Thinking about buying a small property to fart around with. Almost 20 acres cheap.. in a flood plain and undesirable because it has a wet weather creek that runs directly through the entire length of the property. What I really like about it is that it's a split property with about 4 acres across the road on high flat land that would be perfect a new location for our shop. The 16 acres is also trashed. Not unfixable, but it would be beautiful with lots of hard work and cleaning . Like a mini private park. Looks like it was a dump site for a very very long time. Very old tires, general household junk, trash and rusty junk. From what we saw looks like someone started dumping there a long time ago. Would take a roll off or two and a schitt ton of work to get it cleared but could be a beautiful little getaway guest cabin site or something? Very rough terrain because of the creek so I'd probably have to build a couple of bridges to get an ATV across the creek in different areas. Don't think getting a full size truck back there is possible without filling the creek and major filling and leveling. Saw lots of deer and hog tracks there and there are a couple of blinds and a hog trap in place. Don't know. Heavily wooded. Before you get excited about the deer and hog tracks understand the place is heavily trashed in quite a few areas and didn't even walk the entire length of the property. Love hard work and not afraid of it at all .just asking for opinions. Lots of trash. Ideas?
Sounds like a lot of work.
Another thing to maybe be concerned about is what sort of chemicals got dumped there.
Yep. The flat 4 acres across is mainly what is enticing me but dealing with the 16 across the road... not sure. Lots of potential for something though.
Sounds like a couple of the places I've bought. I don't mind investing the sweat equity. Those are the types I've made the most money on. Buy it right. Clean it up. Sell it for a premium.
If the price is right and the property is dividable it maybe a hidden gem. Cleaning is cheap and easy!
I've never been afraid of hard work. Lots of people are, which makes properties like that cheap.
Flood plain! $3500 an acre I wouldn't call cheap. But I don't know your market so maybe it is. I would go all in (IF) I could subdivide and keep the High acreage and sell the rest for either my cost or my cost plus of the purchase. Key here is if I could clean up the property and for sure find a buyer for no less than $70K.
I've never been afraid of hard work. Lots of people are, which makes properties like that cheap.
Doesn't even sound like hard work. More time consuming than hard. If there is really that much junk there and it is metal, you have the scrape metal as income as well.
Figure in the cost of a decent sized dump trailer, and do yourself a favor.
3500/ acre here is cheap if it has any use at all.
Before proceeding further research how high the water gets in the creek during wet weather. I have access to a hunting lease with a creek that runs through the middle with 2 bridges. Much of this season access was impossible to at least half of the acreage due to high water making the bridges impassable. Raising the bridges is prohibitively expensive. This spring the whole lease flooded due to the Army Corp of Engineers water control policies. Fooding damaged a tractor, atv and 2 electric carts resulting in thousands of dollars of repairs.
I have several parcels of "junk" property that someday I'll improve enough to sell and make a profit. Every millionaire I know personally has made their money on capitalizing on good deals on property.
In the mean time, I'm having my lunch money stolen on property taxes. I'm up to almost $8K a year on property taxes for basically useless property that I got a good deal on at the time.
B&B, are the land sales around the area significantly more as a sales price?
The flood zone with the creek probably means just that. They can be problematic to navigate (as you already know), and hard to keep fenced with water gaps, etc.
It may make you some good money, and give you some good working therapy while working towards that end.
Good luck with it!
A friend of mine got something like you're looking at. As he went through the trash he discovered lots of antique dishes and other stuff. He was able to recover lots of his cost from selling them.
It sounds like you have it figured out. Would have to build cabin on pilings like a beach house?
Soil samples would be a very good idea. If the ground is contaminated with chemicals or heavy metals, that would be the last piece of property I would want to buy. To many potential headaches with EPA, not to mention your $70k investment would likely shrink tremendously in value.
Don't think getting a full size truck back there is possible without filling the creek and major filling and leveling.
Study up on the local soil conservation and/or watershed district to see what you are allowed to do on the dirt work - my guess would be very little. Filling wetlands or lands with hydrophilic soils is a no-no. Some might suggest sneaking some work in, but I've seen that turn bad plenty of times especially when trying to re-sell or applying for building permits.
The chemical or old oil dump could make it impossible to clean up. And if someone dumped an old asbestos thingmabob you would have to build a big tent. Get the testing done.
Another thing to maybe be concerned about is what sort of chemicals got dumped there.
This ^^^
Buddy was looking at a retirement property. It was a hefty chunk but easily done with selling his current property.
He was ready to close when the seller’s real estate agent “suddenly” discovered there was an 1800’s dump on a neighbouring property that made this one almost worthless.
Hey! I live on a place just like that!!! 🤣🤣🤣
$70K for 20 acres is not what I'd call anywhere in the ballpark of cheap. I'd pass. If you really like it and aren't afraid of some hard work, then it maybe a place for you. If it's just "junk" on the 16 acres, it wouldn't scare me off at all. If there were chemicals dumped there, I'd avoid it like the kung-flu.
Is there a chance you could have it surveyed into 2 separate parcels? That way, the small acreage could possibly be worth what you have into it, if land is that expensive near you.
3500/ acre here is cheap if it has any use at all.
Where in TN is that cheap? We have been looking at land and land prices, mostly in Eastern TN and to me, THAT seemed cheap.
Check zoning too. You may not be allowed to build on a flood plain.
3500/ acre here is cheap if it has any use at all.
Where in TN is that cheap? We have been looking at land and land prices, mostly in Eastern TN and to me, THAT seemed cheap.
Don't think getting a full size truck back there is possible without filling the creek and major filling and leveling.
Study up on the local soil conservation and/or watershed district to see what you are allowed to do on the dirt work - my guess would be very little. Filling wetlands or lands with hydrophilic soils is a no-no. Some might suggest sneaking some work in, but I've seen that turn bad plenty of times especially when trying to re-sell or applying for building permits.
It's not MN. They probably have some freedom.
If it is not a toxic waste dump you might think of selling the junk iron and the hiring a track hoe to put the rest under ground. Lot easier than trying to find a place to take it.
Two thoughts, "Let the buyer beware". "Location, location--".
Soil samples would be a very good idea. If the ground is contaminated with chemicals or heavy metals, that would be the last piece of property I would want to buy. To many potential headaches with EPA, not to mention your $70k investment would likely shrink tremendously in value.
^^^ This +1 ^^^
No telling the amount of building and construction material waste containing asbestos and other contaminates now deemed hazardous that has been dumped and/or buried on old landfills on private ground over decades by building contractors, remodelers, etc., both before and after the EPA laws.
Same for pesticide, herbicide and other assorted hazardous chemical containers.
I've never been afraid of hard work. Lots of people are, which makes properties like that cheap.
Doesn't even sound like hard work. More time consuming than hard. If there is really that much junk there and it is metal, you have the scrape metal as income as well.
Scrap prices in this area are barely worth the trouble.
$4-$5/lb right now.
Sounds kind of like an acreage I saw for sale north of here some years ago. It was along a river with quite a bit of water frontage. The entrance to the property was a road going through a barb wire fence. The top wire of the fence was covered with moss. Land in a flood plain might be good for shooting or hunting but I would never build anything more than a shack on it.
3500/ acre here is cheap if it has any use at all.
Where in TN is that cheap? We have been looking at land and land prices, mostly in Eastern TN and to me, THAT seemed cheap.
Don't think getting a full size truck back there is possible without filling the creek and major filling and leveling.
Study up on the local soil conservation and/or watershed district to see what you are allowed to do on the dirt work - my guess would be very little. Filling wetlands or lands with hydrophilic soils is a no-no. Some might suggest sneaking some work in, but I've seen that turn bad plenty of times especially when trying to re-sell or applying for building permits.
It's not MN. They probably have some freedom.
I cannot speak for East TN prices.
So we both agree 3500 an acre is cheap ? It gave me a headache trying to decipher your post.
Raw farmland (no guarantee of the soil perc’ing ) is going under contract for $7,000 per acre ASAP.. If it’s conducive to subdividing (estate size lots of 5 acres or more) is bringing $15,000 an acre . If sewer is there and they can subdivide to 1/4 acre lots ,it’s even higher . Way higher .
I have 40 acres in Montana with a well and septic I will sell for 90k. Good deal, no dumps or oil spills.
Hey!!! Where can i find that 4 or 5 bucks a pound for scrap? More like for a ton
$70K for 20 acres is not what I'd call anywhere in the ballpark of cheap. I'd pass. If you really like it and aren't afraid of some hard work, then it maybe a place for you. If it's just "junk" on the 16 acres, it wouldn't scare me off at all. If there were chemicals dumped there, I'd avoid it like the kung-flu.
Is there a chance you could have it surveyed into 2 separate parcels? That way, the small acreage could possibly be worth what you have into it, if land is that expensive near you.
It’s not in Bum Fugged Eqypt apparently ......
$3,500/acre would be cheap here. $10,000/acre for farmland isn't uncommon.
Get a Hepatitis shot and your lock jaw.
If it were me, I'd not buy it. There are many more places to put money into.
Get a Hepatitis shot and your lock jaw.
You mean to post that in the Valentine's/steak and a blow job day thread?
I've never been afraid of hard work. Lots of people are, which makes properties like that cheap.
Doesn't even sound like hard work. More time consuming than hard. If there is really that much junk there and it is metal, you have the scrape metal as income as well.
Scrap prices in this area are barely worth the trouble.
$4-$5/lb right now.
He meant scrap and you meant $0.04-$0.05\lb.
yes, scrap iron /steel is barely over .03 / lb
I’d strongly consider doing a baseline environmental analysis. You don’t want to get stuck with someone else’s mess.
There are too many unclassified super toxins popping up all over.
Google ‘PFOA’.
$3,500/acre would be cheap here. $10,000/acre for farmland isn't uncommon.
Wow!
Wanna buy some dryland cotton ground in Texas?
Thinking about buying a small property to fart around with. Almost 20 acres cheap.. in a flood plain and undesirable because it has a wet weather creek that runs directly through the entire length of the property. What I really like about it is that it's a split property with about 4 acres across the road on high flat land that would be perfect a new location for our shop. The 16 acres is also trashed. Not unfixable, but it would be beautiful with lots of hard work and cleaning . Like a mini private park. Looks like it was a dump site for a very very long time. Very old tires, general household junk, trash and rusty junk. From what we saw looks like someone started dumping there a long time ago. Would take a roll off or two and a schitt ton of work to get it cleared but could be a beautiful little getaway guest cabin site or something? Very rough terrain because of the creek so I'd probably have to build a couple of bridges to get an ATV across the creek in different areas. Don't think getting a full size truck back there is possible without filling the creek and major filling and leveling. Saw lots of deer and hog tracks there and there are a couple of blinds and a hog trap in place. Don't know. Heavily wooded. Before you get excited about the deer and hog tracks understand the place is heavily trashed in quite a few areas and didn't even walk the entire length of the property. Love hard work and not afraid of it at all .just asking for opinions. Lots of trash. Ideas?
A flood plain legally is “waters of the United States” and also is protected under the Wetlands Act. The “wet weather” creek also legally is “waters of the United States.” To fill and build will require authorization from the US Army Corps of Engineers, as well as paying for mitigation to offset however many acres of wetlands you destroy. Along the Texas coast, the USACE requires mitigation at a 1:7 ratios for small size projects as an average.
If it is a dump site, and someone dumped HazMat there in the past, which was common, you may be buying responsibility to clean it up.
Some properties like that have major negative values. Sophisticated real estate developers can tackle those projects if the development value merits the investment. The casual buyer wanting a small place in the country is potentially getting into a liability way over their head.
You might hire a local commercial real estate broker to help you realistically evaluate the property to avoid mistakes. They typically are wired into consultants and lawyers that can help you.
I am not saying don’t buy, only do some serious investigation and evaluation. Caveat emptor.
I'm glad I bought my Tennessee property when it was actually affordable. 100 acres of good pasture and woods for $300.00 an acre. When we deeded off 5 acres for my son to build a house on, it was up to $2,000.00, and my daughter's 5 acres on the other end of the place a few years later appraised at $3500.00 per.. I'm pretty sure it's gone up some more in the 7 years since then.
Jerry
Same here in NC. Scrap metal prices are in the dirt. $.04/lb or less.