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Land financing question
Posted on 10/14/20 at 9:08 pm
Posted on 10/14/20 at 9:08 pm
Possibly newbie question warning.
Always intended to retire back to a few dozen acres in Louisiana (timeline 20 years) and had no intention of looking any time soon, but recently came across an opportunity that I'm considering. A mix of pure raw land and prepared lots, but no existing structures and no plan to constrict any time soon.
I could swing it to pay cash but would rather not tie up the capital for something I'm not going to be actively using for so long.
Any good recommendations on agents and rate estimates currently in Louisiana? I'm really naive here, and due to the unexpected nature of the opportunity I haven't had the time to conduct enough research / due diligence. Appreciate any help.
Always intended to retire back to a few dozen acres in Louisiana (timeline 20 years) and had no intention of looking any time soon, but recently came across an opportunity that I'm considering. A mix of pure raw land and prepared lots, but no existing structures and no plan to constrict any time soon.
I could swing it to pay cash but would rather not tie up the capital for something I'm not going to be actively using for so long.
Any good recommendations on agents and rate estimates currently in Louisiana? I'm really naive here, and due to the unexpected nature of the opportunity I haven't had the time to conduct enough research / due diligence. Appreciate any help.
Posted on 10/14/20 at 9:19 pm to truthbetold
Let me start by saying every single experience I’ve had with using a real estate agent left me feeling like I was getting screwed..... but in this case, If you are familiar with the area, I’d find a realtor and have them answer your questions and work with them to make those decisions.
Best of luck to you!
Best of luck to you!
Posted on 10/14/20 at 9:24 pm to Stexas
How many lots could you get out of said Property? One Real Estate Agent Per Lot!!!!! Thats a lot of pussy! they will give up for the listing, don't be fooled.
Posted on 10/15/20 at 6:33 am to bluewing
You can actually do better than that.
Several land real estate companies in La. some National.
Google land for sale in La. you will get plenty of results.
First South Farm Credit Has great rates.
Several land real estate companies in La. some National.
Google land for sale in La. you will get plenty of results.
First South Farm Credit Has great rates.
This post was edited on 10/15/20 at 6:39 am
Posted on 10/15/20 at 7:20 am to truthbetold
Southern Ag Credit
Louisiana Land Bank
Call them up. They specialize in rural land loans
Louisiana Land Bank
Call them up. They specialize in rural land loans
Posted on 10/15/20 at 8:18 am to truthbetold
If you have the cash, you may want to approach the bank that you deal with and ask them to do a savings or CD secured loan for the purchase of the land. The rate will be the lowest possible, and the money will still be in the bank (albeit, frozen to secure the loan). As the loan pays down, the money would become available. You could even do a mortgage on the property and pledge it to the loan as well. That way, if you would need access to the funds, the bank would still have the land as collateral and would be more likely to allow you to access the funds.
Posted on 10/15/20 at 9:54 am to lsufan1971
I would go with LA Landbank. I had a friend who recently did a purchase with MS Landbank and said it was an easy process with friendly terms. I want to say he had to put 20% down but they offered a 20-year amortization.
Put said land and loan in an LLC so you can deduct the interest for tax purposes.
Put said land and loan in an LLC so you can deduct the interest for tax purposes.
Posted on 10/15/20 at 2:24 pm to LSUCouyon
quote:
First South Farm Credit
Posted on 10/15/20 at 10:07 pm to truthbetold
You don’t need a real estate agent in this case. Call the listing agent and make an aggressive offer. Try to justify the reasons for your aggressive offer. The listing agent Would prefer to conduct both sides as their commission $ increase. They also have the ability to lower the contracted commission % fee by having the buyer and the seller. Now Go get it!
Posted on 10/16/20 at 6:08 am to Nannyslayer
LLC is Limited Liability Corporation. Protects you as individual.
Interest is deductible even without it.
Interest is deductible even without it.
Posted on 10/16/20 at 6:34 am to Bleezy
quote:
First South Farm Credit
Another vote for FSFC, ask for Ashley McDaniel, she is most helpful and can explain everything they offer in terms anybody can understand, she will walk you through the application process and makes The Whole thing easy
Posted on 10/16/20 at 8:27 am to truthbetold
You've been given sound advice about the two entities that will lock the lowest rates for the longest terms and they are both good.
I'll give you one caveat to that though, depending on the size and the complexity of what you want to do, they both will take the longest to get the deal approved and ready to close.
If you are seeking to move quickly on something, I'd finance with a local bank short term and then roll it over to LLB or FSFC.
Good - fast - cheap:pick any two.
The two mentioned are good and "cheap" (lower rates), what I mentioning is good and fast, but not the cheapest.
Choose accordingly.
If you are looking for a real estate agent, find one that specializes in what you are buying, that will listen and not try to sell you something you aren't asking for.
I'll give you one caveat to that though, depending on the size and the complexity of what you want to do, they both will take the longest to get the deal approved and ready to close.
If you are seeking to move quickly on something, I'd finance with a local bank short term and then roll it over to LLB or FSFC.
Good - fast - cheap:pick any two.
The two mentioned are good and "cheap" (lower rates), what I mentioning is good and fast, but not the cheapest.
Choose accordingly.
If you are looking for a real estate agent, find one that specializes in what you are buying, that will listen and not try to sell you something you aren't asking for.
Posted on 10/16/20 at 2:50 pm to Huntinguy
i used southern ag and have suggested them to 2 other people, all transactions went great. One thing I would add is work in a survey into the deal.
This saved me a lot of trouble, and you know exactly what you are buying. its worth the cost.
I paid out of pocket, but if I would do it again, I would make offer with seller paying
This saved me a lot of trouble, and you know exactly what you are buying. its worth the cost.
I paid out of pocket, but if I would do it again, I would make offer with seller paying
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