Dream Property

stevers

stevers

Member
Anyone have any experience buying just land? I've only bought residential properties (SFR, Condos), but never any land or commercial property. The reason I ask is that I stumbled on a property on redfin.

https://www.redfin.com/CA/Silverado/27901-Black-Star-Canyon-Rd-92676/home/160970848

I would buy something like this as a private camping ground / trail system. I figure 44 acres should be good enough for a climb and several options for a 1 minute downhill. I don't have $200k just lying around, but getting a 30 year loan at current rates would be manageable.

I'm not sure if the stats are correct. 44.70 acres for just $215k? Sounds like a mistyped lot size or just too good to be true. Is there any considerations when purchasing land vs a house? Can I get a loan on property, or do I have to pay cash? Are the interest rates super high? Is there a way to find any liens on the property, or back taxes? Are there weird zoning laws that would prevent me from using the space as a personal trail? What else can go wrong with buying land?

Maybe convert it to a private mini skills area or pump track. Charge an entrance / parking fee to cover business license, insurance, etc.
 
stevers said:
Anyone have any experience buying just land? I've only bought residential properties (SFR, Condos), but never any land or commercial property. The reason I ask is that I stumbled on a property on redfin.

https://www.redfin.com/CA/Silverado/27901-Black-Star-Canyon-Rd-92676/home/160970848

I would buy something like this as a private camping ground / trail system. I figure 44 acres should be good enough for a climb and several options for a 1 minute downhill. I don't have $200k just lying around, but getting a 30 year loan at current rates would be manageable.

I'm not sure if the stats are correct. 44.70 acres for just $215k? Sounds like a mistyped lot size or just too good to be true. Is there any considerations when purchasing land vs a house? Can I get a loan on property, or do I have to pay cash? Are the interest rates super high? Is there a way to find any liens on the property, or back taxes? Are there weird zoning laws that would prevent me from using the space as a personal trail? What else can go wrong with buying land?

Maybe convert it to a private mini skills area or pump track. Charge an entrance / parking fee to cover business license, insurance, etc.
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I’m pretty sure that you can’t get a loan on undeveloped property.
 
stevers said:
Anyone have any experience buying just land? I've only bought residential properties (SFR, Condos), but never any land or commercial property. The reason I ask is that I stumbled on a property on redfin.

https://www.redfin.com/CA/Silverado/27901-Black-Star-Canyon-Rd-92676/home/160970848

I would buy something like this as a private camping ground / trail system. I figure 44 acres should be good enough for a climb and several options for a 1 minute downhill. I don't have $200k just lying around, but getting a 30 year loan at current rates would be manageable.

I'm not sure if the stats are correct. 44.70 acres for just $215k? Sounds like a mistyped lot size or just too good to be true. Is there any considerations when purchasing land vs a house? Can I get a loan on property, or do I have to pay cash? Are the interest rates super high? Is there a way to find any liens on the property, or back taxes? Are there weird zoning laws that would prevent me from using the space as a personal trail? What else can go wrong with buying land?

Maybe convert it to a private mini skills area or pump track. Charge an entrance / parking fee to cover business license, insurance, etc.
Click to expand...
I'm in the process/search for property myself. Looking at yours it is zoned as as unimproved vacant land and the land use states hiking/rural.
Owners are required to announce any abnormalities but that does not mean that they will, they can just state they were unaware. If you are looking for water, it says there is none meaning you will either have to drill a well (about $35 bucks per foot)and solar panels work great for wells not near electricity, or just truck it in. Usually you have to put more of a down payment on it as there is less equity to hold as collateral typically 20%. Interest rates should not be too much different.

In comparison, I just found another piece of property in South Dakota that is 22.17 acres for $65k that I'm very interested in. So for California $215k does not seem out of line for 44 acres. I would just make sure the land is not landlocked meaning you have permission and access to get to it. Probability of that is low though. Definitely walk the property. Make sure it was not at one time a toxic dump.

Realtors ask a 10% commission on bare land for some reason. Put as many contingencies in your offer as you can to protect yourself if something comes up you don't like so you can walk away if need be.
 
stevers said:
Anyone have any experience buying just land? I've only bought residential properties (SFR, Condos), but never any land or commercial property. The reason I ask is that I stumbled on a property on redfin.

https://www.redfin.com/CA/Silverado/27901-Black-Star-Canyon-Rd-92676/home/160970848

I would buy something like this as a private camping ground / trail system. I figure 44 acres should be good enough for a climb and several options for a 1 minute downhill. I don't have $200k just lying around, but getting a 30 year loan at current rates would be manageable.

I'm not sure if the stats are correct. 44.70 acres for just $215k? Sounds like a mistyped lot size or just too good to be true. Is there any considerations when purchasing land vs a house? Can I get a loan on property, or do I have to pay cash? Are the interest rates super high? Is there a way to find any liens on the property, or back taxes? Are there weird zoning laws that would prevent me from using the space as a personal trail? What else can go wrong with buying land?

Maybe convert it to a private mini skills area or pump track. Charge an entrance / parking fee to cover business license, insurance, etc.
Click to expand...

Be aware that you may not be able to build a home on this land. If it falls under CNF, you may not be able to build structures.
 
Have you gone out to see this land in person? It could be totally flat or too steep to even park a vehicle on. Don't assume that the spot the marker is at on the map is correct.

Definitely look into any restrictions and issues with the land. At that price it is probably not suitable for building homes. Look around at other land parcels in OC for comparison. If it is cheap, there is a reason. Of course if you want it for trails and just to park on it may still work for you.

I have a couple friends who have bought land for a homesite with some acreage. There are tons of issues that can pop up. The issue mentioned about being landlocked is a big one. One friend had come to an agreement to use part of a neighbors road to access his home site but that fell through and he was left with a much more expensive alternative of building a steep road in.

One other thing to mention is technically speaking you may not be able to just go in and build a bunch of trail. I've heard you need a grading permit even to do that in some areas. You might get away with it, and some areas might not have this restriction. But if it does exist, all it might take is a complaint from a neighbor to bring it to the County or other authority's attention. That goes back to land use restrictions and permits to look into.

A realtor should be able to help you with those details.
 
littlewave said:
Check the price/MLS history. Weird...
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Yea, I saw the history and figured something was wrong with the posting. The MLS listing also lists furnished sq footage, but clearly doesn't have any buildings on the property.

mtnbikej said:
Be aware that you may not be able to build a home on this land. If it falls under CNF, you may not be able to build structures.
Click to expand...
No problem not building a house or structure, but what about paving a parking area? Shade/gazebo? How does one determine what's allowed based on the property?

evdog said:
Have you gone out to see this land in person? It could be totally flat or too steep to even park a vehicle on. Don't assume that the spot the marker is at on the map is correct.

Definitely look into any restrictions and issues with the land. At that price it is probably not suitable for building homes. Look around at other land parcels in OC for comparison. If it is cheap, there is a reason. Of course if you want it for trails and just to park on it may still work for you.

I have a couple friends who have bought land for a homesite with some acreage. There are tons of issues that can pop up. The issue mentioned about being landlocked is a big one. One friend had come to an agreement to use part of a neighbors road to access his home site but that fell through and he was left with a much more expensive alternative of building a steep road in.

One other thing to mention is technically speaking you may not be able to just go in and build a bunch of trail. I've heard you need a grading permit even to do that in some areas. You might get away with it, and some areas might not have this restriction. But if it does exist, all it might take is a complaint from a neighbor to bring it to the County or other authority's attention. That goes back to land use restrictions and permits to look into.

A realtor should be able to help you with those details.
Click to expand...

I haven't had a chance to even do drive by, but definitely got some good suggestions here! If it is landlocked, that would be an immediate no. I'm not ready to hand over 20-30% down, or pay in cash. But knowing that plots of land exist within 30 minutes of Irvine is a nice dream to work towards.

I've been watching Seth's Bike Hacks and Skills with Phil on youtube, and they're both building trails in their backyards. Self quarantining and a newborn gives me a lot of time to youtube late at night.
 
stevers said:
Yea, I saw the history and figured something was wrong with the posting. The MLS listing also lists furnished sq footage, but clearly doesn't have any buildings on the property.


No problem not building a house or structure, but what about paving a parking area? Shade/gazebo? How does one determine what's allowed based on the property?



I haven't had a chance to even do drive by, but definitely got some good suggestions here! If it is landlocked, that would be an immediate no. I'm not ready to hand over 20-30% down, or pay in cash. But knowing that plots of land exist within 30 minutes of Irvine is a nice dream to work towards.

I've been watching Seth's Bike Hacks and Skills with Phil on youtube, and they're both building trails in their backyards. Self quarantining and a newborn gives me a lot of time to youtube late at night.
Click to expand...

You would have to contact the county/city to see what is permitted out there.

There is a reason why none of these properties have any structures built on them.
 
stevers said:
I've been watching Seth's Bike Hacks and Skills with Phil on youtube, and they're both building trails in their backyards. Self quarantining and a newborn gives me a lot of time to youtube late at night.
Click to expand...

I salute your vision!!! Isn't Phil in Vermont or something? More cows than people, he can get away with that there. This is Orange County, California... there are going to be tons of regulations and codes to wade through. And don't presume you can do it on the DL... to paraphrase a guy, there's always someone, somewhere with a big nose that knows, and they'll snitch you out.
 
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