Hi BP community,
I am interested to buy a property $900k in California in a old and very cute Gold Rush little town in California between 2 and 3 hours from San Francisco.
It is a land of 60 acres with a 1300 sqf home on it, old barn and another small building. It is just 5min driving from the downtown.
There is actually an old mine on the land :) You have a road who cross the land (2 access to the land) City water underneath of this road. Also 2 year long creeks. Trees everywhere, maybe sell the trees to a timber company, the listing agent told me that not too long ago a timber company offered $100k not bad.
I am interested to split the land and sell them as is (around 1 acres it’s about $100k there but you can split with a minimum of 5 acres) or develop them and sell them tbd but also create a small village like an old time western town with tiny homes (sherif, post, saloon, ...) where you can stay and rent them out on airbnb I saw someone who did that in Montana and all summer it is rented for $260/night per house and each house cost $80k).
Also thinking to do a campground on an area and use Hipcamp potentially.
The price of $900k looks very cheap. I don't know if I am missing something. And it’s been on the market for 2 years now. Could you give me some advices please?
Also I am struggling with the down payment. The ownership is through a trust and the owner doesn't want to finance it.
I am thinking about looking for a partner on this project. Also I think I can figure it out by myself and keep it all for me but it might be too big for 1 person.
It seems that it is difficult with bank to finance when it has more than 20 acres. Problem with appraisal too because the land is so big that appraisers won't be interested in the job.
What are your thoughts please?
Thank you
