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Message
Buying 10 Acres of land. Need bank ideas for the best lender
Posted on 1/16/23 at 12:25 pm
Posted on 1/16/23 at 12:25 pm
Looking to buy 40 acres in time, but 10 acres right now on a strip in Loranger to eventually put a homesite on. Being 22 YO this is my first time buying land, rather than a house. Best way to do it? Ideas on loans to buy and put a house on?
Thanks in advance
Thanks in advance
5
Posted on 1/16/23 at 12:33 pm to CeauxPilot
Money Board, baw.
Posted on 1/16/23 at 1:08 pm to CeauxPilot
Louisiana Land Bank
Posted on 1/16/23 at 1:29 pm to tigeralum06
Land bank or credit union. Local or national bank won’t touch. Farm credit perhaps.
Posted on 1/16/23 at 2:29 pm to CeauxPilot
Don't overpay. Loranger is going down hill with the school situation.
That will not be a big loan and no need to go to a specialized lender. Just ask the bank you are checking with first then call around. They are going to want 20% down or so on raw ground.
That will not be a big loan and no need to go to a specialized lender. Just ask the bank you are checking with first then call around. They are going to want 20% down or so on raw ground.
Posted on 1/16/23 at 2:53 pm to I B Freeman
quote:
They are going to want 20% down or so on raw ground
That’s what I’m trying to avoid.
Posted on 1/16/23 at 3:04 pm to CeauxPilot
Maybe you ought to rethink this if you don't have 20% down for a $50-75000 loan. That is only $10K-15K.
Posted on 1/16/23 at 3:11 pm to CeauxPilot
quote:Gonna be hard to avoid 20% down unless you own a house that has enough equity in it to do a HELOC to use to buy your acreage
That’s what I’m trying to avoid.
Posted on 1/16/23 at 3:22 pm to CeauxPilot
EFCU Financial offers up to 100% financing on land loans.
Posted on 1/16/23 at 3:44 pm to I B Freeman
quote:
Maybe you ought to rethink this if you don't have 20% down for a $50-75000 loan. That is only $10K-15K.
Or maybe I am trying to find the best option to keep my money in my checking account. Not broke lmao. Just keeping my assets liquid.
Posted on 1/16/23 at 6:32 pm to CeauxPilot
Land is not liquid and in my lifetime of experience land prices are weak in times of raising rates. i can’t see the future but i would wager that Loranger land prices two years from now will not be any higher than today.
Posted on 1/16/23 at 8:19 pm to I B Freeman
The cash I would’ve put down is. Not worried about the value of the land. Will be my home I raise my newborn and future kids in.
I agree about the value not raising too much either. I’m paying well below the value of it though.
Rates are crazy these days
I agree about the value not raising too much either. I’m paying well below the value of it though.
Rates are crazy these days
Posted on 1/16/23 at 8:41 pm to CeauxPilot
Whatever--get you some debt.
Posted on 1/17/23 at 4:45 am to CeauxPilot
Ask your FIL
Posted on 1/17/23 at 8:23 am to CeauxPilot
quote:
Rates are crazy these days
So wouldn't putting more money down and paying less interest over the long haul be the smarter play?
Posted on 1/17/23 at 3:22 pm to RATeamWannabe
Can't get hurt with dirt......says every real estate investor ever 
Posted on 1/17/23 at 3:59 pm to CeauxPilot
Louisiana Land Bank
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