Land Financing

SLCTaylor profile photo

I've been interested in real estate for quite a while, but never more so than I am now. My first goal is to secure that beautiful piece of land on which to build my dream home, and then I want to move onto other forms/types of real estate. I'm wondering if I should approach this land as a personal purchase, or if I should get my "business" started and make that the first business purchase. Does everyone start as an individual or can you get operating capital, grants, etc. first? rolleyes

I also saw that the lender finder can help you find financing, but land is such a weird animal. Everyone & their brother will finance a home, but not a vacant lot. Has anyone else faced this too?

Thanks for any suggestions!

Comments(1)

  • pspiers2nd July, 2004

    One of the best ways to get started in RE and have land for a personal resident is to buy land that can be subdivided without building any new roads. Study the subdivision regs for the area that you want build your home. Then look for a property that has enough road frontage that meets your needs.

    A good deal would be to find a property that has enough frontage for four building sites, you sell three and keep one free and clear. Find a lender who will lend on the four building sites, not the land as a whole. If you can do that, your at 75% LTV and your financing starts to gets easier. There are lenders out there who understand land and will work with you to meet your needs.

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