All Forum Posts by: Account Closed

Greetings,

I'm planning a Field Day about real estate investing for the small/urban agriculture community in the Atlanta metro area. It started out as personal research, but I've decided to create an opportunity for others to get this info as well. I'm seeking investors & professionals experienced in farmland investments, agricultural lending, land purchasing, or building sustainable communities.

Also if you could point me to any BP resources on this matter, that would be awesome as well. In short, in completing an urban agriculture program, there was a trend of most sites being leased, rather than owed. Unfortunately, that has resulted in a number of community garden/urban farm closures over the past couple of years. Basically, I'm trying to learn more about the barriers to ownership in this realm and how to overcome them.

About my real estate goals, I plan to buy at least 2 acres of land, build a SFH homestead with added value revenue streams, such as event hosting and vacation rental by end of 2016. In the longer run, I am interested in real estate development involving creating progressive communities by way of land trusts, cooperatives and traditional means.

Best,

Candis

 Or at least it should be. Some cases, smh...

You could read these books and get it for free though, no loan required:  How to Read  A Book & The Well Educated Mind. But all jest aside, I had some invaluable experiences in college & I overall loved it. But I could do without all the debt & it did not equal automatic success. Things I would have told my former self... lol I've heard the same from others in high paying fields. They too are trying to escape. They are paid very lucratively but are still bound & stressed. 

 Exactly. You can "hear" that longing or freedom on so many posts here, especially on newbie(like myself) posts. Folks are just trying to escape!

Some have been fortunate, though, to have never been victim of that thinking or have escaped much sooner. People say it takes money to make money--but I think it is simply the effect of tasting freedom: having the constraints released from your mind, then acting on it, and ultimately having that first success. I hope to be in that number, sooner than later. But the first step, like getting rid of bad debt, is getting rid of poisonous ideas.

Nah Sam. vitriol stays. 

I was going to comment and add my $.02, but I think @Sam McPeek said it very well. And my response to that is PREACH! ;-) 

I am a college grad, loved my experience & my alma mater, loved what I studied. But the truth about student loans are undeniable- not even touching on the whole ideology behind why we hold degrees so dear to our hearts & why this thread is so controversial. Don't forget, College Education is big business. Sam said it best & succinctly. Loved your bullets man. Can I copy & paste and share with friends? I'll 100% credit you.

Thanks for your welcome & reply @Mehran K. Most likely DTI will be maxed out (if using general rule for conventional mortgages: 28/36%), not including rental income, if we purchase at our maximum purchase price. We are a homeschooling family on one income.

How would you approach it?

Looking to buy a Duplex or Triplex in a year or so, and live in one unit, rent out the others. My spouse & I think this is the best starter opportunity for us, as it spreads out the risk. The dilemma is we have a family with small children and want our own space sooner than later! This would be our first home (we'd use FHA or similar program to purchase) and we are working class folks...so what would be our exit strategy to get into our own home or buy additional property? Now, our exit strategy- technically- would be to keep this duplex/triplex and rent out all the units. But how would we overcome the whole debt to income ratio thing in order to finance our own single family residence in addition to owning this one? I've heard that lenders take in account rental income(if we use that financing source), but I would love to hear real life examples and numbers of how one makes that jump from "live-in" investor to a more hands-off (or further away ;) ) investor. Lastly, how does one protect oneself legally in this situation as an investor?