Iv been thinking this might be a good time to buy some land (2-10 secluded scenic acres) for my dream green retirement home. Cash…
I’m 45, so it will be another 20 some years before I do retire and build. I’m in Iowa City Iowa and I like this college town, but don’t like the high taxes or my current residence. Married blue collar guy with limited retirement pension. But my current home is close to the university and would be a good source of income rented out.
Iv narrowed down some states Iv considered in order…
Colorado
Arizona
Nevada
New Mexico
Michigan
Maine
Montana
Oregon
Vermont
Washington
What would be the best way to find killer deals I cant go wrong with if I later change my mind decide to sell? I have looked at real estate sites like landwatch etc. But I want a bargain.
There is an awful lot of land available for sale in those states! I would advice you to wait 10 years or so before you move to make a retirement decision, and although making the wrong land choice will still leave options!
Trying to quickly sell any land outside of actual lots in a major city area will take years and years to find the right buyer!
You are unlikely to find any smoking deals on land as there not making land anymore and although you may find something for less than FMV (Fair Market Value) it may not be specifically what your looking for, for location, size, utilities, treed, and able to meet a perk test!
In order to avoid making a bad decision wait it out, there will still be opportunities in 10 or 15 years!
Things sure can change in 20 years. But I feel all the good scenic acreages will be taken by then if not already. Then again, my luck someone would build a factory right next to my hide away. Iv thought about building a guest house on my corner lot for the wife and I and renting the house out, but Iowa’s one of the worst places to retire as far as taxes go according to kiplinger.com.
I’m scrambling because I don’t have much money. Wife doesn’t have a career, and I make about 60K working for the state which doesn’t go far with a family of four, but I don’t owe a dime. My Mom passed and left me some money but its not doing so well in the stock market. Iv got a good financial adviser who managed my Moms money and runs with the old school “buy and hold” philosophy. But I’m not sure if that’s the best approach these days. Whats nice about him is that he doesn’t charge me the .75% when we don’t see gains…
Anyway… I appreciate advice coming from someone with as much experience as yourself. As far as my wife and the inevitable empty nest syndrome approaching…Which careers do you think will be in demand now and before her retirement age?
Hi Rebar,
IMO, buying land only when the city development to your Land area, otherwise, you will have to wait for years before your land can become valueable. I would suggest you may look into transactional funding business, not sure you know about it. It is a same day funding, you money will hold in escrow, lend to RE investor, and the investor will pay you right back in the transaction process, you charge 2-4% of the money you lend out. If the deal not close, your money won’t leave your acct.
Good luck
te06