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Buying land questions.
#7266655
08/24/18 10:44 PM
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Joined: Nov 2007
Posts: 11,681
DSST_Construction
OP
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OP
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I’m lookimg at purchasing 20 acres of land , who would I contact for a loan or what steps would I need to take to start the buying process. I have great credit and would like to buy a piece of property .
We work anything an everything masonry,we have been in this trade for over 40+ years of experience. We fix/repair/build anything masonry
DSST Construction Services Deputy (713) 826-4451 Office (713) 417-7167 Email k5blaser88@yahoo.com
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Re: Buying land questions.
[Re: DSST_Construction]
#7266773
08/25/18 12:56 AM
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Joined: Sep 2004
Posts: 3,072
easton1025
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capital farm credit... Good credit and a small piece like this is a very simple process..Anything under 300k is a "simple loan" process.. Fill out app..they will pull your credit and give you a answer pretty quick...They will order the appraisal...
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Re: Buying land questions.
[Re: DSST_Construction]
#7266852
08/25/18 02:18 AM
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Joined: Jul 2010
Posts: 6,863
HuntnFly67
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Like above, Cap Farm Credit or we used Lone Star Ag and the dividend checks at the end of the year significantly reduced our effective interest rate.
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Re: Buying land questions.
[Re: DSST_Construction]
#7266923
08/25/18 04:21 AM
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Joined: Nov 2007
Posts: 11,681
DSST_Construction
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What the going rates for land? Any specific agencies to use that y’all used befor?
We work anything an everything masonry,we have been in this trade for over 40+ years of experience. We fix/repair/build anything masonry
DSST Construction Services Deputy (713) 826-4451 Office (713) 417-7167 Email k5blaser88@yahoo.com
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Re: Buying land questions.
[Re: DSST_Construction]
#7267648
08/26/18 02:48 AM
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Joined: Oct 2011
Posts: 3,161
SouthWestIron
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Central Texas Farm Credit. Its a coop which means you'll receive dividends as long as the institution is doing well. Really boils down to lowering your interest rate. People I've dealt with at Central Texas Farm Credit have been excellent to work with. Figure on around 4-5% interest rates. https://www.centraltexasfarmcredit.com/
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Re: Buying land questions.
[Re: DSST_Construction]
#7267859
08/26/18 02:46 PM
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Joined: Dec 2012
Posts: 4,800
TexasKC
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We've had several loans with Capital Farm Credit. You do get patronage checks at least once a year, and usually twice a year. One thing you need to know is that money stays in your account after you pay the loan off. We don't currently have an active loan with them but still have over 12k in our account. They will not refund that money but you still get a "profit sharing check" at least once a year at their discretion.
In the end, it's not the years in your life that count, it's the life in your years.
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Re: Buying land questions.
[Re: HuntnFly67]
#7268067
08/26/18 07:10 PM
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Joined: Nov 2014
Posts: 7,788
Mr. T.
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Like above, Cap Farm Credit or we used Lone Star Ag and the dividend checks at the end of the year significantly reduced our effective interest rate. Have used Lone Star Ag twice. Both times simple. But you will need 20% down.
Cabin rental in Pagosa Springs, Co. Sleeps 10, If interested please PM me.
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Re: Buying land questions.
[Re: TexasKC]
#7268071
08/26/18 07:17 PM
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Joined: Nov 2014
Posts: 7,788
Mr. T.
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We've had several loans with Capital Farm Credit. You do get patronage checks at least once a year, and usually twice a year. One thing you need to know is that money stays in your account after you pay the loan off. We don't currently have an active loan with them but still have over 12k in our account. They will not refund that money but you still get a "profit sharing check" at least once a year at their discretion. I am very confused? I've never dealt with Capital Farm Credit, but with Lone Star Ag, twice. Both times when I paid off the loan I got one more Patronage check, but there is no money left in my account. I've never heard of anything like that.
Cabin rental in Pagosa Springs, Co. Sleeps 10, If interested please PM me.
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Re: Buying land questions.
[Re: TexasKC]
#7268083
08/26/18 07:41 PM
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Joined: Aug 2010
Posts: 60,296
stxranchman
Obie Juan Kenobi
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Obie Juan Kenobi
Joined: Aug 2010
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We've had several loans with Capital Farm Credit. You do get patronage checks at least once a year, and usually twice a year. One thing you need to know is that money stays in your account after you pay the loan off. We don't currently have an active loan with them but still have over 12k in our account. They will not refund that money but you still get a "profit sharing check" at least once a year at their discretion. I used Capital Farm Credit for my land loan also. I got a patronage check in the mail in my second year and every year after that till I paid off the loan. I deposited that annual patronage check in my bank account and used it to make a land payment or even almost two some some years. But do not sure about anything left in an account.
Are idiots multiplying faster than normal people?
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Re: Buying land questions.
[Re: Mr. T.]
#7268178
08/26/18 09:53 PM
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Joined: Dec 2012
Posts: 4,800
TexasKC
Extreme Tracker
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We've had several loans with Capital Farm Credit. You do get patronage checks at least once a year, and usually twice a year. One thing you need to know is that money stays in your account after you pay the loan off. We don't currently have an active loan with them but still have over 12k in our account. They will not refund that money but you still get a "profit sharing check" at least once a year at their discretion. I am very confused? I've never dealt with Capital Farm Credit, but with Lone Star Ag, twice. Both times when I paid off the loan I got one more Patronage check, but there is no money left in my account. I've never heard of anything like that. That's the way it works. I spoke with them just last week and the lady told me that we will get a check this October "and many years to come". It's not a patronage check. She said it's a profit sharing check.
In the end, it's not the years in your life that count, it's the life in your years.
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Re: Buying land questions.
[Re: DSST_Construction]
#7269301
08/27/18 11:37 PM
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Joined: Sep 2010
Posts: 2,954
huntwest
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Usually a bank in the county you are purchasing the land will loan on it. Especially if it is a small town bank.
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Re: Buying land questions.
[Re: TexasKC]
#7269321
08/27/18 11:48 PM
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Joined: Aug 2010
Posts: 60,296
stxranchman
Obie Juan Kenobi
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Obie Juan Kenobi
Joined: Aug 2010
Posts: 60,296 |
We've had several loans with Capital Farm Credit. You do get patronage checks at least once a year, and usually twice a year. One thing you need to know is that money stays in your account after you pay the loan off. We don't currently have an active loan with them but still have over 12k in our account. They will not refund that money but you still get a "profit sharing check" at least once a year at their discretion. I am very confused? I've never dealt with Capital Farm Credit, but with Lone Star Ag, twice. Both times when I paid off the loan I got one more Patronage check, but there is no money left in my account. I've never heard of anything like that. That's the way it works. I spoke with them just last week and the lady told me that we will get a check this October "and many years to come". It's not a patronage check. She said it's a profit sharing check. I guess they need to update their website then. I got my annual partonage check in late Feb or March IIRC. https://www.capitalfarmcredit.com/aboutus/patronage
Are idiots multiplying faster than normal people?
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Re: Buying land questions.
[Re: DSST_Construction]
#7269528
08/28/18 02:40 AM
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Joined: Nov 2007
Posts: 11,681
DSST_Construction
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What exactly I’d a annual patronage check exactly?
We work anything an everything masonry,we have been in this trade for over 40+ years of experience. We fix/repair/build anything masonry
DSST Construction Services Deputy (713) 826-4451 Office (713) 417-7167 Email k5blaser88@yahoo.com
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Re: Buying land questions.
[Re: DSST_Construction]
#7269614
08/28/18 03:59 AM
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Joined: Oct 2011
Posts: 3,161
SouthWestIron
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What exactly I’d a annual patronage check exactly? Well with Central Texas Farm Credit it basically boils down to profit sharing in the coop. Your loan with them counts towards owning a piece of the company so to speak. If they are profitable the "shareholders/borrowers" receive a check. I've included a link to what was paid out for 2017 which was a record year for Central Texas Farm Credit. Although it was an actual payment it actually reduced the cost of your loan by 1.5%. https://www.centraltexasfarmcredit.com/record-patronage-2017
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Re: Buying land questions.
[Re: huntwest]
#7269632
08/28/18 04:30 AM
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Joined: Sep 2004
Posts: 3,072
easton1025
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Usually a bank in the county you are purchasing the land will loan on it. Especially if it is a small town bank. .. Yes but many will only do a balloon so they can change the interest rate after 5 years.. Also a bank will report to credit.. Land banks do not...
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Re: Buying land questions.
[Re: easton1025]
#7269693
08/28/18 11:30 AM
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Joined: Oct 2008
Posts: 16,783
68rustbucket
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Usually a bank in the county you are purchasing the land will loan on it. Especially if it is a small town bank. .. Yes but many will only do a balloon so they can change the interest rate after 5 years.. Also a bank will report to credit.. Land banks do not... So your saying a land bank loan doesn’t show up on a credit report? If so, why is that?
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Re: Buying land questions.
[Re: DSST_Construction]
#7270008
08/28/18 03:50 PM
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Joined: Dec 2006
Posts: 71
94 Sting
Outdoorsman
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Outdoorsman
Joined: Dec 2006
Posts: 71 |
I used Capital Farm Credit as well for our 25 acres. The lady that helped me was EXTREAMLY helpful in all aspects of the buying process as well as putting me in contact with everyone I needed to make our land into a great getaway.
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Re: Buying land questions.
[Re: DSST_Construction]
#7271940
08/30/18 12:18 PM
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Joined: Apr 2011
Posts: 447
woodduckhunter
Bird Dog
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Bird Dog
Joined: Apr 2011
Posts: 447 |
i have land notes at a normal bank, and another with capital farm. none of them show up on a credit report. they do not report it to the bureau from what I was told when I've asked
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Re: Buying land questions.
[Re: DSST_Construction]
#7276983
09/05/18 02:41 AM
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Joined: Feb 2009
Posts: 2,817
Wildphilhickup
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* If a substantial part of the land is to be left "natural", apply for AG Exemption ASAP. Wildlife Exemption is another option, but I am told it takes 5 years to get that exemption. *You have to re-apply every year by the end of March, or you lose it.
MILL CREEK HONEY BEE FARM, LLC millcreekhoneybeefarm @yahoo.com
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Re: Buying land questions.
[Re: Wildphilhickup]
#7277142
09/05/18 11:59 AM
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Joined: Aug 2008
Posts: 14,950
don k
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* If a substantial part of the land is to be left "natural", apply for AG Exemption ASAP. Wildlife Exemption is another option, but I am told it takes 5 years to get that exemption. *You have to re-apply every year by the end of March, or you lose it.
If I remember correctly unless you already have an exemption on say another piece of property you have to wait to get either type of exemption.
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Re: Buying land questions.
[Re: DSST_Construction]
#7277402
09/05/18 03:34 PM
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Joined: Nov 2014
Posts: 7,788
Mr. T.
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Personally, I would not buy land that does not already have an AG or Timber exemption. Just my worth.
Cabin rental in Pagosa Springs, Co. Sleeps 10, If interested please PM me.
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Re: Buying land questions.
[Re: woodduckhunter]
#7277680
09/05/18 07:42 PM
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Joined: Sep 2004
Posts: 3,072
easton1025
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i have land notes at a normal bank, and another with capital farm. none of them show up on a credit report. they do not report it to the bureau from what I was told when I've asked ..well you are lucky.. Regular banks have to report loans to Feds...every small town bank I approached said they had to report even a balloon on land...Good for you not getting it reported..BUT on a side note you cant write off the interest....
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Re: Buying land questions.
[Re: 68rustbucket]
#7277682
09/05/18 07:44 PM
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Joined: Sep 2004
Posts: 3,072
easton1025
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Usually a bank in the county you are purchasing the land will loan on it. Especially if it is a small town bank. .. Yes but many will only do a balloon so they can change the interest rate after 5 years.. Also a bank will report to credit.. Land banks do not... So your saying a land bank loan doesn’t show up on a credit report? If so, why is that? I dunno the reasons other than I like it... Now it does get reported to IRS so you can write off the interest...I think it may have something to do with ranchers and farmers not able to keep up with loans certain times of the year.. Could you imagine the farmers with bad credit???
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Re: Buying land questions.
[Re: DSST_Construction]
#7280511
09/08/18 04:31 AM
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Joined: Feb 2010
Posts: 11,658
GusWayne
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As stated, if it doesn't have Ag or Timber I wouldn't do it.
Taxes and FINALLY getting Ag aren't cheap.
Trust me, I know now.
5.5-6.5 are normal rates w excellent credit I believe in just raw land for 20 years.
10-20 percent down.
Last edited by procraft05; 09/08/18 04:32 AM.
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