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3
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1
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James Hart
  • Breeding, KY
1
Votes |
3
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Advice on financing off grid property

James Hart
  • Breeding, KY
Posted

I am new to the forums. Lots of good advice on here but haven't found anything that matches my situation. I bought 10 remote acres and have a small cabin on the property. We bought this home to remodel and live in, not planning on selling it. We have a spring fed creek in front of the house and a spring fed creek beside the house. We are planning on building 2 more cabins on the property also on the creek to rent out. Now we have a chance to buy an additional 15 acres joining ours, and the creek runs directly thru the center of it also. Would like to purchase it and add 3 more cabins to rent. The problem I am having is that all of this property is off the grid with no electricity available. It is not a problem for me as for my house I have an inverter, batteries and a generator, and putting in solar panels. We use gas for cooking and heating and water from the creek for everything but drinking. Will have the same system for all of the cabins. I have not found anyone willing to make a loan because of the off grid location. Talked to an appraiser and he said a house with no commercial utilities is not anything they would appraise. I don't owe much on the first house and land but looking for about 100,000 to pay off  the original land and house and purchase the additional land and build the cabins. We do not want to sell any of the cabins or land but use them as rentals, and also make part of the new acreage and area for a campground for rv's. Because of this we are looking for a longer term loan, probably 10 to 12 years. Any advice appreciated.

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