# Buying land?



## cindilu (Jan 27, 2008)

I have made my choice finally on where I want to live and it is my birthplace and where my father lives. Also my sisters, aunts, uncles, cousins all live in that area as well. 

Here is the question, what is Billy Land and how does it work? Is it a good idea or bad idea? 

Oregon Land for Sale - Oregon Land Auctions - BillyLand.com


----------



## simi-steading (Sep 27, 2012)

I don't know much about Billyland, but I'd be a little careful. Since it is all owner financed land, you are looking at some pretty high interest rates. Owner financing can get expensive fast. Some of their contracts can be a real pain to jump through. Often they want payoff pretty fast.. as in 5 years and under.

You'll also have to hire your own attorney to make sure all your bases are covered. More expense.

You might find a Realtor in that area and see what they dig up for you. You might find some better deals, and if you can go through Farm Credit for a loan, you can probably get a lot better interest rate. say like somewhere between 5 and 6%, which is a good rate on raw land right now. Of course their terms will also be dependent on your credit rating.

I see on that site, 4 year terms are 8% and 20 year are 12%... pretty outrageous, but I guess the site has to make their money some how... 

Not sure if you looked close, but what you bid will be your down payment price.. Seems they already have the property price set, and you're just bidding to win with the most down.

My guess would be that most who list land on that site is looking for a fast sale, and a lot of times undesirable land can only go at a fast fire sale for pennies on the dollar.... Looking at some of the listings, it also looks like a lot of areas that are sub divided out. .. which will mean people, and rules...


----------



## oregon woodsmok (Dec 19, 2010)

I don't know much about them, but most of what they sell is land that nobody else wants. I suspect (but don't know for sure) that they buy up land for back taxes and re-sell it.

What I've seen that they have which is not barren desert, is in places like the village of Sprague River, and they are selling for 2-3 times what the going price is if you just go through a real estate agent, or else go down there and drive around looking for "for sale" signs.

Also, I am pretty sure they are some of the guys who show photos of lovely views which aren't located within a 100 miles. Crater Lake is a very long way away from Lakeview, so it isn't quite upfront to run lovely photos of Crater Lake pretending that is close by.

Lots of land is for sale with owner financing in the areas where they sell. Be extra careful that you get a place that has water, because a lot of land in that area doesn't.


----------



## oregon woodsmok (Dec 19, 2010)

Well, that was a mistake. I went to look at their website to see what you were looking at and now I've got billy land ads popping up all over my computer.


----------



## simi-steading (Sep 27, 2012)

I used a work computer


----------



## cindilu (Jan 27, 2008)

Okay you guys, thank-you for the answers to my questions. I will keep that in mind.


----------



## WhyNot (Jun 21, 2011)

Yes interest rates are the big thing to watch also, penalties for early payoffs...I've seen a lot of people lose their homes and land because they did not have a lawyer go over the contract and represent their interests.

To give you an idea, Cindilu, my house was recently refinanced at 2.53%....at a bank. I pay more in gas every two weeks than my house payment is, and that is with taxes in escrow as well.


----------



## cindilu (Jan 27, 2008)

Wow WhyNot, that is cheap for interest rates. I know from the Billy Land site there is no early pay off penalty and that is a huge plus. 

I talked with my guy this morning and we are now both on the same page with my dream. I told him today of my idea to live in a converted barn and he is all into it. We are still in the talking stages and I still need to find property. Also I would need to relocate my job so there is alot to do yet.


----------



## cindilu (Jan 27, 2008)

oregon woodsmok said:


> I don't know much about them, but most of what they sell is land that nobody else wants. I suspect (but don't know for sure) that they buy up land for back taxes and re-sell it.
> 
> What I've seen that they have which is not barren desert, is in places like the village of Sprague River, and they are selling for 2-3 times what the going price is if you just go through a real estate agent, or else go down there and drive around looking for "for sale" signs.
> 
> ...


I am glad you answered because you are somewhat familiar with the area. That helps me out alot. I really need to spend some time down there and start to look.


----------



## WhyNot (Jun 21, 2011)

cindilu said:


> Wow WhyNot, that is cheap for interest rates.


It's actually now becoming a bit more common for refinancing. It was almost 5% originally. Depends on your institution and their parameters...but where banks will refinance after a few years, most owners won't or don't...it's usually land contract with a balloon payment, that is when you get your bank financing if you need it.


----------



## simi-steading (Sep 27, 2012)

One thing to consider, is right now, most banks will not give loans on raw land. The property I am buying has a house and outbuildings, but because of the condition the house is in, it is being sold as a land deal. Not a home deal. The Realtor figured they would get a faster sale, and a bank would be quicker to loan on land, than a house with a lot of problems. Well.... sort of... All it really did was cause a great price for a buyer to happen.

Because of this I had to go to Farm Credit. One of the few that are giving lonas on strictly land purchases right now. My bank wouldn't talk to me about land, and neither would a few others I called.

I finally called a friend that used to own a First National in a very rural area in Illinois. He's now working as a CFO for Bank of America. He told me my only hope was going to be Farm Credit, so that's where I went, and man were they happy to have another customer, and are still trying to tell me what else I am more than welcome to borrow money for.. 

Right now, all I want is my property.. (and hopefully will have it soon)

OH.. also when you are buying land and not a residential property , don't expect to get one of those 3% or less interest rates. Figure minimum 5% or more.


----------



## cindilu (Jan 27, 2008)

Simi, I wondered about that as well. It seems that a while back I was looking at a land only deal and wanted to finance. When I asked my Realtor she mentioned that a lot of places won't finance land only but wanted it tied to a house etc. They want cash deals it seems.


----------



## simi-steading (Sep 27, 2012)

That's what's so great about Farm Credit.. They specialize in land and agriculture.. loans for equipment, money to fix up old homes, money for crops... and right now they seem to be looking for customers. I was really surprised at how fast they jumped at me when I called them..... I told them what I was looking at and what my plans were, and they said fill this out and we'll see if you pre-qualify.. Said they would call me back in three or 4 days.. 

I heard back the next day.. "Why of course we'd love to help you with this purchase Mr. Simi... and if you want, we can give you some money to fix up that house too.. .and we bet you'll need a tractor to start planting some fields.. "

LOL.. I said thanks all the same, but I just want to get the land bought... 

By the time we get moved out there in a year and a half if all goes as planned, we'll be debt free, other than a small mortgage on the land, and hope to pay that off fast. Farm Credit doesn't have any pre pay penalties.

If you find land you are interested in, contact the Farm Credit office in the area the land is, and more than likely so long as you have good credit, they'll want to be your new best friend.


----------



## Nevada (Sep 9, 2004)

I used to trade low-priced properties in northern Nevada. I acquired parcels by directly mailing offers to owners who were likely to have grown weary to paying property tax on land they were never going to even see. Mostly that was out of state owners.

I found a lot of takers, but I had to do little probate chores for the sellers to get the property out of deceased parents' names. It's not rocket science, and I get quite a few properties that way, including the parcel where I built my little house.


----------



## farmgal (Nov 12, 2005)

This post if from 2012 lol


----------



## FarmboyBill (Aug 19, 2005)

Simi, how many acres are you talking about


----------



## RichNC (Aug 22, 2014)

farmgal said:


> This post if from 2012 lol


New to the forum and all four posts are in support of BillyLand, I would guess it is someone from the actual company!!


----------



## cindilu (Jan 27, 2008)

No, I was asking about property clear back in 2012 when I was looking. I have since then bought and paid for property and am at it every other weekend working away at making it build able. I just figured what the hay, it is helping someone else who is looking then great. I have my own little piece of dirt, with my own little cabin and now about 12 trees that I have planted. Getting there slowly.


----------



## jwal10 (Jun 5, 2010)

When do you figure on building/moving?

....James


----------



## cindilu (Jan 27, 2008)

James, every other weekend I am bringing a load down. Load meaning plants and just stuff. My plans are to get it done little by little and be there for real by next year. In the mean time I am getting the yard space put together, getting trees, plants established and growing ahead of time. 

Building is going to happen starting in the spring... 

Here is what I have done so far... 

Starting point..


----------



## cindilu (Jan 27, 2008)

Here is the last inside picture that I took... 










Believe it or not this is storage for me. It stores extra kitchen stuff, and has lofts for extra...


----------



## farmgal (Nov 12, 2005)

Oh it's adorable!!! Your place is coming along! Congrats !


----------

