Buying cheap land

I haven't but from what I've been told it's generally not a good idea. You become legally liable for it. People will start dumping shit all over it and you'll be the one in charge of cleaning up. If you put a fence around it and someone hurts themselves on the fence, they'll sue you and win. Unless the land is in some like untouched by humans place (which means it's not likely to be worth anything in your lifetime), you're going to wind up with a lot of headaches. Also keep in mind unless the land truly has something valuable on it or is proximity enough to a city and that city expands, it's unlikely anyone will ever want to develop on it. Bringing roads, water, etc. is not cheap. tl;dr if you're speculating on land you want to buy land near where people are, but people will fuck you.

So I would be better to buy land near me so I can keep an eye on it?

Also from Michigan. Consider UP property in areas surrounding major (for UP) cities. If you are lucky you can get them for pennies on the dollar just to get them back on the tax roll.

So you think the UP will start to grow again?

I bought 112 acres in upstate NY and I use it as a vacation spot. I have hopes of one day building a house and maybe doing a hobby farm but I don't have enough money yet.

How much did that cost you?

Buying shitty land in the california desert will be a real acher for sure.

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>Phone posting
Not gonna make it

So you bought 112 acres of land and nothing else? What type of vacation spot is this, you go camping?

Also curious what it cost give or take

Cost was $185k which includes mineral and timber rights as well as hunting rights. I took a nap hence the late reply. Taxes on the property is $4k/year. I live in syracuse and the property is in Herkimer county. I've owned it for 3 years now and for now I just go camping and sometimes hunt deer and turkeys since they're on the property. They use to be wild hogs but I think they're gone now.

When buying land make sure to look at rights and building codes. Make sure you'll own the tiber, mineral and hunting rights or somebody will come and chop everything down or bring their buddies and shoot stuff up on your land. Building codes vary. The property tax sounds cheap but considering the county doesn't provide any service other than shoving the county road it's robbery.

fuuuukkk i want some laaaaaaandddddddd uuughghghghghghg

Yeah right now nothing else, building a house up to code in a rural area isn't cheap. I'm planning on spending $250k on having a house built and no bank will lend money for that since it's in the middle of nowhere. I bought the land in cash for the same reason. If I wanted to start a hobby farm I think it would cost another $300k as an initial investment. I'm working towards it but I'm not going to put any money to it until I hit my FIRE goals.

Bought some land out in Montana and I'm gonna take my wife's sons there and teach them how to knit and sew. Should be good.

If you can get a lot with good timber it’s a very good long term investment. Selective harvesting/solid forestry plan is great passive income. I bought land in upstate NY for hunting. Taxes are nearly nothing because it is taxed as abandoned agriculture.

Leasing land to hunters is also a great way to profit/offset taxes.

Vacation property. Also, fresh water and fuck loads of trees you can sell. There are way worse places you can buy into.

The UP is wilderness but counties have annual property sales on deadbeats who don't pay taxes. There are lots without structures iffin you're interested in cheap land. Just don't end up like the last asshole who stopped paying and stopped caring.

>achres

Uh-huh. What region?