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#179608 - 11/05/07 03:03 PM $ people buying land togetther, HOW?
Ntuj Offline
Junior Member

Registered: 11/05/07
Posts: 3
Loc: Atlanta, Geogia
I have a group of 4 four close friends wanted to buy and split a land equally? The land is zoned for agricultural/residential.
How do we go about doing this? Everyone has good fico scores and we can come up with 15% down. I am located in Georgia, USA.

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#180295 - 11/08/07 12:11 PM Re: $ people buying land togetther, HOW? [Re: Ntuj]
Watermark Offline
Member

Registered: 10/09/07
Posts: 379
Loc: Georgia
you'd want to have an attorney set up the proper structure for you, LLC, or otherwise, with partnership agreements clearly outlined, etc. Obviously the agreements need to address worse case scenarios. Once that's set up you can start finding that property.
Oh, I happen to be a land broker in north metro atlanta. \:\)

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#180632 - 11/09/07 03:51 PM Re: $ people buying land togetther, HOW? [Re: Watermark]
Loansman Offline
Member

Registered: 09/07/07
Posts: 51
Loc: Pa
You can't purchase it as an LLC because you don't have credit established as a corporation. As far as the loan is concerned you would be co-borrowers on the mortgage. 15% down isn't going to do it, you'll need at least 25% and most lenders want more. You didn't
say how many acres, if it's more than 5 or 6 acres it gets harder.
If you were in Pennsylvania I could do it with 25% down, 10 or 15 yr. mortgage at 6.99% rate. I don't know how it is in Georgia.
I hope this info helps.

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#180755 - 11/10/07 12:18 PM Re: $ people buying land togetther, HOW? [Re: Loansman]
Bigtoe Offline
Veteran Member

Registered: 10/14/07
Posts: 1291
Loc: Outer Banks
Regular every day people buy investment properties here all the time as LLCs. I'm sure they have to personally guarantee the loan.
_________________________
Your Outer Banks real estate agent. Helping people buy and sell OBX real estate since 1989.

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