Advice on 0.6 acre parcel

[AdmiralD7S]

Once again, I turn to those whose experience trumps mine. I have an opportunity to buy a half acre of land in Virginia (I live in Ohio) at a very cheap price. The land belongs to long-time family friends who “bought” it out of one of their family’s estates so the estate could close out, but they don’t want to keep it long-term.

Keep in mind I only know what I’ve been able to glean from talking with my friends (they went out one time a few years ago), tax records, and a google earth tour. That said, the land is around 0.6 acres and is positioned 1/4-1/2 mile from a river (but up several hundred feet in elevation). There are around 2 dozen other houses clustered around this little patch near the river, but the land is on the other side of the road from all the houses. The land appears to be all medium-mature woods on a slope with a small plateau at the top. There’s no power, water/sewage, etc. to the property, although I’m sure there’s power/phone along the road.

The price makes it tempting to buy, but I keep going back to what I would use it for. It’s not a good place to “just go camping” as there are places I’d enjoy much more. Adding a small house, trailer, cabin, or other permanent structure would raise the taxes, and then I’d have to worry about maintenance and possibly uninvited guests and/or vandalism.

I’ve also thought about it being a bug-out location. However, if I’m being honest with myself, even if I did need to bug out one day, I’m struggling to believe that this little piece of land would be all the beneficial. I could show up today and probably wouldn’t be bothered at all, and if someone asked me if I was allowed to be there, I’d just say “friend of <owners>”...buying it makes me the owner, but wouldn’t change my permission to be there.

If I do something like plant gensing or blood root, it’s probably a roll of the dice if it survives and then another roll if someone hasn’t wandered through, found it, and picked it. Similar issue with a garden, and that requires much more upkeep than I could provide 3-4 hours away.

Also, the property does NOT come with mineral rights, gas rights, oil rights, etc. Basically, it comes with trees and topsoil. Someone else has below the topsoil, and I’m pretty sure the FAA is thinking real hard how low the can run their airspace.

So, it’s a small chunk of land in another state for a cheap price, but I’m struggling terribly to think of what I would do with it that would justify purchasing it and doing more than just paying taxes on it until I die. If you have any recommendations for things that I could do on it or, alternatively, additional reasons NOT to buy it, I’m happy to listen. Thanks in advance, folks!

 

[Bacpacker]

Just my .02. I have zero interest in spending money on a piece of property that small, unless it joined more that I owned. To me that isn't enough land to live on and raise enough food from. Being 3-4 hours away wouldn't bother me as much as so many people living nearby. The river would be a big plus.

 

[Sewingcreations15]

@AdmiralD7S I would personally go and have a look at the land and walk over it to see if it has viable soil on it for planting or what you have planned to do with it. It could very well be a very large rocky block with minimal usage. The river is a positive but again you would have to have pumps set up to get the water and that would also depend on the elevation of the block as to how expensive that would be to set up with the size of the pump and piping and fuel costs. As you say you live 3 - 4 hours away which makes it difficult.

If it is viable land you can plant on my husband and I have been self sustaining on growing vegetables to last all year on a half an acre (we only used 1/4 of an acre for planting) by blanching and freezing bulk produce but you can also can. Freezer preservation was just what was easier for preserving for us as we were in a rental.

You could not run sheep or cattle for meat for food though as it is too small and you would want for cattle at least 1 good acre of pasture or 5 acres if it is poorer country per beast. Chickens may be a possibility.

Just a few ideas running through my head but I would certainly want to walk the property and see what the soil and elevation of the land is before considering purchasing it.

 

[backlash]

I think you already know the answer. If you really don't need it why buy it. Just because it's cheap doesn't mean it's a good deal.
If you are really interested then go see it yourself then make your decision.
I would not buy it for a bug out location since there are houses close to it.
In fact I just wouldn't buy it.

 

[JAC]

So someone I know recently had a land thing come up in their life. A relative (family member 1) had a piece of land that they wanted to sell that was an empty lot in a city and wanted to get rid of it to avoid paying taxes on it year after year. The relative (1) had been paying taxes on this small lot in a city for a number of years and contacted my friend (family member 2) to let them know that they found out that my friend (2) was also a part owner when they tried to sell it. There was also another family member (family member 3) that was part owner. The other family member (3) decided that since family member (1) had been paying taxes on it all along she (3) would simply sign off on it so that (1) could sell it off to avoid paying any more taxes on it. My friend (2) didn't sign off until they found out how much tax had been paid over the years and how much the sale price of the property would be. A month or two later (2) found out that if they had simply signed off there would be state taxes owed by them on the sale and then later found out that there would also be more federal taxes owed when they tried to do their federal taxes and the book keeper needed to know the depreciation of the land value. In the end the difference in what family member (2) owed would be about the same as the money they would have gotten from their part of the sale. Family member (3) who was trying to be nice ended up giving away her profit from the sale to family member (1) and ended up paying both State tax and Federal tax on the property.

 

[dademoss]

IMHO, it's too small, too far, and I really don't want to buy anything without ALL the rights to it. Who needs the fight if they a big pocket of "whatever" underground and sell that off?

 

[The Lazy L]

Friend bought several acres to build a house on. Had the sited prepped for building hired a Contractor. Then the friend discovered that it would cost too much to run power (1/2 mile away) to the property. He sold the property at a loss.

Learning from my friend's mistake, I checked for leans, easements, building restrictions and power availability before purchase our current property.

I agree with others, an on site investigation before purchase is wise. Talk to the neighbors, are the neighbors aware of any potential problems, rain runoff cuts through the middle of the property, government easements, overhead power over the property, any over due taxes owed, What's the "real" reason the current owner wants to sell at a price that is tempting to you? If the price is low enough to be throw away money for you, then buy it and see if you can double your money in 10 years.

 

[jimLE]

what lazy l said.

plus talking with the neighbors might help you learn even more.like are they willing to rent it from where you at least make back what you pay in property taxes.and just a lil bit more.in turn they grow a garden there.maybe have a hen house. with good egg laying hens.in which you get a small amount of crops and/or eggs at least once or. twice a year..

 

[Weedygarden]

It is tempting to buy property or land, but property that is not close to you, would be hard to manage. I have been thinking about your post since you first posted. When I am trying to make decisions like this, I make a list of pros and cons. This works well for me. It makes it so clear.

The old bakery in my home town was for sale for $10,000. It had now been converted into an office and an apartment, and people wanted to rent the apartment. The office could have been redone into an apartment as well. I live 500 miles away, and any aspect of managing it would have been very difficult.

A 3 story home was also available in my home town as well, and I thought it would be a great bed and breakfast. Again, living as far away as I do, it would not have been wise for me. I have a cousin who could have lived in the house and managed the b and b, and could have managed the office / apartment building for me, but I realized it was just folly for me to make this kind of an investment from so far away.

 

[AdmiralD7S]

...What's the "real" reason the current owner wants to sell at a price that is tempting to you? ...

The "real" reason is just what I said. They bought it (cheaply) out of their family's estate so that the estate could close, and they've been just paying taxes on it for a couple years. They live around me, so would have the same drive. Unlike me, they live in a subdivision and have absolutely zero desire to maintain ownership. I could probably get it for free if I really wanted it (they'd probably consider it payment for me redoing their back deck this coming spring), but it really isn't worth anything to them. They've talked about trying to give it to a school or church as well.

So, nothing underhanded...just an inconvenient piece of land they took to expedite settling an estate.

 

[AdmiralD7S]

what lazy l said.

plus talking with the neighbors might help you learn even more.like are they willing to rent it from where you at least make back what you pay in property taxes.and just a lil bit more.in turn they grow a garden there.maybe have a hen house. with good egg laying hens.in which you get a small amount of crops and/or eggs at least once or. twice a year..

My wife and I do our own garden, eggs, etc. with plenty of leftovers, but it's a good thought nonetheless...thanks!

 

[Cnsper]

After the first post I would have said PASS! After your other posts I say flip it cheaply. Like 75% of the value. Someone will buy and put a house on it.

 

[Caribou]

It doesn't sound as if you want to live there.
Do you want a piece of bug-out property?
Is a piece of property that far away practical?
If you do then you can't put anything there that can be stolen.
Don't buy anything sight unseen.
Do your homework, there are a lot of good ideas listed.

I probably wouldn't buy the property but I'm not the one that has to make the decision.

If you decide to buy then figure out where the house would go and install the septic tank and well. Fill the septic up from the well so the tank doesn't float. Build a flat pad for your motorhome. Now you have a BOL. Nobody is going to steal your well. You have water and sewer. You can come and stay when you want and haul your home away when you leave.

If you decide to move you already have a good start and a decision on where the house goes.