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#1 of 9 Old 01-18-2006, 02:48 AM - Thread Starter
 
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Hi! Im not new tot he site but new to posting,anyway..the past few years i have had this dream i guess, to pick up stakes and move out to the country. it got really intense this past week..i was trying to convince my dh that we could build our own log cabin (i still think we could do it...lol)and i have the sudden urge to own chickens..weird.

what i wanted to know was how is it done..we have no debt but almost no savings and no assets. i'm hoping to be totally (well as close as you can get to) self suficiant eventually. how do you have no mortgage if you have these tracts of land? doesnt that require payment and payment that big would mean mortgage right? sorry i know this is long and rambling. how do you get online..the library i guess?

thanks for reading and again sorry its so crazy
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#2 of 9 Old 01-18-2006, 11:11 AM
 
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To purchase anything is going to cost you. If you do not have savings then you would have to borrow the money from either a bank or a person. Some people sell there land on contract to you but that can get weird.

If you do not have savings then the answer is "yes" you will have a mortgage. I think the main thing you need to ask yourself is, am I willing to wait and save our money until we can pay outright for land? OR am I willing to go into debt to get land?

If you sold your house right now, would you have any equity to use against a peice of land???

Trying to build up my house, not tear it down namaste.gif.   Got 3 wonderful kids jumpers.gif  ribboncesarean.gif autismribbon.gif, blessed with a wonderful husband luxlove.gif and have the privilege of staying home full time to enjoy it all! 

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#3 of 9 Old 01-18-2006, 12:13 PM
 
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I don't think any of what you're asking is weird.

We went into debt to buy our land and we are fine with that. The only way things worked for us is because our house increased in value 100+% in four years with our remodel. So we're able to pay off the land and have money to build with some to spare.

You might be able to find a cheap piece of land depending on where you live.

I agree with the previous poster about checking the equity in your house now to see what you would have to work with.
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#4 of 9 Old 01-18-2006, 01:30 PM - Thread Starter
 
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Quote:
Originally Posted by stretchmark

I agree with the previous poster about checking the equity in your house now to see what you would have to work with.
well we live with (and take care of) my dh's bed ridden g'ma. (shes not a nice person and lets leave it at that : ) so we really do have nothing in the way of assets or equity...sigh..im a person who likes instant results..lol...i knew that the answers i would get would tell me to wait or mortgage the property. i guess i had to ask just to be sure..maybe in the back of my mind i hoped y'all had some sort of secret plan that the rest of the world doesnt know..lol
thanks for taking the time to reply!


Cat
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#5 of 9 Old 01-18-2006, 04:40 PM
 
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I suggest the book mortgage free by rob roy. he has lots of different ways to live mortgage free even with little savings.
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#6 of 9 Old 01-18-2006, 07:58 PM
 
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you could buy a subdividable piece of land, then improve and sell off one or more lots for profit. If the real estate market is hot where you're buying, you may get lucky enough to do this. This may be how we make our dream happen. I guess I will keep y'all posted, if we do that.

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#7 of 9 Old 01-19-2006, 07:37 PM - Thread Starter
 
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yesterday i wa talking with a friend who has been keeping an eye out for properties for us. well she found my dream land..it even has a mobile home on the land for us to live in while we build our home...we decided we need to mortgage the property because we cant let this one get away from us. now we just have to get pre approved so we can put an offer in on it!. thanks for the ideas and advice. hopefully,with everything going according to plan *fingers and toes crossed*, we will be living in our new cabin with nothing around us but land and sky!
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#8 of 9 Old 01-20-2006, 12:51 PM
 
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Wow! That was quick. That's so exciting.

You could even rent your mobile home when you're done with it and that would help pay the mortgage.
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#9 of 9 Old 01-20-2006, 10:29 PM - Thread Starter
 
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i know..my firend thinks im nuts but she is always on the look out for me. our goal is to rent out whatever we live in while we build to help us avoid those things called jobs that people get..lol. my dh is so amped about this, he cant wait to get away from his draining stressful position with a lg company and get back to the simple things in life. we have been talking about investing in more land to subdivide and sell cheap to people like us who want to get back to basics. we'll see how that goes after we have our home built and running smoothly. i will def. keep everyone updated on how things are going!

Cheers!
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