Originally posted by photobug
I also agree that a partnership is a bad idea but a contract that would split the land and give full ownership of say half to each of two persons would work. Of course there would have to be a buyout clause and two owners could work cooperativley towards mutually benficial survival itmes such as a jointly owned power system but more importantly they could work cooperatively and things such as farming hunting, and protection. Both parties could work the land cooperatively as a whole even though as individuals they would only own half of the parcel. It would be more like a good neighbor thing with the begginiing cooperation being to pool resources to acquire the land.

I like this idea. I'd be independent of any possible legal messes with the other person, but we could work together for self-defense and for survival, (if we wanted to.) It sounds like a great plan. Too bad I can't come up with even half the money for it though. (I'm still wary of loans.)

Suppose two individuals could come up with 25% down it may be possible that the owner would hold the note for a short period of time say 36 months so basically after the down two people would have 36 months to pay off the reamining 75,000 or so. thats approx 12,000 per year per person. A very doable amount. In my case If I wa do do something like that I own a business that could be be ver esily replicated in another part of the country and would be able to assist the other person in setting up a business that could easily generate that amount of cash. So keep it in perspective It's a very doable project for anyone that can muster up 10 - 20 grand and be able to put 1000 - 2000 per month into the deal for three years.

Sounds great, but I'm still wary of not buying land outright, even under good terms. I wanna buy land and only have the taxes to worry about. (Not that I wanna pay them, but you know what I mean.)And one to two thousand a month my be definite for a person like you, but some of us don't have guaranteed paychecks every month.

Originally posted by LLoyd45
I believe to do what your planning would also require that you have thre property surveyed off into tracts, I may be wrong though. That could get rather expensive depending on how many tracts you're talking about.

Yeah that's what I was thinking, too. The costs are adding up, but this deal, assuming it's real, still looks great. Perhaps it'd be worth it.

Originally posted by jsobec
This is extremely cheap and is likely because there are no improvements on the land. If you are budgeting, be aware that taxes will increase as you add improvements. You can verify the taxes at the local assessors office; they are public record. Make sure there are no tax liens on the land, else you'll be responsible for them.

Also has the lot had a perc test? You'll want to make sure it has, or that's another expense you'll be looking at...

Good luck.

Thanks! I haven't gone that deep into inquiry with the seller because I see no way of me getting the land without a loan. I may have to pass this great deal up. I can't imagine the taxes would go up so much that it wouldn't be worth it. Especially since I don't plan on making many improvements besides an underground house and a garden and chicken coop.

[edit on 21/3/08 by an3rkist]

Originally posted by photobug
Allodial title is a concept in some systems of property law. It describes a situation where real property (land, buildings and fixtures) is owned free and clear of any encumbrances, including liens, mortgages and tax obligations. Allodial title is inalienable, in that it cannot be taken by any operation of law for any reason whatsoever.

Now that is something to research, thanks photobug. Claiming sovereignty and rights to your own land would be great. Now that would be worth defending!

My sisters and I went in on 88 acres in Southwestern Illinois, 750,000.

40 tillable, 3 lakes, 1 thirteen acres and 2 just over 3 acres each and the remaining is in hard woods timber.

We put together a trust on the property, actually a LLC, we then hired a local farmer to share crop the 40 each year.

The farming money goes to pay the property taxes and insurance on the 88 acres annually.

My sisters and I each built homes on the larger lake, we drew cards on who got to pick their 1 acre first, I picked 3rd, and the rest of the property is community property.

So far so good, it's been ten years and no major fights or problems.

We meet monthly and discuss the properties needs and run the meetings under Roberts rules and conduct the meetings professionally like a business and each year we rotate the president of the association.

I guess my point is yes, it can work if you run it as a business and keep personal issues aside, and hire your own lawyer that works for you not the association.

Good Luck!

Hey, if you've got 20 grand to buy land up front then don't despair. You can always give all that money to me :-)

Have you asked the seller yet if they'd be willing to sell you just a portion of the land?