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The 4dee

Mr Stubs

Mr Stubs

Taste my rainbow, bitches
Joined
May 19, 2020
Member Number
101
Messages
2,032
Loc
Land of liquid sunshine
So I kinda had a thread like this over at the other spot. Figure I should start documenting my ideas and plans here.

So I was blessed with a family that has become what some may call “land rich”. I also have been cursed with what others would call “money poor”.

Cliffs:

-Inherited 40 acres of forest land very close to my parents 40 acre piece and my grandfathers 40 acre piece.

-Have a house 15 minutes away in a small but booming town with 2 minute Hwy accessibility and major metro 20 minutes away. House sits on two buildable lots. Total lot size is .25 acres.

-Plan is to build a forever home up on the 4dee.

-Plenty of questions for the more experienced on how to go about this huge endeavor.
 
Avoid putting acreage into current use if at all possible. I looked into it, and to get it out of current use I'd have to pay all past due taxes. This may vary from state to state.
 
woods said:
Avoid putting acreage into current use if at all possible. I looked into it, and to get it out of current use I'd have to pay all past due taxes. This may vary from state to state.
Click to expand...
Pretty sure it's the same in Washington, I think they used to let you carve out a lot and just pay tax on that instead of the whole 40. :grinpimp:
 
So here are some pics of what I have done. Some are a bit blurry because I’m learning how to get pics off some vids that I have made.

77E4AD9A-54F3-4B3D-953F-A9E9E92AC8B3.png


D675233A-A330-4139-8340-7157067F6BB2.png


17EC0122-44C0-4DC2-A187-6D4E695DF591.png


42DF09A5-68B7-4284-A767-AE5E07D52184.png
 
So here is my plan as of now, tell me your opinions on it.

Refinance my 140k mortgage for as much as I can get. I’m guessing that I could swing up to 125k pocket money.

Purchase a midi excavator to work the property.

Purchase a 40x60 pole barn with awnings off both sides.

Rent house out with intentions to sell in a few years

Take out a construction loan on the 4dee ( I don’t want to but can’t see any way around it) and have a small but modest home.
 
For financial advice on the property I would consult Action Fag. He’s listened to a few podcasts plus he’s pretty good at spending other peoples money.
 
Sell house now. Take profit and buy a single wife mobile home. Drag home onto forty acres. Live here while building pole barn home. Sell mobile home to other money poor individual. Live in pole barn with trophy wife!:flipoff2: The End
 
I have nothing to add besides that property looks beautiful, and I would be finding evrey excuse possible to drive that skidder! Goddamn that thing looks like some good old fashioned lose a limb type fun! I would also be cutting wheeling trails in there.
 
Mr Stubs said:
So here is my plan as of now, tell me your opinions on it.

Refinance my 140k mortgage for as much as I can get. I’m guessing that I could swing up to 125k pocket money.
Click to expand...

Prepare to get bent over on a cash out Refi if you exceed 70% of the homes value.
 
Mr Stubs said:
So here is my plan as of now, tell me your opinions on it.

Refinance my 140k mortgage for as much as I can get. I’m guessing that I could swing up to 125k pocket money.

Purchase a midi excavator to work the property.

Purchase a 40x60 pole barn with awnings off both sides.

Rent house out with intentions to sell in a few years

Take out a construction loan on the 4dee ( I don’t want to but can’t see any way around it) and have a small but modest home.
Click to expand...

i still think selling current residence, renting for a year or two and build out 4dee is the best option.
 
mobil1syn said:
i still think selling current residence, renting for a year or two and build out 4dee is the best option.
Click to expand...
I would be financially going backwards with that plan. Mortgage now is $1200 with additional $400 going to principal, so $1600 total.

Finding a rental in my area would be very hard, and when it was found, a per month expected price would easily be $1500-2k per month.
 
Mr Stubs said:
I would be financially going backwards with that plan. Mortgage now is $1200 with additional $400 going to principal, so $1600 total.

Finding a rental in my area would be very hard, and when it was found, a per month expected price would easily be $1500-2k per month.
Click to expand...

i know we hashed it out in the last thread, but cash in hand and no mortgage will be a good way to approach the bank for a construction loan.

Mr Stubs said:
Thanks, I wasn’t aware of that.

Im assuming much higher closing costs?
Click to expand...

higher rate. they bank will get antsy borrowing a huge chunk of change against an asset. the closer you get to the market value the more they risk to lose if you default.
 
Last edited:
mobil1syn said:
i know we hashed it out in the last thread, but cash in hand and no mortgage will be a good way to approach the bank for a construction loan.



higher rate. they bank will get antsy borrowing a huge chunk of change against an asset. the closer you get to the market value the more they risk to lose if you default.
Click to expand...
Well shit the bed... this info is making me question my plan and ability to execute.

The machine seems like a high priority in my mind. My new neighbor just had a road built up to his building location to the tune of 65k.
 
Beauty property. What's the story with timber on the land? Decent saleable wood? I have no idea how to financially approach your situation, but I could cut the fuck outta some trees and build one fine shanty.
 
Squamch said:
Beauty property. What's the story with timber on the land? Decent saleable wood? I have no idea how to financially approach your situation, but I could cut the fuck outta some trees and build one fine shanty.
Click to expand...
Timber is around 30 years old. Some of it is harvestable size but it is time to begin to open up the trees a bit to allow for better growth. Spacing on them is close to 12’ and now and they are of the size that 20-25’ spacing would help with optimal growth.

I want to treat the timber as just another form of retirement income.
 
RusM said:
The market on mushrooms shit the bed within the last ten years with all the illegals picking them and selling for cash
Click to expand...
Figures.

I’ve seen some strange things out in the woods that involved illegals. First thing comes to mind is them picking moss. I’ve seen them packing out huge bags of it.
 
You have a wife & kids?

it would impact my plans.

i imagine even ag exrmpt there is some tax burden. How much are the taxes as it sits?
 
grumpy356 said:
You have a wife & kids?

it would impact my plans.

i imagine even ag exrmpt there is some tax burden. How much are the taxes as it sits?
Click to expand...
No wife anymore , kid I helped raise is 20 now and off reminding of myself at his age.

Taxes are cheap, property is Timber Deferral.

I got a out of state girlfriend now. Her plan is to wait a few more years till here oldest child is out of school and then wants to move to be with me. She is a successful nurse and has a house of her own.

She plans on selling her house, renting mine, and combining our incomes to build a house.
 
Renting will only put you in the whole slightly in the monthly payment bit I dont think it will long term. Now is a great time to sell and if you could walk with 1-200 in your pocket that would put you in a great spot to approach the bank for a construction loan. Once you pull the permits the county should allow you to pull temp power and live in a temporary residence such as a trailer.

Another way to get a power drop with no building permits is for your electric gate or well.

With 40 acres it would be really hard for me not to just ignore the county completely and get a big metal building up as fast as possible. Tell the county to fuck off and let them red tag the property if they ever even find out. If it's your forever spot and you dont plan on selling who cares. You could be moved into your shop house and never have a mortgage payment again
 
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