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I've got 40k and a desire...
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<blockquote data-quote="ArmyDoc" data-source="post: 724539" data-attributes="member: 6832"><p>Around Augusta Georgia, you can find forrested land for 1500 to 2000/acre. Pasture starts at 3-4000 and goes up. Mostly it depends on how far from town you want to go and how much land you buy. It's sort of a catch 22. If you buy a little land, they charge you a bunch for each acre. If you buy 100 acres or more, they don't charge you nearly as much per acre, but because there are so many acres you are still looking at a pretty hefty price.</p><p></p><p> The other problem is most of the financing for acreage requires a down payment of 20-25%. The GA farmburea offers a part time farm loan that can be had at 10% down, if your credits good, but that's the best I've found. So, figure 30,000 down (you'll need the rest for closing costs etc), and your looking at a max loan of $150,000 at 20% down, or if your credit is good enough, $300,000. Most places with a small house on them will not come with much acreage - Probably would find it hard to find a place with more than 20 acres. It's a start, but you aren't going to make much off your land.</p><p></p><p>If you had a bit more to work with, it gets easier. With twice as much, you could easily have the down for a place in the 450-550,000 range. There are a couple of small ranches with a house and 65 to 120 acres or so. The question is, can you afford the payments on a $400,000 loan, even at todays rates of 5.5%? It'd be aroud 3000 a month once you add in taxes and insurance.</p><p> </p><p>You've done well to save the $40k, but if I were you, I'd look for an area where your wife can find a job, but that you can get to land you can afford in 30-40 minutes. Then rent a small place, live off your wife's salary and save yours, or vice versa. If you did that for 2-3 years, you'd be in a much better position to buy a place large enough to make a go of it.</p></blockquote><p></p>
[QUOTE="ArmyDoc, post: 724539, member: 6832"] Around Augusta Georgia, you can find forrested land for 1500 to 2000/acre. Pasture starts at 3-4000 and goes up. Mostly it depends on how far from town you want to go and how much land you buy. It's sort of a catch 22. If you buy a little land, they charge you a bunch for each acre. If you buy 100 acres or more, they don't charge you nearly as much per acre, but because there are so many acres you are still looking at a pretty hefty price. The other problem is most of the financing for acreage requires a down payment of 20-25%. The GA farmburea offers a part time farm loan that can be had at 10% down, if your credits good, but that's the best I've found. So, figure 30,000 down (you'll need the rest for closing costs etc), and your looking at a max loan of $150,000 at 20% down, or if your credit is good enough, $300,000. Most places with a small house on them will not come with much acreage - Probably would find it hard to find a place with more than 20 acres. It's a start, but you aren't going to make much off your land. If you had a bit more to work with, it gets easier. With twice as much, you could easily have the down for a place in the 450-550,000 range. There are a couple of small ranches with a house and 65 to 120 acres or so. The question is, can you afford the payments on a $400,000 loan, even at todays rates of 5.5%? It'd be aroud 3000 a month once you add in taxes and insurance. You've done well to save the $40k, but if I were you, I'd look for an area where your wife can find a job, but that you can get to land you can afford in 30-40 minutes. Then rent a small place, live off your wife's salary and save yours, or vice versa. If you did that for 2-3 years, you'd be in a much better position to buy a place large enough to make a go of it. [/QUOTE]
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