Capatalistc nomad said:
plus, it gaurantees you a solid income stream.
furthermore, iI guess I have tons of questions, but I won't bombard you, I will do some research first. In this situation do you or would you hire a lawyer to write the contracts, or is this something that can be done ourselves with a bit of research? Also having the ability to inforce the financing terms and take back the title if failure to pay... and also how does one determine lot boundaries and divid up a piece of land like this?
oh well, guess I bombarded them anyways... its late
well, lets see here......
lawyer, yes, while you dont need one (depending on the state you live in some states, or atleast cali requires you to have a realestate agent for selling land.... ) but having one makes your life easier, and also adds legitimacy to your sale and listing. for this sort of deal, i know of lawyers who will handle everything for $200 a transaction... which for the record, is a very good deal.
as for enforcing the financing, typically, you dont give them title untill the note is completely paid off.... however, if you do want, or need to give them title to abide by whatever laws your statre has, you can have 2 closings, a preliminary, and a final.... at the preliminary closing, you give them title, but also make them sign a quit claim deed, deeding the property back to you, which you hold onto, and agree (in your contract) not to use it unless they fail to pay or otherwise abide by the contract. usually it is easier if you just dont give them the title till till they are all paid up.
as for divisions and subdivisions, as well as locating a particular piece of land....
well that is a complex, but not complicated question. first off, you said that you own several 20 acre lots.... if that is the case, the property has allready been legally subdivided into small sections of land, each with its own parcel number. as part of that division a very detailed map was drawn and each piece of land was represented to have X sides of X length X distance from X marker located in the X portion of X subdivision of X county etc etc etc....
as part of the division the divider may have had to physically place markers in the ground, indicationg where the property lines end and begin, and where their corners were... however, sometimes physical markings of these properties is not required.....
interestingly enough, you can still sell this land, even if you dont know where it is, as long as you have the APN *(assesors parcel number) and the legal description, although you may be required to disclose the fact that it does not have the above listed boundary markers in its place.
i lost my place.......... oh yeah, you may also be required to offer, or include title insurance, which is a big expense, probably $800-1000
as for my expertise, i have been in the real estate development business since 2006, buying, dividing, leasing, and selling land, both vacant as well as being involved in house flipping and re-habbing.
edit..... i just read above, and realised that you do not have your land currently sub divided, and that from what i understand it exists as one giant parcel. this does further complicate your situation as creating a division from scratch is not cheap, and depending on the local laws you are most likely restricted to acerage limits on how small you can divide your property into, depending on utilities, road access, zoning, as well as a variety of other factors....... furthermore division of your land would most likely change its tax status significantly.
Check your pm's if you get a chance.
--------------------
PEACE
 zippoz
"in times of widespread chaos and confusion, it has been the duty of more advanced human beings - artists, scientists, clowns, and philosophers - to create order. In such times as ours however, when there is too much order, too much m management, too much programming and control, it becomes the duty of superior men and women and women to fling their favorite monkey wrenches into the machinery. To relieve the repression of the human spirit, they must sow doubt and disruption"
"People do it every day, they talk to themselves ... they see themselves as they'd like to be, they don't have the courage you have, to just run with it."
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