good credit… I’m now researching the most cost efficient house build…
GC in CFL here…budget roughly between $200-$240 sq ft. Depending on the floor plan and finishes, that’s what we tell clients to budget for builder grade homes. Custom homes are $300+
❤ If possible only buy land on higher ground stay away from flat low lying property you would be surprised at how many people are trying to sale property that has a flooding problem
The land that backs to mine has 12 acres. I really want to purchase that piece and increase my piece of property but thought I had to get a loan for it, never thought of the owner's terms option. Thanks for the tips!
Great video, I am in a situation were I hate regulations on land I feel that if I am going to pay my hard earned cash for my land I should be able to do what ever I want with it, that is what ownership means, so I found a county in the mountains that was unregulated and didn't have zoning. I didn't even have to buy a building permit to build my house. The only things I had to have inspected were my septic system and electrical. I parked my RV up there to give myself a place to work from. Paradise for me. I bought 8 and 1/2 acres up there and I was going to build a 5k sq ft house. I built my driveway had my septic system put in I had to have a well dug poured my footers and ordered my blocks for the foundation then boom my dreams all disappeared because the county passed county wide zoning and if that wisent bad enough they put me in a RS zoning district, the worst possible zoning I could have. I was wanting to build a fence and put a couple of cows or some sheep or goats and raise some chickens but nope no more. Needles to say I stopped everything returned the blocks and put it up for sale. I told my Yankee neighbors that if the county passed zoning I would put it up for sale and take my money some where else, now they are highly pissed off at me for doing exactly what I said I would do but i don't care its my money and I'm taking it to where I can get what I want. They were hoping I would build the house first to make their property values go way up before I sold it, This was a common case of people from liberal states moving in and ruining the local system because they all wanted zoning. I may have to expatiate just to be able to own my on land any more seems everything is zoned now, so I'm looking at other countries to move to. I am just NOT going to pay a huge amount of money and pay taxes just to rent land from the county because if its zoned that is exactly what you are doing. Don't believe me then just go and buy say 25 acres and start running roads and splitting it up to sale or start building an apartment complex or any other kind of business and you will find out real quick just who owns that land. Keep up the good work. can you find me some unregulated land were I don't have to buy a building permit and don't have to have the house inspected because I want to saw my own lumber for this house and do most of the work to the house myself to save hundreds of thousands of dollars.
I obtained land without a recent survey. It was surveyed in 1869. One deed stated 106.11 acres, but is 184.6. Another deed is for 106.4 acres, but is 167.5 acres. The other states 35.8, but is over 54. I'm sure this doesn't happen everywhere.
I live in New Orleans, and have learned so much from your videos. My gut feeling tells me you are trustworthy. Thank you for dropping the invaluable information.
Hi! I’m excited to be here in your channel and I’m interested in learning more about investing and saving up for my retirement but am a little confused about the whole process. Any advice or tips to get me started up would be greatly appreciated.
The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800k
Fron East Tennessee, thank you for all your time and effort and energy, brother.... Well, that explains it. I have 7.14 acres in Greenville Tn, and it is full of Cedar trees, and it is full of rock... But, beautiful view of the mountains...
Due your Due Diligence! Always! There are so many “Owner Financing” people who prey on the unfortunate and desperate. So many stories out there about folks who purchased an address as opposed to a surveyed piece of property. Let The Buyer Beware!
Thanks Wayne. It has always seemed like people would always get mad when I tried to buy real estate and I've lost on 4 properties. Now I'm not happy and I'm in my 60s. 66 to be exact. I don't care to spill my guts these days publicly, but now I'm motivated. That's all I'm going to say.
People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Sure I'm not alone in my chain of thoughts.
Well i think, home prices will need to fall by at least 40% before the market normalizes. If you do not know whether to buy a house or not, it is best you seek guidance from a well-experienced advisor for proper portfolio allocation. So far, that’s how I’ve stayed afloat over 4 years now, amassing nearly $1m in return on investments.
@@williamDonaldson432 this is quite huge! what have you invested in ? much more info needed please ...I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same but it seems you’ve got it all worked out with the firm you work with so i surely wouldn’t mind a recommendation.
this is quite huge! what have you invested in ? much more info needed please ...I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same but it seems you’ve got it all worked out with the firm you work with so i surely wouldn’t mind a recommendation.
Thanks Wayne, I never thought about asking for owner financing if not listed makes sense, glad I watched until the end of video for that last piece of land advice
Many loose money in land contacts. They benefit the land owner vs. the buyer or being mutually beneficial. This is great information on how to buy and protect yourself.
Love your videos, man just describe in depth some of the many different styles varieties of encroachments you’ve seen over the years so the people have a idea of the different ways those can happen. Thanks again.
Best advice in there (it was all good and important,) but the best advice is ASK about owner terms. You miss 100% of the opportunities you don't go for. Never forget that folks.
A catch-22 with land, good land isn’t cheap. You have to tend to land here comes the mesquite trees. Fires seem to happen more often. If only land was simple. Some land you can just leave alone but there’s a likelihood it’s left alone for a reason. The desert with flash flood that will sweep your trailer away or that wooded creek area. The that’s why it’s priced cheap starts to settle in not your dreams of building a house. Grandpa used a little land just for firewood. Dead trees weren’t such a bad thing.
The North Idaho land around me, the only reason why they sell land on terms is that it is remote, no electricity, (very expensive to get it there) and not that usable. In addition they do NOT offer 20 year terms. Most want out in 3-5 years. There are land lenders, and their interest rate is running about 10%. Sellers want 20-50% down, and often 8%.interest. Perhaps its common where you are. Seller terms are not common everywhere--- might work where you are but not so much here- North Idaho Agent.
I am on the West Coast - very difficult to buy raw land. It never hits the market .... unless way overpriced. I had a very bad experience with a Title Company. Never again. Attorney only. Keep an eye out for High Voltage wires overhead and 5G Towers.
@@homeplay4476 its not always the title company. If there were restrictions , easements, lack of septic possibilities, water rights, zoning or other reasons, those are not title or law duties. Title is to show property history of ownership- it may show easements on the plat IF they are recorded. Un recorded easements may be in use- The depth of research needed to buy land is bigger than one might think.
The housing market is inflated and oversaturated with homes being on the market with astronomical price tags just stagnant for months. It is very clear that or generation will be likely one of the most devastating bubble pops in modern history. Seeking best possible ways to grow 250k into $1m+ and get a good house for retirement, I'm 48.
I don't think here is the place for personalized investment guidance. However, I suggest consulting with a reliable advisor like Amy to ensure appropriate retirement planning.
@@wellsHannahh I’m closing in on retirement, and I have benefitted much from using a financial advisor. I didn’t really start early, so I knew the compound interest of index fund investing would not work for me. Funny how I pulled in over 80% profit than some of my peers who have been investing for many years. Maybe you should consider this too
@@joynerberth7864 I've been considering getting one, but haven't been proactive about it. Can you recommend your advisor? I could really use some assistance.
@@paultrump7630 Amy Lea Kohlert is the licensed advisor I use. Just research the name. You’d find necessary details to work with to set up an appointment.
@@joynerberth7864 Thanks for sharing. I curiously searched for her full name and her website popped up immediately. I looked through her credentials and did my due diligence before contacting her.
Some land owners don’t let you occupy the land until it’s payed off when it comes to owner financing. There’s a lot of things you can do with land like 10 acres ag tax exemption to grow crops, livestock, or grass for bales of hay. Rent it out to hunters during deer season, wind farms, mineral rights for oil or natural gas, lease to a farmer, rancher.
Exactly. IN addition be sure the mineral rights are YOURS as the buyer of the land. If they are reserved, and belong to someone else, that owner of the sub- surface rights can come and dig up the land- because they own what is underneath your surface rights.
@@ShariNicole16 YOU need to know this information, and you need to do do research on it. If the mineral rights are reserved, you MAY have the option to purchase them, or you may not. If the owner of the rights does not want to sell them- its called reserving the mineral rights-you need to decide if purchasing that land is right for you. Talk to your agent, and be clear about all the terms of the purchase Contract.
@ShariNicole16 No it isn't that easy. If they want the mineral rights, they won't sell you the land if you refuse. You will either have to give them the rights, or move on. Edit: Like Patricia said, they may be willing to sell them, you just have to make sure. But if they want them, they won't give it up.
I am looking at wanting to buy property here in Hawaii and this is not something I've ever done in my life and I definitely will need your guidance I'm so happy to have found your video
I used to buy and sell vacant land and selling with terms. It worked but I didn’t like all the paperwork and time it took. If I were to do it again, I’d buy way closer to home.
Love the video. It's helping me prepare for my real estate exam..understanding terms in real life and will also help me as a future land owner. Thanks Wayne. Hope to work with you in the future 👍
+1 sub Love your delivery, Wayne! You previously taught me about easements and others things to think about when searching for land. Many thanks for the wisdom! Cheers
Wayne, Can you do a video on how to determine logging value of a property if you are buying for normal use but just looking for cash flow to offset purchase costs?
My sister and I, are looking for land in NC, or, SC, close to the mountains, and so far no luck on that, we are gonna keep on , we have to get out of Richmond VA.
I was born and raised in Las Vegas and own a home here in centennial hills NW area, and I'm thinking of getting some raw land in Pahrump NV sometime in early 2025. The hope and dream is to get about 10 acres for 50-80k and pay it off over the next 5-7 years. Im 35 years old now, and I think Pahrump will continue to grow with it's relative closeness to Las Vegas.
I am a first time viewer. My name is Dennis. I am 54 disabled from pain so my money each month is low. I want to go to Tennessee. I want unrestricted land because I will not take the digital mark so I need to create a homestead. I am a Christian if you see this comment please help me. God bless and thank you
I'm from Tennessee and live in eastern part. Land prices have become astronomical here in the last 3-4 years and show no sign of dropping. Five years ago, a 3BD/2BA house on a lot was around $150k or less. Now it's $300k or more for fixer upper. New Double wide trailers are well over $120k now. There's a place down the road that's 3 acres and a doublewide that just sold for $320k! Land was $5k or less per acre, now $15k per acre is a bargain! People have moved here in droves from all over with lots of cash from selling their California, New York, etc., homes and they have bought most of the available land. We have also developed a growing homeless population that panhandles everywhere and crime rates have risen dramatically. Our healthcare and infrastructure stinks here too. Middle Tennessee is pricey now too because Nashville is trendy. Austin TX was the new LA, now it's Nashville. Your best bet for affordable land is in west Tennessee closer to Memphis. It's flat there and easy to grow food. Yes Tennessee has no state income tax, but our sales tax is 10% and everything is taxed. The state rate is 8% I think, but counties/cities are allowed to tax to 10% so they get that 2%. Food, OTC meds, you name it, we tax it. The only thing not taxed as personal property are vehicles. But our yearly tags are $90, so you pay that way. In my county, yearly property taxes went up 50% from one year to the next. Honestly, there are much better states to find affordable land than Tennessee. Arkansas, Ohio, upstate New York are just a few to research. I'm on a fixed income too and glad I bought my land back in 1997. No way I could buy it today. I struggle to pay the yearly property tax. Good luck Dennis. ❤
In my opinion safe your money and come to new york get an apartment where section 8 or disability. So you can have your own apartment .foodstumps and home health aide .with agency that give a benefitecard$ 280 plus foos stumps plus ur socisl security . Good luck. Staten island
Go to city clerk and pay a small fee to be a member 4 Auctions, tax deeds or tax lien sells deeds for what they owed in back taxes.This is the worst way to get land cheap listening to this guy. U tube tax deeds...
as someone looking to buy land without putting 30% down for a land loan I have to pay in 5 years, I actually never thought of directly asking the owner or agent about working out a different longer term deal. I should actually try that, thansk for the idea!
@@patriciaellinghausen4365 yeah, just nice to have another possibility I guess. if you dont mind playhing the long game its a great option for a seller
Thank you I'm getting ready to buy some land a piece of property maybe just a couple acres but I'm wanting animals on it and this could help me out a great deal thank you very much I will be watching I'll be watching you a lot lately you can guarantee it❤❤❤
I just secured 40 acres in Northern NV for $250 a month for 10 years and a well and septic is required before I can live there permanently but this is a much better option than just continuing to rent and never own anything.
I’m on the same path I’ve chosen Colorado tbh I was just looking up local well depths with the water well app. I’m also looking into septic tank placement too by using local companies.
Wow 😳 Great job
That’s what’s up I just got land in Missouri it’s small only 8,712 square feet 0.2 acres but better then nothing for 8k for 330 a month for 2 years
Right On! I'm in Vegas considering land in Elko area. Congrats
@@michael_linden I got some just outside of Winnemucca so much cooler than Vegas. I would have preferred Elko but I wasn’t getting 40 acres for 20k anywhere else.
Remenber that in the 80’s, people were encouraged to save due to the interest rates. Right now there’s very little incentive to save because those who are saving are watching those who are reckless taking it in. I’ve been trying to save for a home and it’s been discouraging to watch prices continue to not budge because there’s people willing to get into a mortgage where they’re paying 40% of their income. It’s insane.
You're right! With the help of an experienced coach, I made some changes in my investments. I started with $321k, and now I have more than $750k by investing in stocks, ETFs, and bonds. I think housing prices won't go down much until there are more houses available.
Mind if I ask you to recommend this particular coach you using their service?
Sonya Lee Mitchell maintains an online presence. Just make a simple search for her name online.
She appears to be well-educated and well-read. I ran a Google search for her name and came across her website; thank you for sharing.
Good information Wayne, I bought my 6 acres by land contract. I put 20% down over 10 years @ $125 month. I paid it off this year. Now the property is worth $35K more than I paid for it.
Do you do anything with the land?
@@TanyaDavis954 I haven’t yet. My land is about a 3 hour drive from where my house is and I’m trying to decide how I want to develop it or if I should sale and buy something closer?
that's not how it works.. After ten years the lot is worth about the same, since the dollar is worth a lot less now..
It’s most definitely did not jump $35k 😂
Ok, all the properties that have sold with similar features, on FMV is considerably more than you think. Sure, an ounce of Gold is $2600+, the ounce is the same, so the dollar is essentially worthless, but it’s still our currency.
With Offgrid Living and communities wanting to get back the land and owning land to create generational wealth this is a great way to start. People are wanting a more relaxed lifestyle and a home without the hustle and bustle of the city. These people are downsizing to Tiny Homes, Shed conversions and living in communities that provide that service. I say it’s an untouched market on the wave right now. From what I see of my community So I’m trying to figure out how to accomplish my dream and theirs. Think I got it!
Good idea.
I know an old black man w/ 2000 acres 400 developed. It’s amazing.. All his children have bachelor and masters degrees in finance.. 2 Male sons are builders. It’s. Amazing to watch..usable land is very important with the right people to help.
Where?
What the hell does him being black have to do with anything? 😅 Wtf!?
I need to know all of his secrets
@@hamsack981 -- the victim hierarchy is strong, though it sounds like the poster is simply trying to show that people often break stereotypes.
@@hamsack981black people are blantantly racist asf and dont think we are/or think its ok cause we suffered through slavery...as if every other race haven't also been enslaved. We're special for some reason though
Thanks Wayne! I've been in the RE biz for nearly 35 years full-time and I still love learning from guys like you !
Great info,
A huge lesson I learned is: if the contract says “must adhere to the bylaws” get a real estate lawyer or someone who knows what the bylaws are.
I purchased 3 acres, then the original owner shows up a few months later, he told me now I’m part of the (HOA)
There were lots of HOA restrictions and I got tired of paying on a lot where the a-hole original owner was constantly trying to make a buck off of me and the other owners. He tried to control everything
For people new to buying land he is point out things that do happen:
Also the right of way th the property may be land locked, ( title Search going back as far as you can)
Check all leins on the property, taxes, irs, law suits against the names on the deed that lean the property,
Department of environmental control, (Chemical Dumping)
Was the property onec a land fill, a factory Site, people illegally dumping bio hazard,
Get the well water tested, are you down hill from a different place that floods your property ( country map, and history archives)
Was it an Indian burial ground,
Do you have water right ( often not)
Mineral, oil and gasl and coal rights on that land that some companies can literally show up and start digging,
Underground mine tunnels under that property,
Hostile Neighbors to newcommers, People squatting the land,
Hostile Country employees,
( which maybe why they are selling)
I was surprised to learn of all the hazardous dumping that goes on in Oklahoma. Half that state is a super fund, wind turbines, toxic water, you have to do your due diligence.
Thanks for sharing
This is by far the best checklist I have seen. I have called out not only realtors but also land owners that cover up issues on the property. People need a warranty deed, never a quit claim.
Thank Youu
You just changed my entire life.
Thank you.
Awesome!
Knowledge is power
.. potential power,
Only thru use it becomes power
@@iammaximus614 FACTS
That happened to me 20 yrs ago. I bought with the intention of building a retreat for business men holding conferences, but the deed restrictions, which were not given at closing, stated the land was dedicated residential only.
One thing to consider is the property owner owns the land (in some states) until you make that final payment. The danger is if they are sued they could take that property. For example, the property owner falls asleep at the wheel and kills somebody and they sue for 5 million dollars…. If they don’t have $5M laying around they could go after the property owners assets (including the property you’re making payments on).
That's bullshit 😢 I didn't know that. My plan is to just save up and pay in full. Best way I would think to do. Then just live on that land in a RV until I have enough to build a cabin
@@jeremyhigdon3657Lots of people would like to do that but cities or counties don’t allow that! Depends on the state, I know CA doesn’t allow that!
@@twstalder true, that's why you get a new deed with property owner as lien holder, just like a regular bank/mortgage company. The lien holder is legally termed a trustee.
You also draw up a contract/have attorney do it, laying out the terms explicitly. Term, payment amount, interest rate, payee. One thing to remember is most people offering owner financing do not want the debt paid off early, as they only want so much a year. So it's important to have that discussion and put terms in contract.
Deed, contract are both notarized by buyer, seller and notary, leaving no doubts.
Do it this way, it's legally binding in all 50 states and property cannot be taken, liens placed as it's no longer an asset of former owner who is now the trustee.
As someone familiar with contracts, you’d be surprised what you can get in plain writing between two people without an attorney to help that will be accepted and adjudicated in a court of law. You do want an attorney to review the contract at a minimum if you’re going to write your own contract because there is usually a lot you’ll miss out on, but you can write your own contract. It’s been done since forever. But! He’s right!!! Get it on paper asap with signatures. Also consider what happens if breach occurs. You can even write in your remedies for breach between the parties. The court upholds these if they are reasonable and commensurate with the breach. But my advice is his. Get an attorney to write this for you, but be in on the writing and make sure you understand what you’re accepting. ❤🙌
Buying land can be a good move, but it’s important to weigh both the pros and cons. land is a finite resource. Unlike stocks or even rental properties, it’s not something you can just make more of. Over time, as demand for space increases, the value of land could appreciate. If you buy land in an area poised for development or near growing cities, that land could become highly valuable in the future
That’s what I was thinking. Plus, land ownership doesn't require much maintenance. No tenants, no repairs just hold onto it and wait for the value to go up
buying land cheaply often means it’s in a remote or undeveloped area. That means it might take decades for that area to develop or attract investors, if it happens at all. And during that time, you may face carrying costs like property taxes, insurance, and legal fees for maintaining the land.
Without any cash flow from the land, you're effectively tying up money that could be invested elsewhere.
I didn’t think about the ongoing costs. But still, land is land, right? Shouldn’t it at least hold its value?
Not necessarily. Some land in extremely remote areas can actually lose value if it’s not attractive for development or has undesirable features like lack of utilities or difficult access. Plus, environmental factors could impact the land. You might need to worry about zoning laws or environmental regulations that could restrict what you can do with the property. And if you ever want to sell, it could take a long time to find a buyer willing to pay what you think the land is worth
If I were to buy w/ owner financing , I'd want to be sure there's no penalty for early pay off , or extra payments .
@@tedcorey3054 most contracts don’t have a penalty but yes you should double check.
I scored a good piece of land in central Florida for $200 per month And Next month I will pay off the balance… I’m feeling good to have had the opportunity to buy land without good credit… I’m now researching the most cost efficient house build…
❤
Congrats bro 🤞🏾
When did you buy it? I’m looking in Marion.
GC in CFL here…budget roughly between $200-$240 sq ft. Depending on the floor plan and finishes, that’s what we tell clients to budget for builder grade homes. Custom homes are $300+
@@Duhyuthought Thank You..!
❤ If possible only buy land on higher ground stay away from flat low lying property you would be surprised at how many people are trying to sale property that has a flooding problem
Always seek the higher ground. 😇
Nothing wrong with trying to sell flood property as long as you disclose it.
Thank you 4 this information
Wow! You have no idea how helpful this is. Thank you thank you
Aren’t there ways to prevent floods? Do you know?
The land that backs to mine has 12 acres. I really want to purchase that piece and increase my piece of property but thought I had to get a loan for it, never thought of the owner's terms option. Thanks for the tips!
Great video, I am in a situation were I hate regulations on land I feel that if I am going to pay my hard earned cash for my land I should be able to do what ever I want with it, that is what ownership means, so I found a county in the mountains that was unregulated and didn't have zoning. I didn't even have to buy a building permit to build my house. The only things I had to have inspected were my septic system and electrical. I parked my RV up there to give myself a place to work from. Paradise for me. I bought 8 and 1/2 acres up there and I was going to build a 5k sq ft house. I built my driveway had my septic system put in I had to have a well dug poured my footers and ordered my blocks for the foundation then boom my dreams all disappeared because the county passed county wide zoning and if that wisent bad enough they put me in a RS zoning district, the worst possible zoning I could have. I was wanting to build a fence and put a couple of cows or some sheep or goats and raise some chickens but nope no more. Needles to say I stopped everything returned the blocks and put it up for sale. I told my Yankee neighbors that if the county passed zoning I would put it up for sale and take my money some where else, now they are highly pissed off at me for doing exactly what I said I would do but i don't care its my money and I'm taking it to where I can get what I want. They were hoping I would build the house first to make their property values go way up before I sold it, This was a common case of people from liberal states moving in and ruining the local system because they all wanted zoning. I may have to expatiate just to be able to own my on land any more seems everything is zoned now, so I'm looking at other countries to move to. I am just NOT going to pay a huge amount of money and pay taxes just to rent land from the county because if its zoned that is exactly what you are doing. Don't believe me then just go and buy say 25 acres and start running roads and splitting it up to sale or start building an apartment complex or any other kind of business and you will find out real quick just who owns that land. Keep up the good work. can you find me some unregulated land were I don't have to buy a building permit and don't have to have the house inspected because I want to saw my own lumber for this house and do most of the work to the house myself to save hundreds of thousands of dollars.
@flashpan26 Tennessee and Kentucky both have several counties each with no zoning and lots of timber. I recommend looking there.
@@danielanalbach5044 no restrictions in most of the counties in Oklahoma
@@danielanalbach5044 awesome, thank you
@@ew1421 awesome, thank you
What state? Thx
I would never buy property without a recent survey or without a real estate attorney reviewing the purchase contract.
That's pretty much what he said.
Get title insurance on everything you buy. Real estate contracts don't tell you anything about liens, judgments, etc.
I obtained land without a recent survey. It was surveyed in 1869. One deed stated 106.11 acres, but is 184.6. Another deed is for 106.4 acres, but is 167.5 acres. The other states 35.8, but is over 54. I'm sure this doesn't happen everywhere.
I found that it is hard to even find a real estate attorney. That is any good.😂
I live in New Orleans, and have learned so much from your videos. My gut feeling tells me you are trustworthy. Thank you for dropping the invaluable information.
Same here. We live in NOLA, and looking forward to buying land in nearby parishes.
Thank you for sharing your knowledge. God bless you for that. Living on a fixed budget but wanting our own land is the battle currently.
Hi! I’m excited to be here in your channel and I’m interested in learning more about investing and saving up for my retirement but am a little confused about the whole process. Any advice or tips to get me started up would be greatly appreciated.
The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800k
Mind if I ask you to recommend this particular coach you using their service?
Her name is Patricia Strain. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment.
I just curiously searched her up, and I have sent her an email. I hope she gets back to me soon. Thank you
Fron East Tennessee, thank you for all your time and effort and energy, brother.... Well, that explains it. I have 7.14 acres in Greenville Tn, and it is full of Cedar trees, and it is full of rock... But, beautiful view of the mountains...
You can always sell the Cedar wood! Make a positive out of a negative 😂
@irmagarcia8266 Yeah, they are only 7' to 10' tall. They may make fence posts.
So, I'll just live with the view...
Due your Due Diligence! Always! There are so many “Owner Financing” people who prey on the unfortunate and desperate. So many stories out there about folks who purchased an address as opposed to a surveyed piece of property. Let The Buyer Beware!
You need the legal description, and PROOF that the person attempting to sell it is the owner. also please be sure of all the contract terms-
Do your own due diligence
Haha, Wayne's right! I've seen people buy land thinking they owned a lake, only to find out it was a puddle! 😂
Thanks Wayne. It has always seemed like people would always get mad when I tried to buy real estate and I've lost on 4 properties. Now I'm not happy and I'm in my 60s. 66 to be exact. I don't care to spill my guts these days publicly, but now I'm motivated. That's all I'm going to say.
People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Sure I'm not alone in my chain of thoughts.
Buy now, home prices will not go lower. If rates drop, you can refinance
The government will have no choice but to print more notes and lower interest rates
Well i think, home prices will need to fall by at least 40% before the market normalizes. If you do not know whether to buy a house or not, it is best you seek guidance from a well-experienced advisor for proper portfolio allocation. So far, that’s how I’ve stayed afloat over 4 years now, amassing nearly $1m in return on investments.
@@williamDonaldson432 this is quite huge! what have you invested in ? much more info needed please ...I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same but it seems you’ve got it all worked out with the firm you work with so i surely wouldn’t mind a recommendation.
this is quite huge! what have you invested in ? much more info needed please ...I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same but it seems you’ve got it all worked out with the firm you work with so i surely wouldn’t mind a recommendation.
Thank you. I'm glad my feed pulled you up. Info was awesome. I'm about 6 months away from buying land in New Jersey and Maryland.
Thanks Wayne, I never thought about asking for owner financing if not listed makes sense, glad I watched until the end of video for that last piece of land advice
Mortgage UW here and 28 years in the industry..thorough and solid information. ✅
Ty
Valuable reminders in doing your research properly! Thank You!
God will bless you for helping us
Many loose money in land contacts. They benefit the land owner vs. the buyer or being mutually beneficial.
This is great information on how to buy and protect yourself.
I appreciate you sharing this information.
BEAUTIFUL WELL ROUNDED VIDEO THANK-YOU FOR THIS GOLDEN BRICK !!!
Love your videos, man just describe in depth some of the many different styles varieties of encroachments you’ve seen over the years so the people have a idea of the different ways those can happen. Thanks again.
The wealth of information!! real life.. thank you !!sir for all you do! I am currently looking to purchase Land in Florida..👍👍
Go to north Florida otherwise it's crowded good luck
Pray all is well there after the last hurricane. Living in Tennessee.
Best advice in there (it was all good and important,) but the best advice is ASK about owner terms. You miss 100% of the opportunities you don't go for. Never forget that folks.
Oh my Lord ! These are the people who pestered me ever week on the phone and the mail
I bought my first cheap land few years ago. Will probably buy more
Very informational video. Buying cash flowing real estate is the best decision I've ever made.
A catch-22 with land, good land isn’t cheap. You have to tend to land here comes the mesquite trees. Fires seem to happen more often. If only land was simple. Some land you can just leave alone but there’s a likelihood it’s left alone for a reason. The desert with flash flood that will sweep your trailer away or that wooded creek area. The that’s why it’s priced cheap starts to settle in not your dreams of building a house. Grandpa used a little land just for firewood. Dead trees weren’t such a bad thing.
Yup, yup! We are doing owner financing! 10 acres in Virginia, 2 miles from big lake! 15 yr cheaper than rent!
Thanks for all your advice Sir.
Thank you
I grew up in southern Louisiana and have been in East Tennessee for 17 years
The Cedar tree tip is massive for any ag land buyers. Great tip!
The North Idaho land around me, the only reason why they sell land on terms is that it is remote, no electricity, (very expensive to get it there) and not that usable. In addition they do NOT offer 20 year terms. Most want out in 3-5 years. There are land lenders, and their interest rate is running about 10%. Sellers want 20-50% down, and often 8%.interest. Perhaps its common where you are. Seller terms are not common everywhere--- might work where you are but not so much here- North Idaho Agent.
I am on the West Coast - very difficult to buy raw land. It never hits the market .... unless way overpriced. I had a very bad experience with a Title Company. Never again. Attorney only. Keep an eye out for High Voltage wires overhead and 5G Towers.
That's why I left CA and moved to east coast..
What do title companies and attorneys do differently?
@@homeplay4476 its not always the title company. If there were restrictions , easements, lack of septic possibilities, water rights, zoning or other reasons, those are not title or law duties. Title is to show property history of ownership- it may show easements on the plat IF they are recorded. Un recorded easements may be in use- The depth of research needed to buy land is bigger than one might think.
@@patriciaellinghausen4365 8:43 8:43
@@patriciaellinghausen4365how does an unrecorded easement work, if it’s not recorded , how is it enforceable ?
The housing market is inflated and oversaturated with homes being on the market with astronomical price tags just stagnant for months. It is very clear that or generation will be likely one of the most devastating bubble pops in modern history. Seeking best possible ways to grow 250k into $1m+ and get a good house for retirement, I'm 48.
I don't think here is the place for personalized investment guidance. However, I suggest consulting with a reliable advisor like Amy to ensure appropriate retirement planning.
@@wellsHannahh I’m closing in on retirement, and I have benefitted much from using a financial advisor. I didn’t really start early, so I knew the compound interest of index fund investing would not work for me. Funny how I pulled in over 80% profit than some of my peers who have been investing for many years. Maybe you should consider this too
@@joynerberth7864 I've been considering getting one, but haven't been proactive about it. Can you recommend your advisor? I could really use some assistance.
@@paultrump7630 Amy Lea Kohlert is the licensed advisor I use. Just research the name. You’d find necessary details to work with to set up an appointment.
@@joynerberth7864 Thanks for sharing. I curiously searched for her full name and her website popped up immediately. I looked through her credentials and did my due diligence before contacting her.
Some land owners don’t let you occupy the land until it’s payed off when it comes to owner financing. There’s a lot of things you can do with land like 10 acres ag tax exemption to grow crops, livestock, or grass for bales of hay. Rent it out to hunters during deer season, wind farms, mineral rights for oil or natural gas, lease to a farmer, rancher.
Exactly. IN addition be sure the mineral rights are YOURS as the buyer of the land. If they are reserved, and belong to someone else, that owner of the sub- surface rights can come and dig up the land- because they own what is underneath your surface rights.
@@patriciaellinghausen4365so when buying, do you just refuse to sign that particular document?
@@ShariNicole16 YOU need to know this information, and you need to do do research on it. If the mineral rights are reserved, you MAY have the option to purchase them, or you may not. If the owner of the rights does not want to sell them- its called reserving the mineral rights-you need to decide if purchasing that land is right for you. Talk to your agent, and be clear about all the terms of the purchase Contract.
@ShariNicole16 No it isn't that easy. If they want the mineral rights, they won't sell you the land if you refuse. You will either have to give them the rights, or move on.
Edit: Like Patricia said, they may be willing to sell them, you just have to make sure. But if they want them, they won't give it up.
@@ShariNicole16Get advice from a Real Estate lawyer as well
Thank you Wayne for this helpful video.
I bought my 40 acres in Colorado years ago this way. Good info.
Thanks Turner. We do have to ask the tough questions. My Daddy always said, "A closed mouth don't get fed".
I am looking at wanting to buy property here in Hawaii and this is not something I've ever done in my life and I definitely will need your guidance I'm so happy to have found your video
Wayne such wonderful information thank you so much!
I used to buy and sell vacant land and selling with terms. It worked but I didn’t like all the paperwork and time it took. If I were to do it again, I’d buy way closer to home.
Love the video. It's helping me prepare for my real estate exam..understanding terms in real life and will also help me as a future land owner. Thanks Wayne. Hope to work with you in the future 👍
Awesome advise Hank you !
Thank you Mr Wayne, this is great knowledge you're giving and i will use it.
+1 sub
Love your delivery, Wayne! You previously taught me about easements and others things to think about when searching for land.
Many thanks for the wisdom!
Cheers
Excellent info. I always have property witched before buying. Water must be found
I LOVE THIS GUY,GREAT INFO.I AM LEARNING NEW THINGS EVERYTIME
Yes sir taking notes
Thanks for sharing your knowledge
I recognized generally where yo were immediately. The moss gave it away. I can’t recall if I saw live oaks or water oaks. I’ll watch again.
Mr. Turner. Thank you so much for your videos. They are extremely helpful. 🙏🏾
Ready Ready
Hi Wayne, thanks for the videos. It’s very encouraging. 🎉🎉I’m in the Tacoma WA area. I would love to meet you if you’re ever in the area
I’m so great full for your videos ❤️🙏
Thank you Sir!!
😎🙌🏻
thank you so much for your time and information this was good stuff god bless you
Great information thank you for sharing your knowledge. I’m getting ready to buy land thank you.
Wayne, Can you do a video on how to determine logging value of a property if you are buying for normal use but just looking for cash flow to offset purchase costs?
My sister and I, are looking for land in NC, or, SC, close to the mountains, and so far no luck on that, we are gonna keep on , we have to get out of Richmond VA.
I appreciate the good information that you share.
Valuable info. Thank you for sharing. ❤
Thank you, From New Orleans!
I was born and raised in Las Vegas and own a home here in centennial hills NW area, and I'm thinking of getting some raw land in Pahrump NV sometime in early 2025. The hope and dream is to get about 10 acres for 50-80k and pay it off over the next 5-7 years. Im 35 years old now, and I think Pahrump will continue to grow with it's relative closeness to Las Vegas.
Great video!
Bought a house and survey showed i had an extra 0.5 acre that was fenced off🤣 we moved the fence the week of
Wayne thank you
I’ll be sharing this with my son
Thanks again Wayne.
Love all your videos
Excellent insight and wisdom. Thank you!
I grew up in Southeast Tennessee myself.
New subscribers and interested with buying land and thank you for the video
Thanks for another great one Wayne!
Great advice brother
Great video! I’ve used this method for 25 years.
I am a first time viewer. My name is Dennis. I am 54 disabled from pain so my money each month is low. I want to go to Tennessee. I want unrestricted land because I will not take the digital mark so I need to create a homestead. I am a Christian if you see this comment please help me. God bless and thank you
I'm from Tennessee and live in eastern part. Land prices have become astronomical here in the last 3-4 years and show no sign of dropping.
Five years ago, a 3BD/2BA house on a lot was around $150k or less. Now it's $300k or more for fixer upper. New Double wide trailers are well over $120k now. There's a place down the road that's 3 acres and a doublewide that just sold for $320k!
Land was $5k or less per acre, now $15k per acre is a bargain!
People have moved here in droves from all over with lots of cash from selling their California, New York, etc., homes and they have bought most of the available land.
We have also developed a growing homeless population that panhandles everywhere and crime rates have risen dramatically. Our healthcare and infrastructure stinks here too.
Middle Tennessee is pricey now too because Nashville is trendy. Austin TX was the new LA, now it's Nashville.
Your best bet for affordable land is in west Tennessee closer to Memphis. It's flat there and easy to grow food.
Yes Tennessee has no state income tax, but our sales tax is 10% and everything is taxed. The state rate is 8% I think, but counties/cities are allowed to tax to 10% so they get that 2%. Food, OTC meds, you name it, we tax it. The only thing not taxed as personal property are vehicles. But our yearly tags are $90, so you pay that way.
In my county, yearly property taxes went up 50% from one year to the next.
Honestly, there are much better states to find affordable land than Tennessee. Arkansas, Ohio, upstate New York are just a few to research.
I'm on a fixed income too and glad I bought my land back in 1997. No way I could buy it today. I struggle to pay the yearly property tax. Good luck Dennis. ❤
In my opinion safe your money and come to new york get an apartment where section 8 or disability.
So you can have your own apartment .foodstumps and home health aide .with agency that give a benefitecard$ 280 plus foos stumps plus ur socisl security .
Good luck.
Staten island
Come to staten island
Go to city clerk and pay a small fee to be a member 4 Auctions, tax deeds or tax lien sells deeds for what they owed in back taxes.This is the worst way to get land cheap listening to this guy. U tube tax deeds...
Good practical info. Thank you Wayne!
Great information thank you .
UA-cam channel has grown so much 🎉
as someone looking to buy land without putting 30% down for a land loan I have to pay in 5 years, I actually never thought of directly asking the owner or agent about working out a different longer term deal. I should actually try that, thansk for the idea!
it IS possible, but not common everywhere.
@@patriciaellinghausen4365 yeah, just nice to have another possibility I guess. if you dont mind playhing the long game its a great option for a seller
I've subscribed and given it a thumbs 👍 thank you for educating
Real good info appreciate you
Thank you I'm getting ready to buy some land a piece of property maybe just a couple acres but I'm wanting animals on it and this could help me out a great deal thank you very much I will be watching I'll be watching you a lot lately you can guarantee it❤❤❤