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re: Financing for raw land
Posted on 5/5/23 at 8:27 pm to BillWilliamson
Posted on 5/5/23 at 8:27 pm to BillWilliamson
First, your will need 20% down, second, raw land always carries a higher rate. Rule of thumb is 2% above average 30 yr mortgage rate. Land/farm banks and credit unions are your friend.
Stay out of LA, already too many city assholes buy every stitch of something green.
Stay out of LA, already too many city assholes buy every stitch of something green.
1
Posted on 5/6/23 at 4:22 am to GREENHEAD22
quote:
First, your will need 20% down
Not true. I bought a track of land 4 years ago. Price was 130k and it appraised for 188K. Bank let me use the net equity as part of my DP.
If you can put it in an LLC you may can get a commercial loan which can get you a better rate.
This post was edited on 5/6/23 at 4:24 am
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