Slop Bass
Member
Reged: 08/26/03
Posts: 4805
Post Bucks: $2.04
Loc: La Crosse, WI
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Just a quick question for those of you who have bought your own land in recent years....
What options do you have when buying land? I mean is it just like having a second mortgage or do you have a partner that you went in with?
Curious as to what some of you guys do - when the time comes for me to buy land I'd like to be a little more educated than I am now...
thanks fellas
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"The Iaconelli of IDA"
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Mark Johnson
IDA Field Staff
Reged: 06/17/04
Posts: 384
Post Bucks: $0.94
Loc: St. Croix River
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I have bought(for myself) vacant land in the past and a cabin also. The process is as easy as buying a house or anything else, I have to say that the less partners you have the better though. Being able to make 100% of the decisions regarding your property has its advantages...even if it costs you a little more every month. Is this hunting land or a future building site?
I wish I would have invested more into land a few years back when thing were cheaper 
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Mark Johnson ~ In-Depth Outdoors Field Staff
SERVING WESTERN WI. IN REAL ESTATE SINCE 1997
www.markjohnson.edinarealty.com
WI and MN REAL ESTATE SEARCH
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whitetails4ever
Member
Reged: 10/08/03
Posts: 312
Post Bucks: $2.28
Loc: Rochester, MN
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Just bought some land back in March. 3 investors and its hunting land. Interest rates are normally higher on recreational land and we had a hard time finding a borrower that would take less then 25% as a down payment. Thats a killer. We setup an LLC and purchased it under the LLC.
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RVRAT
Member
Reged: 06/04/06
Posts: 805
Post Bucks: $4.98
Loc: st cloud,mn
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I bought my land 5 years ago and know several who have purshased land since then...In my opinion it is not like buying a house because MOST banks want more then 20% cash and that is what you need in most house loans. I enough money up front so it didnt effect me, I know others who took out home equity loans so they would not have to worrie about the more the 20% cash up front.....I would check with your bank as all are different but that is my expierence....good luck Jay
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jetdriver
Member
Reged: 08/17/06
Posts: 25
Post Bucks: $1.26
Loc: Hudson WI
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Buying land is definetely a good investment. They aren't making it just anyday anymore! 
Good luck and let us know more as you find out>
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Give a man a fish, he will eat for a day. Teach a man to fish, he will sit in the boat and drink all day.
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fnawsmnwi
Member
Reged: 08/11/08
Posts: 1
Post Bucks: $0.02
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Hey Whitetails;
Where did you get your LLC documentation/agreement from? My cousin and I are in the process of buying a 40 acre parcel in Central Wisconsin. He is all paranoid about going into this partnership and he wants all kinds of protections written down - which I agree with. Just don't know where to start. I like the LLC part but I can only find LLC agreements for business agreements. Any help would be greatly appreciated.
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whitetails4ever
Member
Reged: 10/08/03
Posts: 312
Post Bucks: $2.28
Loc: Rochester, MN
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A friend of mine is a CPA and he did it all for us.
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