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How to Buy Land with No Money Down
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- เผยแพร่เมื่อ 6 ส.ค. 2023
- Have you ever dreamed of owning your own piece of land but thought it was impossible without a hefty bank account?
How is it possible? We'll walk you through various creative financing options, government programs, and unconventional approaches that can make your dream of owning land a reality. From lease-to-own agreements to seller financing, we'll explore a wide range of tactics to help you buy land with no money out of pocket.
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DISCLAIMER The contents of this video are for strictly educational and entertainment purposes. This video is not intended to provide financial, accounting, tax, or legal advice. For financial or legal advice consult with financial advisor or lawyer.
Yes sir ! Thanks much for bringing this awareness. We bought multiple properties in Tx by Owner Finance. 9% Fixed interest rate for 3 years as the owner knew he would expire in less than five years. R.I.P to this Good Old man John.
What happened after he passed away?
@@renogreg he was laid to rest and his wife and daughter continued where he left off. Give thanks.
Man - you come across as hella sincere! Right to the point!
I’m going through an online real estate school currently. I feel honestly that you are bypassing all of the run around bs and explaining opportunities. Rather than treating successful strategies like a commodity instead of expressing knowledge to a community.
Thank you!! Best of luck in your real estate career! If you want to chat about working together please reach out to me anytime
What the school’ name?
Thank you for the recent uptick in raw land purchasing videos! They have been incredibly helpful for the start of my own journey in purchasing some land. Just stumbled upon your channel last week, and have been crushing my way through your land based content. Thank you again!
Thanks for following along! I’ve got a few more I’m working on
excellent Info. Thanks Is there any land i Canada with no money down your reply will be appreciate
Can you pls help in Canada
Same here, I`m a New orleans natie and am now extending my reach even further in MS. Stumbled across your channel. Thanks.
He us doing a good job
Not sure how the youtube algorithm lead me to you, but im glad that it did! Going to be looking into getting some land in TX within the next 5 years. All part of planning the next chapter of my life and starting a family (I'm 29).
Awesome!! 👏
You have been incredibly helpful in our pursuit to acquire land.
My wife & I thank you very much!!!
Thank you!!
How do you find out who owns the land?
@@phaengtoommaly7419 county clerk i believe
@@TheRealWayneTurnerawesome video! FEMA is the Federal emergency management agency
Great info Wayne, very helpful for those interested in purchasing land...thanks for the wisdom. For future videos, FEMA is the Federal Emergency Management AGENCY vs. Association.
Thanks! That was a slip of the tongue 😛
Excellent advice! I'm also a LA broker, and typically owner finance my investment property. My buyers are usually other investors - I require a down payment, interest 1% over prime, monthly payments w/balloon, no prepayment penalty @ no longer than 3 years. I prefer Bond for Deed transaction for owner finance, but have also used local attorney for Leases with Option.
Listen ur videos are very informative 👏🏽 respect all the way from a jamaican
This is the best service you just gave Wayne thank you very much
This advice is invaluable. It's helping me understand things now that I'm planning on buying land in Arkansas or Louisiana.
Thanks for a magnificent video that contains wonderful information about purchasing real estate. You're a virtual walking encyclopedia of valuable knowledge. We appreciate you.
Thank you!!
2:49
Hit the nail on the head
Thank You Wayne, great content looking for a new project right now....gonna contact land owners in my area ...I have nothing to loose and everything to gain.....really appreciate you and your thoughts
Imagine all the people you could help with a in depth video on what all people on Supplemental Security Income, SSI not SSDI or Social Security, can do to qualify for a home loan. Or if its possible. With all of your knowledge Wayne, I'm sure youve come across ways it can be done.
The easy answer for that is, you can't. SSI is so little and the cost of living is so high that you simply could not afford a 1K+ mortgage. Unless you can save for years to come up with a major down payment. Banks finance based off of what you can afford. And allot your payments to a percentage of income.
@@robsdeviceunknownThat's not true. One just needs to shop in the right market not for these overpriced homes. There are still areas of the country with homes $150,000 or under and that's where one might qualify. Plus there are programs available to help with the down payment even.
@wayneturner hearting my comment isn't an answer!
@@leejennifercorlewayres9193True, but how many people are willing to move to somewhere more affordable, unless they bring the whole extended family. Someone on SSI could as they don’t work and still get income.
Darren, the good news is SSI is guaranteed income which lenders like, but the bad news is you’re probably only going to qualify for $60/70k at best with no money down and no other source of income. That estimate also assumes your credit score is good. I don’t know where you live, but in some places you can still get a starter home for that.
Idk the nature of your disability, but obviously you can get online and type, maybe consider working at least part time to earn down payment money which will allow you to qualify for more. There are many remote jobs now that don’t require a degree or experience. You can earn up to $1300 per month without losing your SSI.
Most lenders require a minimum of 10% down for house and 20% for vacant land. Private owners that hold the financing can do what they want, but generally want money down too.
There are a few federal government programs out there that can help get people into homes with no down payment, but even those programs will only loan what you can afford based on income. They also have a maximum combined income you can’t be over in order to qualify and I think it’s based on geographic area.
Wayne, thanks for this information . Appreciate what you do
You bet! Thank you for watching!
Whoever speaks first, Loses! subscribed the other day, excited to dive into your content and learn more about buying land:) I want to own property in Tennessee😊
When you talk to a title service company explain to them you want an agreement for deed. Make sure that the land owner is willing to let you record the agreement for deed at your local county clerk of courts office.
In the past you operate with no money down, say twenty years ago, but now days you’ll need at least 10 percent down and plan on 10 percent interest. You will want to make sure the interest is simple interest and not compounded interest. This will save you a lot of money in the long run. Most of the time these day people operate agreement for deeds with a 15 year fixed interest. I know you want the payment as low as possible, but the land owner wants his money as soon as possible to, trust me.
Very good information. Thank you.
I would like to know if there is a right of pre-emption in the United States such as "farmer status". I am from Slovenia, EU. I buy soil often and I am also a farmer. In our country, when buying agricultural land, regardless of the set price, priority is given to neighboring farmers, farmers and so on. When buying forests, priority is given to the one who owns the forest closer to it. Even among farmers, there are different pre-emptive rights. It is also intended to combine land into larger areas.
If the farmer does not compete for the agricultural land or forest, the seller can sell the land to anyone. The price of land in our country is increasing. In recent years, by approximately 100%. The current price of agricultural land varies between 2 - 5 euros.
2-5 euros.... Per square meter?
Or what?
I think there is something like that here in the U.S. It depends on which state and which city and which county. Each area has different laws.
@@priestesslucy3299 Yes per square meter (1 EUR - 10 EUR/m2)
Most even with owner financing they still want 10% to 20% down
True, but the point with this video is to appeal to people who do not want to do a down payment, so they would not make deals with those owners. They could always try to negotiate in that situation. For example, if an owner IS willing to forgo a down payment, then you offer the owner more than what he is asking. If the owner insists on a down payment, you can offer less than he is asking or adjust interest rate or terms etc.. It's all about negotiating and if you encounter a situation where you both won't be happy with the discussion, then it's just not for you. Both parties should leave happy.
No down-payment but not actually no money out of pocket. Our dilemma is do we cash out investments for down payment on land to build then pay off building by selling our current house. I kinda think keep our savings growing interest while husband wants to own land free and clear before building the retirement home. I think your Method would be better for the owner getting what a mortgage company would get. For the buyer would be less down payment up front. Which would save us money in long run????
There's Land and then there's Land.Not all are equal.What good is a piece of land that you are prevented or unable to utilize?
Wayne, FEMA stands for Federal Emergency Management AGENCY, as it is a federal agency and not an association. Heard you say “agency” in 2 videos and thought you could use the correction 😊
Thanks! That was just a slip of the tongue
Thank you for the insight!
Back in 94ish i did owner finance. In n. Fla. SO CLOSE TO GULF.. Came up on hard times. Had to let go. But i find it hard to fathom people doing nowadays. SIR YOU HAVE GREAT VIDEO'S. GIVES ME HOPE AGAIN..
Thank you!!
Lousiana is the wild west of real estate. Land is cheap and you can put about whatever you want on there.
and Tsunamis haha @@daniellejohnson8910
Depends on the Parish
Thanks much. I was also advised to use an “alternative term” to “owner financing”.
Cheers.
I finally found it this was the video of yours I was looking for
This is great learning....I am looking to buy land in Alabama
100% doable.
This is how I did it on 5 acres of land.
I asked a bank if they would finance the sellers asking price. They said only 80% of the asking price. I asked the bank, if the seller and I make an agreement that I would pay that 20% down payment as an owner financing agreement. They said yes. The seller agreed to accept the 20% divided into 24 payments and they received 80% from the bank after I received the loan.
I paid ZERO down and had two small payments over time. The owner financing loan got paid off in 24mo. then later the bank got paid off.
From the first month of ownership until today (almost 20yrs) I've paid surveys, added electricity, water, septic, build structures and made land improvements.
The first month I cleared a spot large enough to pitch a one man bivy tent. From summer thru winter I stated there on the land in that tent as my only shelter and worked after I finished my day job in an insurance office. It was awesome. After getting electricity and internet, I was a baller.
Smart move!
Do you make house calls! Love that idea
In Washington State Skagit County - Title Companies are corrupt. I would only use a Real Estate Attorney to make sure the property is free and clear. When the time comes that the Title Company has to stand by their work - it's not their fault - Waaaa. NEVER AGAIN.
Thanks for the clarifications.
8:40 ("Now I know what you're thinking. Wayne, I thought this was going to be no money out of pocket. Listen, if you buy a piece of land, typically you're gonna need 10% to put down on a piece of land, plus if you want to have it surveyed, plus if you want to have it appraised, plus if you want to have it titled....................")
Well the reason people would be thinking that is that you start the video by expressly saying: "For those of you who don't think you can buy a piece of land with no money out of pocket, this will change your mind."
The barrier to purchase could be that no money out of pocket stipulation, so if you turn around and say: "I know I sold this idea as a way to get land with no money out of pocket, and now you will need at least some money, just know that it's still a small amount compared to what you would have to pay ordinarily."
Love the video, thank you for the information. :)
Thanks for All the information 🙏🏽🙏🏽God Bless
If someone approached me wanting to buy my property I would certainly be interested to at least discuss it. If I were to sell via an agent I get the market price less their fee. So if someone wanted to buy at market value directly with me I am better off.
Wow, Thank you for your time of your day. I do appreciate your rapid response.😊
You are so welcome!
Great no nonsense advice!! Thanks!
Great videos. Glad I found your channel.
I can buy with no money down after I followed one simple step. I served my country in the US Army for three years 😁
Thank you for your service! VA loans are amazing!
Good Day Wayne. I'm a disabled vet looking to purchase some private land to build on and recently came across your vids and subsequently Subscribed for your straight talk candor on these Vids so thank you. Wondering if you have any tips that could help me learn more about how to do this possibly with VA loans? Great videos, thank you for what you are sharing on here; I've got hopes this can possibly happen!
Hey brother, fellow vet here. Best advice I can give is to roll both the land and building into a new construction loan but know that you will pay only interest until you get your certificant of occupancy so if it's gonna take a long time to build maybe save and do cash for land and finance the building when it's complete! I've watched a lot of Kristina Smallhorn as well on TH-cam if you haven't seen her she's good
@ 8:32 " The Title Insurance Policy. " I'm New @ Real-estate. But Even if you get a " Tax- Lien Deed " / It might be a good Idea
to get " A Title Insurance Policy. " because just like " Auto Insurance, " Those Insurance Companies Are made of;
Lawyers [ Yes they " Also " defend your Case in Court ] Investors, And Insurance Practitioners !
In a Word, A " Title Insurance " company " Should " (?) take care of Any Legal Matters !
When does the property end up on your name with the county assessor and when are the property taxes your responsibility when owner financed?
Wayne @1:20 “You gotta make sure you can get traditional financing, that the structure can be financed into one mortgage..? How do you go about verifying this and with whom prior to purchase..?
Thank you, Sr.
Appreciate the video. After the deal is agreed, how would the new owner avoid a lien (for the previous owner) going against the property in the future? Is that possible?
WOW.. THANK YOU. ITS HARD TO FIND REAL PEOPLE !
I know a senior who wanted to finance instead of selling because he would have to pay taxes from that sale.
Yep, I’ve sold a few homes this year where the seller would ONLY sell with owner financing in place so he didn’t have to pay capital gains.
Thank you
Sellers are greedy. They will take the offer you give them for good land and see if they can do better on the open market. I’ve never seen a seller 100% finance very desirable land . The “no money down” land is is either virtually fully wooded or desolate in a desert, and rarely do they have any utilities. That’s been my experience.
I own 3 houses, 2 are mortgage free. I'm getting ready to sell one of them
I'm not greedy but I want every dollar I can get and you would to
Me/hubby have owned the house for 20 yrs. We kept it it tip top condition
We upgraded when needed and it's in perfect condition.
Why would I sell it to you at bottom price?
@@Eileen49654 lol point taken but not relevant to my point directed at the video maker which is about doubting one can find good quality land for no money down.
Joke is on them. I want fully wooded
@Sigmatic850 exactly, fully wooded is the ticket unless you’re looking for farm land. I’m a land steward for a tree farm and have been looking for my own plot to start my own family tree farm.
They say money doesn’t grow on trees but I’ve sure made good money from trees.
Fully wooded is a resource.
You can have it logged for lumber or paper, or you can directly use the trees for personal use.
Thanks sir. I have some good lands in Ghana
If a piece of land is 80k, using owner finance with 7% interest already costs more than 80k overall. Are you saying that I should give the owner 100k at 7%? Plus, the owner may want 10%. So, in the end, I pay 100k at 10% over 30 years?
Assuming you didn't have the liquid capital to pay the 80k, and At the end of that 30 years you can rezone that 5 acre place into ten 1/2 acre parcels and sell each of them for 40k, or develop each of them and sell 1/2 acre homes for the going rate...
Was it worth the higher price and the interest?
Or suppose you really can't afford to buy anything, you have enough income to legitimately justify the land on Owner Terms but not a Construction Loan.
You could get in on the land and figure out how to put a home on it over time as your income goes up- while the land is still appreciating.
One last thing: I could be wrong but I don't think owner financing goes into records that banks have easy access to, so it could stay off your loan to income ratio, which would make it a little easier to leverage into another investment property elsewhere.
🤩Thank you! I'd love help/advice with buying a tiny piece of land in Hawaii (maybe the Big Island) and putting a tiny home on it! I'm in a different state though so I haven't been able to go walk any land yet.😊
Thanks Wayne (Y)
I have a question, how could we purchase the property and build on it and then sell to make a profit? What’s the best way to do that?
So are you looking to build a spec home to sell?
Great video - I live in Sweden, do you know of anyone that gives advice here?
This is so true. Foreals 100%
I suppose all the land in TX and LA is so available is because SO MANY people are moving to Charleston, SC area!!
Thanks for sharing !
Hello Mr. Turner, I would love to have a brief conversation with you concerning land purchasing. I am a Total & Permanent Disabled Veteran and I want to own at least 30 acres in Georgia and I want to ensure that I know the best and least expensive way to purchase the land.
Thank you for your service! If you go to ContactWayne.com there’s a link to schedule a call with me. I’d love to be able to help you out
I would like to get a tiny home in North Carolina on a small piece of land. What do you suggest? Where should I go and that area that won’t cost me too much with the tiny home, but I want to be near up north around lakes and cooler weather temperatures.
Now turn it around. As a seller, what kinds of issues will I need to deal with when someone makes such a proposal? I'm now taking a risk that the person will make all the payments and I don't have the legal capabilities of a traditional lender.
Hello. That is a really nice property and love the trees on it.😊👍❤️
Thanks for the information there's two 1\2 acre properties I've been wanting for about 4 years
You should go for it!
I want to but first a new job and hopefully my own business then we'll see@@TheRealWayneTurner
Great Video!~ Only thing, i own property. I get super annoyed when people call me for my property and it not up for sale. I tell them that much and not very friendly. Sometimes I tell them 5 Million over the going rate. After getting calls ever month for years. It gets really annoying.
You don't sound much like a decent human being.
Get a land line and don’t connect a phone to it. Go to the recorder of deeds and update your number to that landline.
@@apersonontheinternet8006 LoL wonder if that will work with all the scam caller and texters too. That might be worth my time.
@@apersonontheinternet8006 right?! @prophetseven728 got a revelation. Good thinking
What would your advice be for how they could better go about it? I mean, you could figure out ways to stop it personally since you're not open to it, but pretend someone is open to it, would it be better to get something in the mail?
those who do, do. those who can't make youtube videos.
Thank you.
Billy Bob Thornton vibes are strong here, good information sir!
Thank you !
Wow ! you explain everything so nicely .
Thanks a lot 😊
Keep in mind all the extra cost this fellow said plus closing cost. It all can add up real quick.
Thank you very much, your information is really appreciate it, you are one of the few real state agents that really serve the people, I can see it right away for the way how you inform, spread important news, today is hard to trust real state agents, I live in Northern California, expensive area, trying to get a house in the south part of bay area with the program Housekeys, if you know something about that or any advice will be appreciate it, thank you.
I found my buddy that moved from TX to about an hour north of Sacramento for work a house at tax auction for around $42k. Thing is, you need to have that money ready to go because the county will want their money in full in 7-10 days depending on the state and county.
Credit is key
Wayne, Keep’em Come’n Brother (GreaT Vids)
Sir thank you so much for your knowledge I am looking for a home and this is very helpful
So glad it was helpful!
@@TheRealWayneTurner you can probably sell this information lol
What about land foreclosures? Can a person work with a broker or bank and get the land cheaper?
Definitely!
How does one find these properties that the bank owns? Banks don't advertise
There's no way this can happen up here in the Boston area
You probably can't even enter Boston without having some money in your wallet, let alone buy anything. 🤣
As it is throughout Massachussetts, there is no land without loads of money out of your 1 mil+ shy pockets...lol😂😂
can find land near the cape for 200k
@@noahcrevier6927
No way....been keeping an eye out for 2 years now on the Cape and surrounding towns. Anything in that range needs tons of work and upgrades...in what I've seen.
This isn’t for you Hard-R’s in Boston or that area at all… you set yourself up for that market and lifestyle. This is perfect for those who can actually compromise.
THANK YOU UP TO PAR GREAT GREAT GREAT INFO
Glad it was helpful!
Absolutely amazing
Thank you for the info!
You bet!
Thank you for the info.
You bet!
Ty for helping us less informed
great news and information
What happens if the buyers credit is bad..like very bad?
What % rate would bank charge if i get a loan to buy the property rather than owner-finance it? 7-10% seems quite high
I want to buy a piece of property in wisconson. But not been able to find a peice near oshkosh .
Hey I have some land I want to buy but I need to help can get the link to the people that can help me
I have 3 acres lot in a HOA; however, the land that’s limited with my lot is outside of HOA. It’s been awhile that I want to talk to the owner if he has interest to sale a portion of his land so I could build outside of HOA. How should I approach? I don’t want the person to get offended since his property isn’t listed for sale.
I would like to buy a small piece of land. Don’t have to be big and put a tiny home on it and I would love to finance but my bank that I bank with said that they don’t like to mess with Tiny Homes so what do I do now who can I go through to finance a tiny home through
Wayne, if I already have a business that's not real estate, can I still use it to buy a house? Maybe form a Master LLC, and have my current business under the Master LLC and then also have another LLC for a house that I can AirBnB or lease out? This way, I can buy the house and have my current business pay for the mortgage and taxes? Also how do you get financing for this? would it be commercial? which banks would offer this?
I’ve seen people do this, but consult with your CPA to make sure you’re doing it all the right way
Great info. Thanks Wayne!
the tip. have the owner finance the land
sounds good we need to work together sir blessings from chicago . knowledge is power
That was interesting information…
Love your videos Wayne - you're really opening my eyes to a lot of options!
Could you do this if its already listed with a real estate broker?
I own a water bottling company and im going to be looking for land for the water wrights, How do i look for this type of land?
Okay Sir. So, by any chance do you have at least 10 acres that you may be willing to finance to me? I would like it to have a water source a spring a year around usable Creek. I would love the opportunity to build a homestead with a small cabin. 😅 Thank you.
I think the key point is to have exemp on a land. That would be cheap. Believe it or not, this was possible in Austin Tx area just 5 years ago. But not now
I went will title company and my neighbor, but you need survey and title
Exemp?
I could really use some help… so tired of not being able to provide for my family the way they deserve
That looks like nice land your standing on, where abouts is that land? Can you grow fruits and vegetables on it or put some farm animals on it as well? What kind of wild is there? Just wondering...
I’m located in Louisiana, you can do all of those things here. We’re known as the sportsman’s paradise- lots of hunting and fishing