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[05omegav6]

As above...

What are the likely pitfalls and potential liabilities/responsibilities?

I ask hypothetically, and for the purposes of dicussion, lets assume it is a modest area of level uninhabited and unmanaged woodland in the States which has been zoned for residential purposes, has direct access, taxes upto date and clear title.

[LC0112G]

As above...

What are the likely pitfalls and potential liabilities/responsibilities?

I ask hypothetically, and for the purposes of dicussion, lets assume it is a modest area of level uninhabited and unmanaged woodland in the States which has been zoned for residential purposes, has direct access, taxes upto date and clear title.

Lots and lots of scams designed to relieve you of your money.

Don't do it unless you're prepared to lose all your money. It a very very very high risk punt in an unregulated financial investment. It may be suitable for some rich and experianced investors, but, since you're asking the question here, I'm assuming you're not a 'rich and experienced investor'. Stay clear.

[zirk]

I would also say be very careful, lots of pitfalls, and strange rules in differing Countries, I nearly got my fingers burnt about 20 years ago as a potential Group Investment in Turkey, luckily it all fell through. Ive also heard of people buying land / property in the newly acquired EU Eastern Block where the potential of a 500% return over a short period has gone terribly wrong.

Even closer to home, another friend of mine lost his British Fathers Inheritance, and more in Legal Fee's, of acquired property in France, that was claimed back under some strange French Rule. 

[STEMO]

Go for it, Al, what could possibly go wrong? 

[05omegav6]

The land exists, is on public record and has been owned by the same company for ten years. As said taxes are also on public record as being upto date with no liens on the land.

Know what you mean re scams, with many of the listings, reading the small print you're only buying the back taxes (which then gives you leverage for basically extorting the owner should they sell...), or you're actually committing to buying the land over X years at X amount per month... the initial payment being your deposit and fees (6 acres of ocean front Alaska for $499 down then only $550 a month anyone )

What got me thinking, was that if genuine, it has longer term potential for minimal outlay, either to resell as the road gets developed, or to build on at a later date. The amount in question is effectively two Omegas, rather than life savings, so not much of a gamble.

Reason for asking was to see if anyone here has either looked into or actually bought property in the States, and their thoughts on the pitfalls

[05omegav6]

Go for it, Al, what could possibly go wrong? 

I lose a grand...

[STEMO]

Go for it, Al, what could possibly go wrong? 

I lose a grand...

You've bought omegas...you must be used to that by now.

[Lagondanet]

For that kind of money (if you have it) go for it. Life is short.   

[Field Marshal Dr. Opti]

I have no idea if what Al describes is a scam or not. It may be a wise if speculative investment. . Who knows.

However, many scams these days are linked to relatively small amounts of money. The amount of money that people are 'willing to lose if it all goes tits up'

Few of us would risk £50000.......but quite a number of us will risk a couple of grand.

It all depends how risk averse an individual is.

[Varche]

If it is too good to be true it probably is a scam.

Loads of horror stories in our part of Southern Spain. House built with permissionetc and then the regional government say it isn't legal and might have to come down. The end solution is nothing much happens until the current owner dies. The property is blighted and thus is unsaleable.

Having said that they aren't making land anymore. I would have thought a better bet was to buy agricultural land for the long term. Get something near a town /village and wait for building pressure to make your land attractive for a developer. Rent it out in the meantime.

[05omegav6]

Must admit, I don't like the idea without having actually seen it in the flesh... bit different to buying something blind which is going to be delivered.

The plots which caught my eye are in an established township and in a subdivision which, whilst undeveloped has a definite grid of roads. Granted, these 'roads' are little more than tracks at present, but they are named and defined... plain to see on googly. Local planning conditions for the area are for upto two stories, minimum floor plan of 1000sq ft and must be a permanent structure.

Local property tax is currently $29 per year. This is based on the County Assessors valuation, and will obviously rise as and when the road is paved and services added... partly to pay for the improvements and also because the improvements will add value, even to an empty plot. Adding a residence will also add value

Owning a house remotely obviously has issues, especially if renting it out... any issues with tenants and it becomes a bit of a nightmare; but what responsibility does an uncleared plot carry?
 

[biggriffin]

If it was that easy the locals would be buying it up? So ask your self "why are they not"

[omega2018]

If it was that easy the locals would be buying it up? So ask your self "why are they not"

obviously because they are not as astute as al .  Or maybe they are but don't want to "leverage for basically extorting the owner" as al wants to do.

how did you hear of this wonderful opportunity al?  was it by email from someone you've not met yet?  did they say they they are dying of cancer or that it is unclaimed proceeds from a will? or maybe you have won the opportunity in a lottery you had forgotten entering.

If any of those then definitely a bargain snap it up before someone else does .  it's only a grand .

[05omegav6]

If it was that easy the locals would be buying it up? So ask your self "why are they not"

Limited work locally (ignoring the whole greencard issue for a moment) and only a small town, circa 2100 people. Seems to be predominantly a retirement /holiday place rather than the centre of the universe... not on the interstate either... actually no where near it Climate is a bit warmer than here, plenty of outdoorsy things to do looks like a nice enough place though with plenty of community events, I guess a fairly typical example of a small, rural township. Has seven churches though but that might be due to being squarely in the bible belt

Difficult to get an idea of scale from a UK perspective... it's about an hour and a half from a National Forest, so doesn't quite have the catchment from it but is near enough to be handy... a bit like saying East Dereham is on the edge of the Norfolk Broads...

Looking at google satellite view of the place, alot of it seems to have been zoned for development... possibly 2/3rds of the townships named roads are undeveloped woodland,  with half the roads being unmade... one or two houses in a block and the road gets paved from an existing paved road.

[05omegav6]

If it was that easy the locals would be buying it up? So ask your self "why are they not"

obviously because they are not as astute as al .  Or maybe they are but don't want to "leverage for basically extorting the owner" as al wants to do.

how did you hear of this wonderful opportunity al?  was it by email from someone you've not met yet?  did they say they they are dying of cancer or that it is unclaimed proceeds from a will? or maybe you have won the opportunity in a lottery you had forgotten entering.

If any of those then definitely a bargain snap it up before someone else does .  it's only a grand .

Yup, all of the above I am flabbergasted by the sheer number of Nigerian aunties I have...

I have no intention of extorting anyone, it was about the only reason I could see for buying the lien on a property. Some might see that as an opportunity, but not for me thanks.

Besides I did say it was hypothetical

[aaronjb]

Having just driven through large swathes of .. well, 3111.2 miles of America..

In Nevada, Arizona and New Mexico there are miles and miles of absolutely diddley squat with signs saying "Land for sale by owner" - you can pick up parcels of land many thousands of acres in size. Of course there's sweet FA in them and no town for two hours in any direction

But after three weeks out of work the idea of buying a small ranch out there and eeking out a living miles away from anyone is very appealing. Coming back to work happened with a bump (and I don't mean the landing in the ropey old American Airlines 777!)..

[05omegav6]

There's certainly alot of it

[aaronjb]

If you have $33m spare you could have 74,000 acres of New Mexico: http://www.landsofnewmexico.com/property/74000-acres-in-Sandoval-County-New-Mexico/3015276

[05omegav6]

If you have $33m spare you could have 74,000 acres of New Mexico: http://www.landsofnewmexico.com/property/74000-acres-in-Sandoval-County-New-Mexico/3015276

That's about the size of Reading

I was thinking about 150ft x 150ft...

[aaronjb]

We're talking about the US, Al.. Go big or go home!

[05omegav6]

We're talking about the US, Al.. Go big or go home!

Well there is that...

[aaronjb]

Honestly, I drove past garages bigger than my house that were detached from houses the size of my street..

..at the other end of the spectrum I drove past run-down broken-down still-inhabited 'trailers' packed together like caravans at Skegness.

Usually a nice new Dodge Ram parked outside, though. But at $199/mo with no deposit, who wouldn't!?

Oh and more abandoned school busses in back-yards than I could count. Weird.

[Gaffers]

Be careful of those taking especially going up when the value does.  You could find them rocket in to the thousands per year and if you don't pay the Govt can take your land.  IIRC there will be state and municipal taxes plus you will be on the radar of the IRS if and when you sell or do.  Where is it again?

[amazonian]

The most likely pitfall is that the place is infested with Americans!

Leave it.

hth

 

[05omegav6]

The most likely pitfall is that the place is infested with Americans!

Leave it.

hth

 

Common misconception that... 

They're perfectly fine at home

Woebetide you if you happen to meet one over here though, because thery really don't travel well... much like a cheap French plonk

[Sir Tigger KC]

The most likely pitfall is that the place is infested with Americans!

Leave it.

hth

 

Common misconception that... 

They're perfectly fine at home

Woebetide you if you happen to meet one over here though, because thery really don't travel well... much like a cheap French plonk

Agreed.  Americans are among the friendliest and courteous people I've met on my travels over the years. 

[dbug]

Go for it - its only money 
Trust your financial acumen 

[05omegav6]

Go for it - its only money 
Trust your financial acumen 

As it's you...

http://www.merriam-webster.com/dictionary/hypothetical

[Gaffers]

The most likely pitfall is that the place is infested with Americans!

Leave it.

hth

 

Common misconception that... 

They're perfectly fine at home

Woebetide you if you happen to meet one over here though, because thery really don't travel well... much like a cheap French plonk

Agreed.  Americans are among the friendliest and courteous people I've met on my travels over the years. 

Agreed.  I should know I am married to one

[TheBoy]

The most likely pitfall is that the place is infested with Americans!

Leave it.

hth

 

Common misconception that... 

They're perfectly fine at home

Woebetide you if you happen to meet one over here though, because thery really don't travel well... much like a cheap French plonk

Agreed.  Americans are among the friendliest and courteous people I've met on my travels over the years. 

Having worked for 10yrs for a tinpot yankie outfit that is trying its very best to go titsup, I'd have to disagree...

...but I was in the UK, so maybe as their voices/emails/IMs travelled beyond the edge of the world - what most call the eastern seaboard - it was corrupted into daft arrogance


Because of my experiences, I have no desire to visit them in their own world, but I've been told by family I have to in 2017

[05omegav6]

Well, the two plots I was looking at hypothetically sold for a combined total of...

£250 plus fees... might be a scam, might not be, but give it three weeks or so and I shall check with the County Assessor to see if ownership has indeed changed hands.

Might be one to watch...