Posted by A Olson on May 02, 1999 at 19:09:10:
I have been reading posting from the newsgroup and I am becoming very interested in making some $$ in real estate.
I just moved to a new county in a very rural area in Wisconsin. I don’t currently own any property. I am looking for some vacant land to build a house on. I am looking for ideas on how I can make some good money and get my own house on land that I can use for recreation.
Land prices around here vary from $1000-3000 per acre depending on whether it is open land, wooded land, high ground, or low ground (wetland). Ag. land (open land) averages $1500-2000 per acre, Wooded land averages $1500-3000+ per acre and wetland land can be bought for around $1000 and acre. I am currently looking at a 56-acre parcel mix of ag. land (85%) and wood land (15%)for $1300 per acre, it was advertised for the past 6 months at $1600 per acre.
I am confused on whether to buy the land, because I don’t think I could obtain a loan for the land ($72,800) and a loan for building a house ($80,000).
I am eligible for about $85,000 based on mortgage loan calculations based on my income.
DOES ANYONE KNOW OF ANY WAY TO INCREASE THE LOAN AMOUNT?
- Part owner financing?? (he said he may be open to it)
Any help provided, I would appreciate!
Anyone interested in land in Wisconsin?