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Buying Retirement Property/Acreage Out of State - Upkeep?
Posted on 7/10/22 at 9:21 am
Posted on 7/10/22 at 9:21 am
This is a general question that I have noodled over, and can't seem to find any real info. My wife and I have dreamed of buying a few acres in a state/area we would like to retire or eventually move to.
If this is semi-rural property, what is the ownership burden? Would you have to find some sort of a rural property management company to help keep tabs on it?
I'm assuming there would be some liability insurance you'd want to carry on it. I love the idea of having such a property in my back pocket, but the thought of being an absentee owner seems scary. Mostly because I have no personal experience with such a thing.
What are the proper steps to do such a thing?
If this is semi-rural property, what is the ownership burden? Would you have to find some sort of a rural property management company to help keep tabs on it?
I'm assuming there would be some liability insurance you'd want to carry on it. I love the idea of having such a property in my back pocket, but the thought of being an absentee owner seems scary. Mostly because I have no personal experience with such a thing.
What are the proper steps to do such a thing?
5
Posted on 7/10/22 at 9:26 am to RaginCajunz
Upkeep should be very minimal, I don’t know why you’d need it managed. Depending on where it’s at, the terrain, and the local ordinances, you won’t have to do much.
I would definitely get some kind of GL policy on it, but I would do anything other than that.
I would definitely get some kind of GL policy on it, but I would do anything other than that.
Posted on 7/10/22 at 10:00 am to RaginCajunz
Just check the squatter statutes in whatever state. Check in every so often to make sure someone isn't trying to claim it 
Posted on 7/10/22 at 10:09 am to RaginCajunz
Where are you talking?
Smart devices can help a lot with this now a days. A couple cameras, ring doorbell, smart thermostat, etc. can help keep tabs while away for cheap.
A property manager wouldn’t be worth anything, they aren’t going to do anything but basic maintenance. A landscaper that stops by routinely you can trust, but be careful if they know you are gone they know you are gone…
Really you need to list the state and type of work you expect to need done like landscaping. Also, how much you actually want to do yourself upon arriving and departing, like housekeeping?
Smart devices can help a lot with this now a days. A couple cameras, ring doorbell, smart thermostat, etc. can help keep tabs while away for cheap.
A property manager wouldn’t be worth anything, they aren’t going to do anything but basic maintenance. A landscaper that stops by routinely you can trust, but be careful if they know you are gone they know you are gone…
Really you need to list the state and type of work you expect to need done like landscaping. Also, how much you actually want to do yourself upon arriving and departing, like housekeeping?
Posted on 7/10/22 at 10:16 am to baldona
He's talking about raw land.
OP- Literally nothing. Land is land.
OP- Literally nothing. Land is land.
Posted on 7/10/22 at 10:21 am to RaginCajunz
My MIL inherited 5 acres that her mom wasn't using. The locals think they have rights to use it and it is causing some issues. She lives 10 hours away and isn't using it, but wants to divide it into the 3 home sites and try to sell, build in the future or whatever but the natives are still using it like they own it.
Posted on 7/10/22 at 10:34 am to I Love Bama
quote:
He's talking about raw land.
OP- Literally nothing. Land is land.
Yeah, raw land is what we're thinking about. Something we could eventually build on. This is really just in the dreaming state. We know we want out of Louisiana and have a few strings holding us here at the moment. It's been a topic of conversation for years and I've always ended up with the fear of not really knowing what would be involved.
I guess I'd worry about, as stated, squatters. Or perhaps land that might have some game that could attract people who might want to play around on it. Or even some level of wild growth that would need to be periodically tamed.
We're not even sure the state, but there's a short list of "out west" states we have travelled to and could see ourselves ending up there.
Posted on 7/10/22 at 10:46 am to RaginCajunz
Spinoff question: where are the best places to buy empty land right now?
Posted on 7/10/22 at 12:14 pm to TheOcean
I’m in New York right now for meetings and can’t believe how cheap some of the land is here.
I just assumed rural New York was expensive land but I am seeing prices cheaper than in Alabama.
I’ll share some links when I am on a computer.
I just assumed rural New York was expensive land but I am seeing prices cheaper than in Alabama.
I’ll share some links when I am on a computer.
Posted on 7/10/22 at 1:02 pm to flvelo12
I would keep a liability policy on it. People trespass on land all the time and do stupid shite. Stupid people then like to sue the land owner.
Posted on 7/10/22 at 2:17 pm to Im4datigers
quote:
would keep a liability policy on it. People trespass on land all the time and do stupid shite. Stupid people then like to sue the land owner.
This really depends on the price of the land. As long as there isn’t gross negligence, just own the land in an LLC and bankrupt it. Sure you can do some liability too, nothing wrong with that.
But OP really needs to figure some answers out before asking the questions. Or at least look around and narrow some things down. Owning some land out west could be significantly different then owning land in Alabama for example.
OP people own recreational land all the time away from them, hell Bill Gates owns like 500,000 acres. Owning land in another state is not necessarily much different then just owning say hunting land 2-3 hours away.
I’ll tell you, you need to strongly consider the neighbors and previous owner. I’ve known more than one person buy land from someone that had the land in the family for many years and other family lived around there that didn’t like the idea they couldn’t use it anymore.
Posted on 7/10/22 at 2:35 pm to baldona
quote:
This really depends on the price of the land. As long as there isn’t gross negligence, just own the land in an LLC and bankrupt it. Sure you can do some liability too, nothing wrong with that.
But OP really needs to figure some answers out before asking the questions. Or at least look around and narrow some things down. Owning some land out west could be significantly different then owning land in Alabama for example.
OP people own recreational land all the time away from them, hell Bill Gates owns like 500,000 acres. Owning land in another state is not necessarily much different then just owning say hunting land 2-3 hours away.
I’ll tell you, you need to strongly consider the neighbors and previous owner. I’ve known more than one person buy land from someone that had the land in the family for many years and other family lived around there that didn’t like the idea they couldn’t use it anymore.
I appreciate the insights. There's really no specifics to be had at the moment. This is long term dreaming, but the logistics of owning land far away puzzled me a bit. I was fishing for insights and experiences, and this all helps.
At the moment, the thought of owning a few acres near the Oregon coast, but further south away from Portland is the dream. I really loved my travels through Oregon. Hate the politics but the land is stunning and along the coast, the winters are mild.
There's a million considerations that would play into it. Taxes, insurance, cost of building... restrictions on the particular property etc. But in general, it sounds like it wouldn't be difficult to purchase and hold land there.
Posted on 7/10/22 at 3:27 pm to RaginCajunz
The reason the specifics are important are things like what kind of land? It could be a couple acres of natural land on a hill that are undisturbed, nothing you really need to do. If its incorporated the city may require something.
If you have a field or grassy area, you'll want someone to mow it or it won't stay a field.
But yeah I mean its really nothing to stress about and tons of people own land a long distance away.
If you have a field or grassy area, you'll want someone to mow it or it won't stay a field.
But yeah I mean its really nothing to stress about and tons of people own land a long distance away.
Posted on 7/10/22 at 4:14 pm to baldona
I’ve tried to better understand this and keep coming up unsatisfied. Since it’s relevant to the OP, I don’t mind asking: what does an LLC do for an absentee raw landowner from a liability perspective that a GL policy will not?
Posted on 7/10/22 at 4:26 pm to turkish
Here’s another thing to fully understand - are there any environmental concerns with the property and if not can you also keep people from making it a high risk property (ie dumping tires, oil barrels, batteries etc).
If it has environmental issues going in you’re going to eventually be liable to clean it up particularly if it starts affecting neighboring properties.
I’d spend the $1500-$2500 on a phase I report before I bought it just to sleep at night.
If it has environmental issues going in you’re going to eventually be liable to clean it up particularly if it starts affecting neighboring properties.
I’d spend the $1500-$2500 on a phase I report before I bought it just to sleep at night.
Posted on 7/10/22 at 8:55 pm to turkish
quote:
I’ve tried to better understand this and keep coming up unsatisfied. Since it’s relevant to the OP, I don’t mind asking: what does an LLC do for an absentee raw landowner from a liability perspective that a GL policy will not?
GL policies are fairly limiting. Everyone acts like liability covers everything and you are golden. Furthermore it’s not easy to get a GL homeowners policy over $1 mil. $1 mil really doesn’t pay for shite that we are actually worried about.
Almost everyone would recommend putting a 2nd home/ recreational property into a LLC anyway. Then you are pretty much protected outside of gross negligence on your own outside of the cost of the property.
I have no idea what kind of property the OP is talking about. It he is just talking about 5 acres worth $25,000 in Oregon that’s what I’d do. If we are talking $2.5 mil that’s a different question obviously. I’m not sure I’d spend $500 on GL for a $25,000 property that’s in an LLC.
Posted on 7/11/22 at 10:31 am to baldona
This is an example of one of the types I've looked at. This is more of the "maybe we should figure out how to move now" opportunities. It's in a "neighborhood" so it's not really a great buy and hold. I'd imagine there would be required upkeep to the lot since it seems to be somewhat cleared.
5 Acres in Roseburg, OR
Google Maps link
Others I've looked at were much more rural and undeveloped. Some with utilities, some without. Just a mixed bag, so a mixed bag of requirements to own.
This thread has helped though, it doesn't feel onerous enough to discontinue the dreaming.
5 Acres in Roseburg, OR
Google Maps link
Others I've looked at were much more rural and undeveloped. Some with utilities, some without. Just a mixed bag, so a mixed bag of requirements to own.
This thread has helped though, it doesn't feel onerous enough to discontinue the dreaming.
Posted on 7/11/22 at 4:20 pm to baldona
quote:
but be careful if they know you are gone they know you are gone…
What are they gonna do, steal the shrubs on the land?
Posted on 7/11/22 at 6:37 pm to armsdealer
quote:
My MIL inherited 5 acres that her mom wasn't using. The locals think they have rights to use it and it is causing some issues. She lives 10 hours away and isn't using it, but wants to divide it into the 3 home sites and try to sell, build in the future or whatever but the natives are still using it like they own it.
We have a cabin in a rural area, the locals take anything of value, after having the door broken down a few time we simply quit locking it and leave nothing of value there.
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