Paying for land?

[crfingnutz]

I saw that some posts were accidently removed so I will ask again, those that have purchased land how did you pay for it or what is the best way? Home equity loan, mortgage, personal loan or some other bank loan? Thanks for any help.

[virgil]

It's often difficult to get a mortgage for just land- at least if the purpose of that land is specifically recreational.

[jjb4900]

lowest interest rate! if home equity loans are a tax benefit I would go that route as well, they usually offer low interest rates too.....

Edited July 15, 2016 by jjb4900

[Uncle Nicky]

I took out a home equity loan when I bought my camp. It hurts to pay the interest, but it does help some when I file my tax return, since I have enough deductions to itemize. If you can pay cash or work out a payment plan with the seller, that would be the best route to go.

[grampy]

If possible, save up at least 40% of the purchase price before applying for a loan, if it will be a recreational property. Real estate can be a very good investment, so do your homework. Your savings will be safe while you enjoy your investment and make lower monthly payments.

[hunter]

Just beware of adjustable rate loans especially home equity. Had a bad experience and was lucky

to refi. Second a small piece can be great, you don't need a big piece. I wish I had more but my

five acre lot has good hunting with my neighbors mutual permission I have access to more but

the key is my lot backs up to power lines so there is a lot of land that can't be developed and

acts like a trail for deer. That would be my best advice to find land with adjacent land that

can't be developed even if not open to you a food plot can bring in enough for a couple of guys.

[growalot]

cash

[Chef]

Why not buy a land with a very small home on it, old and maybe even in rough shape then you can do a conventional mortgage

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