Have you bought land or a cabin property?

[TheFever]

Hey,
My brother-in-law and I have been perusing the web a little looking for very modest cabins that maybe we can go in on together for a place to take our families. We both have young families with more kids on the way.
I'm personally interested in something with more land in possible hunting area, and less in the cabin. Although the wives would have it the other way around.
In all honesty, this is a very premature thought in thinking of if we make this a reality.
In looking at something around $40-50k, it would put our monthly payments a piece, at around $125-150/mo.

But am I missing something? Wondering what your experiences have been on other costs. I was assuming a 30 year loan and some property tax.

Looking for any input on what to look for avoid, or consider that I probably havent.

Thanks in advance.

>>>---->
For the love of the game

 

[tyef350]

My in-laws bought a cabin. I think they have you pay like only loan like have the value on a second home, or something like that. I could be wrong. They told me something like that. They just paid there's in full , because they sold a rental house they owned.

 

[2lumpy]

I know where there are 20 acre parcels for sale in mountain terrain, not sage and pinion but pines and aspens for around $50,000 (they were last year) but not with a cabin. Two + hours from the cities. Small fishing lakes are close but not on the parcels.

Finding a cabin with acreage for 50K might be a bit harder to find, however, if hunting and fishing are more important than location, something you might consider are small (very small) towns at the edges of large public land areas where older, fixer-upper homes on half to one acre sized lots are quit readily available. Some of these communities are 10 minutes or less from public lands and within 8 or 10 years and some landscaping with pines and other trees can be pretty darn cool places for weekenders with families and friends. There's a lot of folks doing that, now that mountain property has become harder to find on a budget income.

DC

 

[TheFever]

thanks tyef350, and thanks for the thought DC. I hadn't thought of getting the home in that manner.
Having the land in the pines and aspens is so appealing. Looks like it's possible at that range, and then I've seen a lot of home log packages to build on plots like that.


>>>---->
For the love of the game

 

[NMPaul]

I think you will have a hard time getting traditional bank financing.

Maybe if you already have a credit line with a bank.

 

[txhunter58]

I have a 3 acre cabin site between Dolores and Telluride Colorado. Aprox 9000 ft and located 1 mile from a 500 acre lake and 1.5 miles from national forest that goes on for 30 miles. 35 miles from town, but has electricty and gets decent cell service. Lots there are in the $50,000 range and are covered by aspen. Depending on location, those 20 acre lots with aspens may be better, but I like this location. Great hunting and fishing. The big lake is called Groundhog Reservoir if you want to look it up on Google earth.

txhunter58

venor, ergo sum (I hunt, therefore I am)

 

[Castnshoot]

LAST EDITED ON Mar-11-14 AT 11:30PM (MST)[p]First figure out the area you want.

Then find a good realestate broker in that area.

Have a preapproval letter from your lender in hand when you walk in the brokers office.

Use a broker that has knowledge of water rights and thier value, easment laws, and has a history with land sales.

A broker will beable to see way more properties than you can on the web. Their are still forclosers and short sells happening that can be found at a better price than a regular sale. A broker can bring those to your attention as soon as they become available or even before they become available.

As a buyer these services will cost you nothing.

If possible buy it on your own. Buying property with a partner is never a good idea.

Other costs:

Water rights maintenance

Goverment easment fees

Propaine

If next to open range it is your responsibility to keep other peoples cows off from your property. (fencing}

Fire prevention

Access road maintance

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[BIGJOHNT]

X 2 what castnshoot said. I wasn't going to post up but, here is what I learned . My brother in law bought a 5 acre cabin lot on the Manti. He cannot build on it because he needs to bring in a 10" water line for fire protection from five miles away. The cost of that is huge. He didn't check before buying the lot and it has been sitting for years.
We have a cabin for sale next to ours. A buddy was trying to buy it. With a large down payment, the bank would not give him a loan. Because it is recreational property.It is next to impossible to get a loan for recreational property. So then he was trying to pick up just a lot. the same thing. He ended up buying a 4 acre piece of land and just used his cash.

 

[arrowone4me]

txhunter - I helped build a log home in the area you are talking about about 20 years ago. It belonged to the family that had the motel, trash service, and log furniture making shop in Dolores. It is truly a great area as you described. CMU 71 I think.

 

[TheFever]

Sounds like from above, the key is to have an agent that knows the land requirements really well. To explain the costs up front, or to find a property that already has that stuff.
And in addition, see if you could get financed in the first place.

>>>---->
For the love of the game

 

[liecabucks]

The first thing I would be concerned with would be how you will be financing the property. I just made a call to one of my lenders for you actually. He said you will need 10% down and the property would have to be justified as a "recreational type residence". You would need to qualify with debt ratios like any other mortgage also. Likely it would need to be at least 50 miles away from your primary home and for the best rates you will need at least a 720 credit score. Rates are approximately 4.5% currently. This is info from a lender In Utah.



Sit tall in the saddle, hold your head up high, keep your eyes fixed to where the trail meets the sky...

 

[txhunter58]

LAST EDITED ON Mar-12-14 AT 12:22PM (MST)[p]

>txhunter - I helped build a
>log home in the area
>you are talking about about
>20 years ago. It
>belonged to the family that
>had the motel, trash service,
>and log furniture making shop
>in Dolores. It is
>truly a great area as
>you described. CMU 71 I
>think.

Yep, unit 71 is correct. I liked it so well, I bought an additional lot when prices went down. Will sell it someday to help finance my cabin. Nice thing about this is you have phone and electric service even though you are far from any paved road. And you are about 2 minutes to fishing or hunting. The national forest to the east is literally at least 20-25 miles until you run into private. They can never take that away.

The other thing you need to look at is covenants. My area has reasonable ones that are easy to follow but are not prohibitive. Mainly you have to build a minimum of an 800 sq ft cabin and no trailers. So it is being built up with nice cabins and homes instead of getting junky. Also, you can drill a well on the property. As stated above, that is not always the case.

txhunter58

venor, ergo sum (I hunt, therefore I am)

 

[CV_Camera_Hunter]

If you go to this link:

http://www.landsofamerica.com/landsconnector/mother-earth-news/index.cfm

You can find some great deals/prices.

 

[TheFever]

Thanks for all the feedback and heads up everyone!

>>>---->
For the love of the game

 

[hank4elk]

It can be a good investment.
I had a cabin in the Sierra's for many years. Many great times,with some hassles. I was able to retire, sell and upgrade to a ranch in NM. Now I have 140 ac w/LO elk tags and lots of water,fenced. Great hunting,fishing 45 mins away,tons of public lands to roam. I have year round access,power in,2 great wells, and building infratructure in. Now selling 60 ac of it to finance my dream home shop.
How to finance?
Accessability?
Infrastructure(water,power,phone,etc.)?
CCR's or restrictive codes?