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Re: question about buying land... [Re: Rustler] #6324542 06/06/16 10:52 AM
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Originally Posted By: Rustler
I assume you meant Tx VLB = Texas Veterans Land Board.
The "TX land board" is a veterans program, the only way non vets /general public can buy through them is their forfeited tracts.

Less down = higher monthly payments & greater lender risk.

Conventional financing through most lenders will require 20% down unless the property is being sold considerably below market/appraised value, or you have a fairly long history with the lender.


With all due respect, that is completely untrue.

I bought my land through the Texas Veterans Land board and this was not forfeited land. In fact, the Forfeited land is land someone bought through them and did not pay for, period, and many tracts are offered to Veterans only, at first.

You can find any land out there that is at least 1 acre and use their land loans to buy land at 5% down. The reason they have it is that Texas offers it's Veterans all sorts of things that other states do not, like low down Land loans... low down house loans and home improvement loans.

Call them and look them up at http://www.texasveterans.com and find out exactly what they do.

And this is not a spam post... I just hate when people post what they do not know about.

Another thing to note that while their interest rate MAY be higher than most at first... the fact you can get in to it for 5% down AND do like we did.. improve it and then refinance it a year later at a much better interest rate....that helps. We would never have been able to buy our ranch had we not gone through them.

The Home loans and home improvement loans are at the going rate minus half a point, plus another half a point if you have a 30% disability.. so those loans are awesome and easy to get.

Like I said.. click the link above and ask them anything you like. It is totally free of charge and they will walk you through the entire process.

Russ


Hunting is easy..it's getting permission from your wife that is tough.
Re: question about buying land... [Re: JohnRussell] #6324951 06/06/16 05:42 PM
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Originally Posted By: JohnRussell
Originally Posted By: Rustler
I assume you meant Tx VLB = Texas Veterans Land Board.
The "TX land board" is a veterans program, the only way non vets /general public can buy through them is their forfeited tracts.

Less down = higher monthly payments & greater lender risk.

Conventional financing through most lenders will require 20% down unless the property is being sold considerably below market/appraised value, or you have a fairly long history with the lender.


With all due respect, that is completely untrue.

I bought my land through the Texas Veterans Land board and this was not forfeited land. In fact, the Forfeited land is land someone bought through them and did not pay for, period, and many tracts are offered to Veterans only, at first.

You can find any land out there that is at least 1 acre and use their land loans to buy land at 5% down. The reason they have it is that Texas offers it's Veterans all sorts of things that other states do not, like low down Land loans... low down house loans and home improvement loans.

Call them and look them up at http://www.texasveterans.com and find out exactly what they do.

And this is not a spam post... I just hate when people post what they do not know about.

Another thing to note that while their interest rate MAY be higher than most at first... the fact you can get in to it for 5% down AND do like we did.. improve it and then refinance it a year later at a much better interest rate....that helps. We would never have been able to buy our ranch had we not gone through them.

The Home loans and home improvement loans are at the going rate minus half a point, plus another half a point if you have a 30% disability.. so those loans are awesome and easy to get.

Like I said.. click the link above and ask them anything you like. It is totally free of charge and they will walk you through the entire process.

Russ


That is true. The main thing I did not like about the Tx vet land purchase is that they to not include improvements such as water,barns, electrical etc in their appraisal...just raw land. So if they appraise it at $100,000 and you pay $120,000 based on improvements...you have to come up with additional 20,000 at closing.

Re: question about buying land... [Re: Hunter_Man] #6325170 06/06/16 08:30 PM
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Totally true statement and yes it is a pain. We stuck to unimproved land and we financed when they were at 7.25% financing. I think they have it at like 6.75% now. Anyway, we improved it and then refinanced at 3.1% with a lender because we had plenty of equity at that time.

Lots of ways to do it and lots of things, like what you mentioned, to think about when getting land of any sort, but if you are like me and could never save 20 grand for a down payment, it sure is a nice easy way to get into a ranch.

Russ


Hunting is easy..it's getting permission from your wife that is tough.
Re: question about buying land... [Re: Hubcap67] #6389378 07/31/16 07:20 PM
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Originally Posted By: Hubcap67
Does a wildlife exemption regulate what you can do with the land? I am from Montana and if you register for the Wildlife exemption there you cannot build on the land that is qualified and you need to return any of it to original state if there are building or other improvements on it. How does it work inn Texas?


You can build a house on it, but have to define the area around it...usually at least an acre....and that land and the house will be taxed at the residential rate

Re: question about buying land... [Re: Hunter_Man] #6394762 08/04/16 06:54 PM
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New member and sorry to pile onto old thread, and much of this may have already been stated, but I think the experiences and lessons learned from buying land can be helpful for the next guy. We went through every one of the scenarios I've seen mentioned in the posts I've read here and learned a lot in the process.

Like many, I have been on deer leases on and off for decades - more were good than bad, but the bad situations were pretty dismal. As a result, I started thinking about buying a small place, with lots of wildlife, and the potential for living on it full time after retirement. We started looking at places all over - from southern Oklahoma to central Texas. We found a nice place in Oklahoma, but it was tied up in an estate with nearly 30 heirs. Next! Long story short, we looked at a lot of land before finding a beautiful place about 2 1/2 hours from Fort Worth, and started the purchase process.

A couple of lessons - 100% go through a land bank. The rates are a bit higher than a conventional mortgage, but with the Patronage programs paid at the end of the year, it brings most loans back on par with a traditional mortgage interest rate. Regardless, getting a reasonable loan from a traditional lender, even one where you have a relationship, is very difficult. With a land bank, be prepared for a 20% down payment, and max 20 year term.

A couple of real attractive things I was looking for when we were shopping for land. 1) Water, either tanks or running, and at a minimum, seasonal. 2) Same with drinking water, either a well or RWD, but for long term it is critical. 3) Available power - if you have to bring power in from the grid, get ready to bend over. Very expensive these days. 4) And this is important! Existing Ag Exemption. Once the land is purchased, it is up to the BUYER to demonstrate that the land has met at least the minimum usage for the past 5 years. Get an affidavit from the seller to prove they've met the requirements. If not, the NEW OWNER can be held responsible for the difference in taxes for those 5 years, and then need another 5 years to get it back under the AG valuation. Complicated, but can be a huge problem if you are not aware.

Not to make this more difficult, but the place we found is a bit smaller than I was hoping, but I went in with a plan that as other parcels near me go on sale I will try to purchase them to add to what I already have. For example, there is a piece across the road for sale, but simply by looking at it, I know that it is not meeting the AG Valuation requirements - no fence, no water, no cattle, no nest boxes, nothing but unimproved land. As a result, when someone new buys it, and if the County plays hardball, the County CAN charge the new owner the 5 year difference between the Exempt Value and Non-Exempt Value. Not saying they necessarily WILL, but can, and it would probably be several thousands of dollars.

I will over-simplify this, so don't get caught up on the words, but for several reasons, we chose to move off an AG Usage to a Wildlife Usage. It was not difficult, and I probably could have done the paperwork myself, but chose to hire a consultant who assisted through the process. That is a longer story, but it worked out well for us. Be sure to go look at your land's County website for their specific rules. The standards are set by the State, but the filing is done with the County and they may have a unique request. In ours, you have to identify a specific species for management, 100+ acres is needed for deer management unless you are part of a management group, etc. It has been my experience that the County Assessor's Office has been pretty easy to deal with, and they are just truing to do their job with the least hassle. Your county staff may be different.

Finally, insurance. Check with your provider, but in many cases as long as the land is not being used to generate income, it may be covered under your homeowner's policy - up to a certain limit. To be safe, even if covered for loss, it may be worth bumping up liability limits. A $1M liability policy may only add $20 or $30 a year to the policy and well worth it.

I've learned a lot of lessons in the time we've owned the land and hope this bit helps someone else. Building barns, buying equipment, building fence, etc. etc. Just ask!


Dalroo
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How about that Brandon!
Re: question about buying land... [Re: Hunter_Man] #6451087 09/14/16 01:16 AM
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Thanks, Dalroo. I've been researching this for a while in preperation to try and buy in the next 2-3 years and this is very helpful information.

Re: question about buying land... [Re: Hunter_Man] #6451111 09/14/16 01:25 AM
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Excellent post, Dalroo

Re: question about buying land... [Re: Hunter_Man] #6510593 10/25/16 02:32 PM
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Take the time to check out the competitiveness of Land Loan Specialists! www.landloanspecialists.com We only make farm, ranch, and recreational land loans and you need a lender that understands this way of life. If nothing else we can trade hunting pics! Rates change everyday but today a 30 year FIXED rate is under 5. You're looking at 25% down and it's either good enough for us to do or we won't do it. Meaning we won't mess with your rate based on waiting to get your financials reviewed by the bean counter (by the way that's me!).
(806) 698-6884 Look forward to talking to you!

Re: question about buying land... [Re: Hunter_Man] #6510630 10/25/16 02:49 PM
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pm sent


Cabin rental in Pagosa Springs, Co.
Sleeps 10, If interested please PM me.
Re: question about buying land... [Re: Hunter_Man] #6771427 05/22/17 05:46 PM
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My inlaws are currently in the process of purchasing land/retirement home and I am trying to help them along the way. I have read through this entire thread and learned a lot. I myself am interested in purchasing land someday in the far distance future so any help is appreciated.

What they have had issues with so far in the process is finding someone (i.e. Land broker, real estate agent, etc.) that would represent them in finding a place. From my understanding it is best to have someone represent you instead of using the seller's agent listing the property (correct me if I'm wrong). Most places they have looked at has been with the seller's agent. So my question is how to you go about finding someone that is actively looking for properties to put on the market, but looking out for your interest when it comes to purchasing the property from the seller? Or is this something you need to do the leg work yourself along with some cold calling?

They are looking for property in McLennan, Bosque, Hill, Falls, and Coryell counties. Feel free to PM if you know of any land brokers that work those counties or any leads in that area. Thanks again.

Re: question about buying land... [Re: Hunter_Man] #6836562 07/28/17 01:16 PM
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By all means, find someone to represent you that knows the area. One of the things about land in the middle of nowhere is that the "deals" are all in the back pockets of the local realtors.

Go there, find a nice place to eat that is a local dive and then look at the business cards left around the register. Go talk to them, ALL of them.

Then, look on landsoftexas and see who is selling the land in that area. When you see a place you like, try to deal with someone that is not representing that person. You may not get the chance...heh.. but it is possible.

Then, ask questions like:

1 - If there are trail cam pics, are they recent? No dates? Why? Where is the high fence?

2 - Are the trail cam pics of that land? Ask to see the exact feeder they came off of. Lots of people use the same photos for different ads. Check that stuff.

3 - Ask to see the comps and for the sake of God, if it says it has a WLM, make sure it is in full good standing, not probation, etc.. GO to the CAD and ask them, do not take ANYone's word for it. I have seen a lot of folks lose a WLM / AG because it was not filed and in the process of being revoked and all they did was check the CAD site that only lists it's current standing.

Ask anything ya like here.


Hunting is easy..it's getting permission from your wife that is tough.
Re: question about buying land... [Re: Hunter_Man] #6885565 09/12/17 11:49 PM
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I just bought a hunting property. It is very similar to buying a house. It has to be appraised, the loan application uses the HUD forms, title companies, etc.

Financing the manufactured home was worse than buying the property since it is our second residence.

I financed my land through the Texas Veterans Land Board. If you are a veteran check it out. Great benefit. The developer I bought from referred me to a bank for financing as an option to TVLB.

We live in La Grange and financed a remodel/expansion of our retirement home through a local bank. Much easier to deal with than a Wells Fargo or the like. Closing on the loan cost me all of $250.00. The banker even said he didn't need a survey because he knew where the house was. Financing land through a local bank might not be as difficult as it might seem.

Raw land does not have to be insured but liability would be a good idea unless you are the only person to ever be on the property.

Getting electricity, septic, well, and all that goes with it has been interesting but for the most part enjoyable because of all the down to earth genuine good people I met along the way.

BTW, Texas Veteran Land Board will now finance $150,000.00.

Last edited by FayetteCo; 09/12/17 11:55 PM.
Re: question about buying land... [Re: Hunter_Man] #6899347 09/26/17 02:31 PM
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My hunting buddy and I are looking to purchase some hunting property. We are looking for bottom land that floods and has a good amount of timber.

What would be the best process for buying land jointly?

What % down payment are we looking at?

If we wanted to put in levees and water control, who do we need to contact about using water from a creek or river?

Re: question about buying land... [Re: Hunter_Man] #6899356 09/26/17 02:39 PM
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It's your life and money, but...I would never own land with a buddy.


...and have dominion over the fish of the sea, and over the fowl of the air, and over every living thing that moveth upon the earth. Gen. 1:28
Re: question about buying land... [Re: Creekrunner] #6901765 09/28/17 06:57 AM
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Originally Posted By: Creekrunner
It's your life and money, but...I would never own land with a buddy.


x2

Re: question about buying land... [Re: Txduckman] #6920696 10/15/17 12:32 AM
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Originally Posted By: Txduckman
Originally Posted By: Creekrunner
It's your life and money, but...I would never own land with a buddy.


x2

Good way to loose a buddy!!!!


Cabin rental in Pagosa Springs, Co.
Sleeps 10, If interested please PM me.
Re: question about buying land... [Re: teal.slayer14] #6953862 11/10/17 06:18 AM
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Originally Posted By: teal.slayer14
My hunting buddy and I are looking to purchase some hunting property. We are looking for bottom land that floods and has a good amount of timber.

What would be the best process for buying land jointly?

What % down payment are we looking at?

If we wanted to put in levees and water control, who do we need to contact about using water from a creek or river?


What would be the best process for buying land jointly?
Most of the time you can use the same lender and split the property up without having to get it platted (550 CR 628 Tract #1 and 550 CR 628 Tract #2). This way you can finance half in your name and your buddy can finance half in his name. I know this works with veterans land board because I closed one with them 2 weeks ago.

What % down payment are we looking at?
Generally you are looking at 10-20% down (Unless you use texas veterans land board which is only 5% down and upto $150k financed per person).

If we wanted to put in levees and water control, who do we need to contact about using water from a creek or river?
You would have to contact the county office in which the property is located.

I'm a licensed buyer's agent living in Fort Worth and can answer any other questions yall have. Thanks

Russell Ott
940-206-9322
russell@ottfamilyrealty.com

Last edited by guysamson; 11/10/17 06:20 AM.

Life passes most people by while they're busy making grand plans for it.

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Re: question about buying land... [Re: Hunter_Man] #6987054 12/07/17 06:40 PM
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Land newbie here. Looking to buy some land for family fun and potentially some hunting. Something ~30-80 acres would be ideal since I am willing to spend ~$150K, need to be within 2.5 hours of DFW. What counties would y'all suggest to look?

Re: question about buying land... [Re: kikabaila] #6987161 12/07/17 08:00 PM
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Originally Posted By: kikabaila
Land newbie here. Looking to buy some land for family fun and potentially some hunting. Something ~30-80 acres would be ideal since I am willing to spend ~$150K, need to be within 2.5 hours of DFW. What counties would y'all suggest to look?

If deer hunting, then Eastland, Stephens, Brown would be my choices. You should be able to get land there if you don't rush yourself for $2,500 an acre. That would put you at around 60 acres. But, to enjoy anything that you buy, you need to have a budget in addition to the land cost. So, don't go spending your whole 150k on land is what I am saying.


Cabin rental in Pagosa Springs, Co.
Sleeps 10, If interested please PM me.
Re: question about buying land... [Re: kikabaila] #6987181 12/07/17 08:10 PM
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Originally Posted By: kikabaila
Land newbie here. Looking to buy some land for family fun and potentially some hunting. Something ~30-80 acres would be ideal since I am willing to spend ~$150K, need to be within 2.5 hours of DFW. What counties would y'all suggest to look?


Maybe a bit out of your budget, but I looked at a piece this past weekend in Brown County that is roughly 85 acres. Prime hunting area for deer, turkey, hogs, etc. It is a bit far from my place or I would be more interested. Just far enough I would have to trailer my tractor over. I think it is listed at 207k, which I think is too high, but maybe worth making an offer - who knows. If interested, PM me and I will send the link.


Dalroo
Deep in the Heart of Texas
How about that Brandon!
Re: question about buying land... [Re: Hunter_Man] #6987274 12/07/17 09:17 PM
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Just an FYI, I have bought three pieces of land and I found all of them on
landsoftexas.com you can filter by county, price and number of acres.


Cabin rental in Pagosa Springs, Co.
Sleeps 10, If interested please PM me.
Re: question about buying land... [Re: Hunter_Man] #7007530 12/22/17 08:00 PM
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Capital Farm Credit is awesome you can get 4 to 6% with excellent credit.

Re: question about buying land... [Re: Hunter_Man] #7096793 03/01/18 12:37 AM
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wow popular post..over a half million views in 2 months

Re: question about buying land... [Re: mow] #7097094 03/01/18 06:03 AM
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It is a very informative thread. Let me know if anyone has any questions. I stand ready to serve you and your family. I have helped several members purchase ranches and I am ready to help you buy or sell. I can always be reached on my cell phone.


Brandon Azuelo - Land Specialist/Sales Agent in Texas & Oklahoma
No Fences Land Company
3500 Highway 121
Bedford, TX 76021
Cell: 972.800.7773
Email: brandona@nofencesland.com
Web: http://www.nofencesland.com/
Re: question about buying land... [Re: Hunter_Man] #7244006 08/03/18 02:38 PM
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One of my dreams later on in life is to have my own land that my wife and I can retire on. This is going to sound crazy, but what are the first steps yall would recommend doing once I graduate college? Im a senior at the university of Arkansas studying supply chain right now. I know this dream is so far out of the picture in my life currently, but Id like to get a great head start for saving money, etc. Im just trying to gain some wisdom from yall!


You may all go to hell and I will go to Texas! -Davy Crocket
This is duck hunting...shirts and shoes are optional
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