Recreational Land Loan: Anyone done this before?

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Originally Posted by GilpinGuy

I've been out of the real estate game for a while but the reason banks hesitate to loan on vacant land is that it's easy to walk away from vacant land if you get into financial trouble. If you live in a house on a some land, you are more likely to stay and find a way to make your payments.

I had a VERY hard time as a realtor finding lenders who would work with vacant land unless it was a construction loan. That was 10 years ago, but I can only imagine that it's even harder now. Maybe I'm wrong though.

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Harder now.

Unless you plan on develop it right away, I dont recommend anyone buy acreage. Next time you take a drive on an county road, notice the '100 acre for sale' sign that has been sitting there for years and years.

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Originally Posted by rbeau30

Eh, Maybe I'll just have to pay outright if everything on the land checks out.

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Drop an 8x8 tuff shed on the property, throw an expired propane tank next to it and call it a Hunting Guide office. get a P.O. box and call it livable.
If homeless people can use the speer overpass as a legit residence, so can you.

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Originally Posted by Great-Kazoo

Drop an 8x8 tuff shed on the property, throw an expired propane tank next to it and call it a Hunting Guide office. get a P.O. box and call it livable.
If homeless people can use the speer overpass as a legit residence, so can you.

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:-D there already is a wooden shed on it. expired propane tank got one of those.

be careful with land that has even a shed on it. we have seen several land deals go bad because of even a small 1880s shack on it somewhere. local bank or credit union is your best bet.

As said, it is probably not a great investment and will be harder to sell, but that being said even i am looking at 35 acres or so for myself, have not decided whether it will be in Co or not