Episode-1778- Finding a Remote Property (BOL)
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Over the last month you guys voted on the Tuesday Shows for May, today we do the first one. I had planned to do them in order with the winner first but will need another week to get prepped for that one. The winners in order were…
- 20 Items to Add to Your Preps if You Don’t Have them Already
- How to Determine which Business you Should Start
- Finding the Right Property to make into a Homestead
- Finding a Remote Property (BOL)
- Training Dogs to Fit In on the Homestead
I will be posting the choices for June’s shows at the end of this week, while this months voting is now closed, you can still go to that post on the forum and post your requests for next month’s candidates.
So why did I jump to number four today? Well this is a topic we have not covered in a long time, and I think it will make a good one for the new Youtube TSP Show Segments.
Join Me Today To Discuss…
- What is a BOL in reality vs. pepper fiction
- A fall back location
- A secondary investment
- A well prepared place of safety
- What you should look for in a property, likely not what you think
- First forget about it being a BOL
- What do you want a property for beyond a BOL
- Investment
- Income
- Recreation (hunting, fishing, camping)
- Tax Advantages
- Consider your purchasing options and budget
- Conventional Loans
- Owner Financing
- All Cash Purchase
- The needs of your family
- Comfort
- Buy in
- Structure, Amenities, Utilities
- Off gird may or may not be the way to go
- Raw land is harder to finance
- A lesson from permaculture, water, access structure
- Finding a Property
- Realtor.com, United Country, Lands Of ____, etc.
- Finding a good agent, good luck
- The unique challenge of geographic flexability
- The buyers mindset
- No emotion, Commander Spock not Dr. Spock
- There will always be another deal
- You don’t give a shit about the sellers life
- See what a property could be, but use math wisely
- Ignore stupid shit, color of paint, simple repairs, cluter
- Never wave inspection and appraisal
- Security
- Forget SHTF, what about today
- This is a real weakness of some remote properties
- Hidden and underground storage works well
- Gates keep honest people out
- Signs tend to work well for dishonest people
- In the end
- It isn’t about what I want but what you want
- Keep the goals in mind, BOL is just one of them
- Real estate does build wealth, building wealth is prepping
Resources for today’s show…
- Join the Members Brigade
- The Year 1778
- Join Our Forum
- Walking To Freedom
- TSP Gear
- PermaEthos.com
- AgriTrue.com
- GenForward
- TspAz.com – Support TSP When You Shop on Amazon
- Suggest Tuesday Shows for June – Current Closed Poll
Sponsors of the Day
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When I was in the military, I was assigned instructor duty north of Memphis, TN. One of the other instructors had a place up in Missouri. He went up every weekend. Never missed a weekend up there. One Monday, he came in all quiet and kept to himself. Very much not like him. The story finally came out. Between weekends, someone had gone in and logged his whole property. As I remember, it was 25 to 30 acres. None of the neighbors had seen or heard a thing. He was “an outsider”. Whoever it was that had done it was a friend, relative, or just one of the local boys (or group, more likely). Nothing was ever found out. But they knew his weekend routine and took advantage of it.
Jack, when you say you need to have someone on the ground searching for a property, what’s a good resource to learn how to do that for yourself when possible?
Jack,
Thanks for the business directory mention today! I appreciate that very much.
If anyone has any questions, please feel free to reach out to me. My contact information can be found at http://kidsdoubledesk.com.
Darin (aka AG2 on the forum)
Timely show for me Jack, as I am in the process of buying a new primary homestead and most of the same rules apply.
I have found a hugely valuable tool to be the GIS system for the county where I am looking. At least here in NC each county has their GIS and mapping system online, and you can look up any parcel and get a wealth of information.
I can pull up the GIS system here and get the:
Owners name and address
Appraised tax value and tax amount
Date of last sale
Map of the property lines
Size of any structures
Year the home was built
Sometimes the tax card will show the amount paid for it.
Plus much more. It has aerial imagery from several points in time over the past decade that is much more detailed than what Google has, and I can overlay 20ft or 5ft topo data, stream data and much more. Being able to overlay the topo data is a HUGE tool to let me quickly see if I can use the land as I want as there is a lot of property here so steep farming it, while not impossible, is way more effort than you will get in return.
I can do a pretty detailed site survey right on my screen and weed out a lot of potential properties because the slope is too steep, or the roads leading to the home or its driveway are too steep to have reliable access in the winter, or the elevation is too high for me (above 3500 or so here and you lose 1-2 months of growing season and deal with a lot more snow and ice.)
If everything looks acceptable on that I move on to the next step with it- seeing who the neighbors are. The GIS system has the owners data and I can see if they live on the property, are vacation homes or are rentals, I can see of they have larger plats of land in farmland preservation meaning they are farming and can’t easily develop it, and I can see their names and do a rudimentary background check on it. I just wrote off a parcel last week because it looked ok, but the adjacent land on 2 sides was owned by a couple both with a long string of arrests for DUI, larceny, assault and so on with recent charges still pending. Too much security risk there.
Another good idea is to ask the local law enforcement about a particular area and neighborhood- they will know areas you want to avoid.
“You what we should do Margret? we should get in the Chrysler, and drive our ass back to that cabin we rented out in the woods…”
I’m still laughing.
Given it was going on youtube I wanted to head off the “big mistake” argument dead in its tracks.
Thanks for the timely show Jack. Can you expand on the ways around primary residency regarding VA loans?
Well you can only have one VA Loan at a time so assuming your primary is not funded under VA, just say it is going to be your new primary residence. Then change your mind later.
Texas has an organization called Capitol Farm Credit. It works like a co-op. Their function is to provide land/farm loans. I’ve used them twice when banks and mortgage companies weren’t very interested in the deals.