Creative Ways to Finance Large Tracts of Land
Hi everyone,
Hope all is well! This is my first post on this forum, but this definitely seems like the place to find the advice I'm after.
I'm almost 25 years old, married with two kids, and over the last year or two I've gotten to a place where I've really honed in on what I want to accomplish in my life. My wife and I have set a goal to own 1,000 acres of rural land by the time that we hit 40 years old, and while this is a steep goal I think it's fairly achievable. Owning land has always been some what of a fixation in my life, and it lines up with all of my biggest passions and excitements in life which I think is an important criteria for a good investment.
With the recession on the way out and rural land at a 10 year low right now, my thoughts have been consumed lately on how I could possibly buy or put a deal in place to buy a large tract in the near future. By the end of this year, I'll have roughly $30K in cash and my income will be greatly increasing yearly over the next couple of years allowing me to put a lot more away.
I've already found a few parcels within a 3 hour drive of my home that are in the 300-500 acre range and priced right. What would be the best way to creatively work something out to position me to take advantage of the stellar prices right now and set up to pay out more in the next 5 years when I am much better off financially?
I know that a traditional owner finance would require a bare minimum of 10% down which would be approaching 6 figures and out of my range right now. I thought about the idea of some kind of lease/option, has anybody seen a deal like this before?
Any advice is appreciated!
Thanks so much!
Matt Kline