Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: N/A N/A

N/A N/A has started 12 posts and replied 18 times.

Hello all,

I was wondering if trust funds for real estate are still around? Like, back in the early 1990's my parents bought 80 acres of land in the middle of no-where (quite literally) kind of up by the Canadian border. They paid $4,600 for the 80 acres and bought it through a trust fund, the land was owned in massive amounts by some school or something like that. Well, today the land is worth about $130,000.

Do similar trust fund things like this still exist?

Post: Not sure what to do!

N/A N/APosted
  • Posts 18
  • Votes 0

Hey guys,

I am very confused about what to do in regards to where/what to live in within the next few years. I'm 18 so I've only got a little while to start planning, deciding, and saving money to do something. I've always like being different and not doing things like everyone else does which is where this all sets in.

Right now I own 2 acres of land in Minnesota that I bought myself in November. If I decide to stay in Minnesota I'm almost certain I'll build something on my two acres, but the question is: what would I build? So far I've had a few different ideas:
[list]

  • Underground house - there's a small hill on my two acres that would be perfect to dig into, lay some bricks, and put a house there where the only thing exposed to the outside is the door.

  • Deer stand? Another idea I had was to take four heavy-duty greentreated beams, erect them into the ground, and build a small 8'x10' structure on top of them that I could live in.

  • Wooden shed - you know how you can buy those wood shed kits (like this) at Menards, Home Depot, etc.? They come all pre-hung and ready to assemble, with some minor altercations I'm sure you could turn it into a sturdy miniature house.

  • Shack - the last, and probably most normal idea I've had is just to build a small shack on my land, something probably 8'x8' or 8'x10' built in a very simple manner.[/list:u]
  • But then there's also the possibility that I might move to a different state. I've always had some other weird ideas going on in my head. Like I was thinking about buying an old/dilapidated one-room schoolhouse or an old turn-of-the-century church and fixing it up to become my house. Not only would I have a well-built and nice looking home, but I'd also be saving the past since so many morons just bulldoze that stuff down nowadays showing no care about the past.

    I also had the idea of moving out to a place like South Dakota where they have those old ghost towns, and maybe buying an old fixer-upper building in a ghost town and restoring. I'm a big history-buff and I like the "old west" stuff, not only that but I don't think neighbors would be too big of an issue.

    If you're an everyday mainstream person, then my entire message probably made absolutely no sense and sounded utterly stupid. I know my ideas for a future home are weird, bizarre, etc. Ever since I was a kid I wanted to make sure when I had my own home that it would be different from what anyone else might have. Keep in mind the majority of these ideas for a future home I've had in my head for years, so the likelihood of me NOT doing one of those things for my first house are very very slim.

    With all of that being said, any opinions/advice/recommendations on my ideas?

    Thanks,
    Andrew

    -----

    Just curious which state has the cheapest real estate market.

    For example, in Minnesota if you were to buy 40 acres of vacant land you could expect to pay at least $60,000 (unless it's all field, then maybe $45,000.)

    So which state has the cheapest land and house real estate market?

    I would have thought it would have been Montana or something because the population is less dense, later did I find out that Montana is a lot higher than Minnesota is!

    Dang, I nearly forgot about this thread! Thank you for the commendment, Shep! I actually ended up buying 2 acres on a small lake for $19,500 (NOT the same lots as in the first post.)

    There are all some links to pictures on Flickr that I took of the property I bought:
    [list]

  • #1

  • #2

  • #3

  • #4

  • #5

  • #6[/list:u]
  • I really like the land (probably why I bought it, :lol:.) I'm in the process of putting a driveway on it and cleaning up all of the dead trees and branches that scatter the ground.

    Post: Weird questions!

    N/A N/APosted
    • Posts 18
    • Votes 0

    Who owns above the physical land?
    - Example: say I have a tree that is rooted in my yard and I hang a birdhouse off a limb that hangs right over my neighbor's property line. Is the birdhouse considered on his property?

    Who owns below the land surface?
    - Example: if I dig a tunnel that starts on my land but goes under the property line and under my neighbors property (even if it doesn't exit on their property) is the tunnel considered their property?

    Post: Forfeited land lists?

    N/A N/APosted
    • Posts 18
    • Votes 0

    Hey guys,

    Where can I get lists of forfeited land? I've searched but I keep getting a bunch of websites where they want you buy their sketchy infobooks.

    Post: How long does it take?

    N/A N/APosted
    • Posts 18
    • Votes 0

    Okay so tomorrow I am signing the purchase agreement on some land I want to buy. Then, on Monday I'm going to the bank to meet with the loan/mortgage guy.

    So, if things go according to plan (purchase agreement signed, $20k loan approved) by about when will I be the legal owner of the land?

    Post: What will the bank say?

    N/A N/APosted
    • Posts 18
    • Votes 0

    Okay so I'm 18 and I want to buy a parcel of land I found and have looked at three times, once already with a realtor.

    My question is: I want to make an offer on the land, but before I can I need to see if the bank will let me take out a mortgage. Will they? I have never taken out a loan (not a legal one at least, I did borrow $1,500 from my folks once and paid them back every cent of it.) I basically have no credit because I've never taken out anything.

    So will the bank let me take out $20,000? Obviously you will NEVER get a credit history if no one will ever let you borrow money because of that fact that you DON'T have a credit history. Will they let me... or will I have to have my parents co-sign? What exactly will happen?

    Thank you! :D

    I think it'd be fun to have an inflatable, a raft, or maybe a small canoe but even a jetski seems almost too big.

    My plans would be to cut the dead wood on it and maybe camp there for fun next summer while I find a good spot on the land, clear it out, and put a small shack there. From there on, I don't know where I'd continue.

    No snakes here, except 'blow snakes' and garder snakes. Both non-venomous, although getting bit would hurt a lot I'm sure. But it's even very rare to find them here. I did see that movie by the way, :p.

    I did set up a meeting with the realtor for this coming Sunday at 10:00am. So I'm all set to go. Just one last question though: IF I decide to make an offer... 1) how much should I offer ... 2) how can I get "as low as they'll go"?

    Do I just say something like "what's the lowest you'll take on it?" and what happens if what she says is too high, or I'd like to see if I could maybe go lower. Do I have any chance at getting it lower at whatever price she says is the lowest she'll take?

    WOW! Thank you guys for the awesome replies, I read each and every one - thank you!

    I live in Minnesota. It's a nice lot though almost two acres, rolling, many trees, on a small lake.

    Here are some pictures of the land:
    [URL=http://img142.imageshack.us/img142/5880/land1jx3.jpg][/URL]
    [URL=http://img142.imageshack.us/img142/1139/land2zv6.jpg][/URL]
    [URL=http://img248.imageshack.us/img248/5826/land3fd9.jpg][/URL]
    [URL=http://img248.imageshack.us/img248/2524/land4oh6.jpg][/URL]
    [URL=http://img248.imageshack.us/img248/8393/land5tl9.jpg][/URL]
    [URL=http://img168.imageshack.us/img168/1592/land6ny9.jpg][/URL]
    [URL=http://img286.imageshack.us/img286/5128/land7gc5.jpg][/URL]
    [URL=http://img286.imageshack.us/img286/2819/land8ph5.jpg][/URL]
    [URL=http://img133.imageshack.us/img133/9219/land9fy7.jpg][/URL]

    [size=15]What do you guys think of the land?

    Also, any more questions I should ask?[/size]