(10 MISTAKES) When Buying Land...

When I bought this house the contract & county tax record showed 13.5 acres. When the survey was done the week after closing it was 10.5 acres. My realtor said I could sue but previous owners moved 5 states away and would have cost me the price of 1 acre. GET SURVEY PRIOR TO BUYING WITH CLAUSE IN CONTRACT!!

Yeah, about that title policy. We closed on a home back in 2009 with a clear title. We sold the home in 2019 to move to another state and found that the property was absolutely NOT clear. We had to pay the previous owner's debt in order to sell! TWO companies had liens on the property! We had to pay HUNDREDS of dollars for someone else's debt before we could sell. I was so upset over having to pay for someone else's problems that I went in search of the title company who had guaranteed a free and clear title--only to find they were out of business. I had zero recourse except to spend money to sue the previous owners for repayment of their debt. It still burns my butt to this day. How do you fix that...?

Deed restrictions sounds like communism to me

Buying land.. lol hows that housing market

IMHO: ....DON'T BUY ANYTHING THAT IS "IN" ANY CITY, TOWN, VILLAGE, ETC.!!!!! AND, WITH NO "RESTRICTIONS", AND, NO "TOXIC WASTE SITES", DUMPS, OLD MUNITIONS/TOXIC MINE TAILINGS, "OLD FRACKING WELLS", NO "NIG GERS, MEXICANS, , OR "PEDOPHILES, FOR NEIGHBORS!!!...

Flipping should be flippin' illegal.
Real estate exploitation is an evil crime against humanity.
F all land and home dealers.

Mineral rights. Who owns the mineral rights? That should be asked as well.

What is a barnemenium? Just happened across this channel and my curiosity got the better of me. It's very interesting and helpful.

You are awesome. And your beard is magnificent.

I'm in Canada... If you're lucky enough to find a piece of land take it... If the whole thing is a swamp I'll take it 😅

grab a Piiiiiien

I looked at a block in a rural area south of Darwin in the NT. It was 17 acres during the dry season and four acres during the wet season. The water could easily have salt water crocodiles.

In the Northern Territory of Australia a couple looked for a couple of years to find their ideal block with large trees and a cleared site for a house. After they signed the sale they went to view the property they had just purchased. The block, between 5 and twenty acres had been completely cleared. The former owner had cleared the land ‘as a favour’ and sold the timber.
Because the trees weren’t listed in the agreement they couldn’t get compensation.

My house is in a flood zone. Lived here over 25 years. At the end of the road on five acres. The land was elevated then the house built up above the flood zone. This is heaven and wouldn’t trade for the world. So don’t just say no to flood zones, sometimes they are the best purchase you can make.

One thing to consider in parts of the west is just because you can put in a well you may be limited to just domestic use. A garden is fine but dont plan on putting in large scale agiculture unless your permit allows that much water be pumped.

Very helpful video, sir!

I've made my fortune through buying land and selling the gold and oil , it's really not difficult to pan for gold. After the land runs dry simply build a few houses and sell them on.

We have a small lake form in the spring from the snow runoff. When things dry up over several weeks, so does the lake. While there it attracts beautiful wildlife. As it seeps into the ground, it fills the aquifer our well uses.

It’s a small part of our 40 acres where the land is significantly lower. We don’t need to use that part of the woods for anything, so not a problem. The one drawback is the mosquitoes breeding on it in the spring!

I knew about the “lake” since I first saw the place in spring. It’s not an issue for us.

I know someone who bought a house and didn’t walk the land and found out the first night that railroad tracks ran through the backyard at the lot line. Choo choo!

Yes, don't buy a house built near a river because rivers flood every 100 years. Check to see if it's near a fault line as your place will collapse during an earthquake. Check the soil to see if it's clay, liquefaction. Bedrock is best.

Just subscribed! You are very clear and specific in information exposition, thank you will be seeing more.

I want to get a few acres to put a fishing hut for weekends can you do a 20 year lease on a farm and not worry about losing it if the old man dies an his family don’t want me there

That’s what we have to get rid of Elites making rules

💯💯👍👍👏👏✔✔

Have the timber appraised , if you desire to sell the timber you can discount the sale by the amount you paid for during the purchase per the appraisal saving you money on taxes.

Wow, thanks for the vid!

1. Walk the land thoroughly in different weather conditions to understand its boundaries and potential issues.
2. Research comparable sales to ensure you're not overpaying for the property.
3. Get a survey done to confirm property boundaries and potential encroachments.
4. Check if the land is situated in a wetland area to avoid future complications.
5. Determine if the property is in a flood zone by obtaining a flood elevation certificate.
6. Investigate deed restrictions to understand limitations on land usage.
7. Confirm if the property perks for a septic system or requires special treatment.
8. Determine if the property has access to city water or if a well needs to be drilled.
9. Talk to neighbors to gather insights about the property and surrounding area.
10. Always obtain a title policy to protect against any outstanding issues or claims on the property.

Awesome. Saved now

Just subscribed

Yes, very informative. Listen up people! Don't ever buy land in Florida without going there to see it and walk that land, or you will be buying a piece of swamp or even worst, an areas in the middle of a lake.

Gratitude Mr.Turner

Great video!

This is why I always say I have learnt more on the Internet than University. Young people should watch these types of videos not comedy skits. We are the next generation of parents, workers, leaders. Thank you for putting out such valuable piece of content.

Talk to the neighbors for sure, they might be a nightmare. Found that out the hard way

Unfortunately real estate people are too lazy nowadays to show and tell you the majority of the info. I despise them and lawyers!

EXCELENT VIDEO.

Wow, this guy is one of the most informative fellow’s I’ve ever heard teach in real estate investing thank you Wayne!

Wet lands and flood lands just require a different mind set is all. For example Houses on stilts,boats to get to houses. I mean the Indians did it in the old days. It’s like ppl are scared of work now days. No one has creativity anymore. Same with power and sewer. To be honest I think we should be turning waist into fertilizer. They even collect the gas from it to heat or cook your home. They have solar wind mini hydro. You can collect more water than a well can provide sometimes. Just depends on the zoning. The only people that should say that isn’t enough power are the ones that use to much in the first place. For example my mothers house is two stories and only took 20,000+ kWh yet my bff parents had a single story home less footage yet there usage was 37,000+. My mother had central ac and my bff parents had window units. Just saying we could raise window etc. I did it with my house. My electric bill was only $68. If it was hot inside yet cool out I put the windows up and put a fan in them. I didn’t cut my ac on every time my house got warm or hot. The only thing someone needs to worry about is restrictions and how much they willing to do themselves, And if the property owes money that’s it, that simple!

I work in the environmental cleanup industry. That title work by the attorney could save you millions if someone dumped something and didn't fully clean it up.

Thanks

is it better to buy land that is undeveloped or buying land that has a abandon home?

this videos golden

I heard surveys cost at least 2 or 3k to survey it, if that's true, who pays that before purchasing? Good info and thanks for sharing this

I was told in MS or maybe just the county I was thinking of buying in, the land had to be 2+ acres to build, for septic placement. Under that, you are stuck with a tiny spot of land that you can do much with.

second video in a row that suggested taking notes

alright fine, i'll take some notes

QUESTION🤔 How do you approach the buyer with an offer with nothing in place, meaning you haven’t had it surveyed yet, or FEMA info hasn’t been looked into, etc etc without losing the chance to purchase it??

What part of Louisiana?

Great information. Thank you.

👍 much appreciated