Buying out of state

djbrianaz · #1 09/15/06, 11:23 PM

I'd like to get some of your thoughts. I'm thinking of buying a house with some land in the Arkansas/Missouri area. I live 1400 miles away in Arizona. I would only being able to visit it maybe every other year for a week or so. I want to retire there in 10-20 years and have it paid off. Have any of you basically boarded up a property for such long streches at a time.
Thx,
Brian

MWG · #2 09/15/06, 11:30 PM

Quote:

Originally Posted by djbrianaz

I'd like to get some of your thoughts. I'm thinking of buying a house with some land in the Arkansas/Missouri area. I live 1400 miles away in Arizona. I would only being able to visit it maybe every other year for a week or so. I want to retire there in 10-20 years and have it paid off. Have any of you basically boarded up a property for such long streches at a time.
Thx,
Brian

Why not rent it out?

Bearfootfarm · #3 09/15/06, 11:38 PM

Many companies wont insure unoccupied property. Id be afraid to be so far away if there was anything of real value there

Jack in VA · #4 09/16/06, 01:56 PM

It could be pretty much dismantled in 2 years. Boarded up reads" Come on in and smoke some Crack and take what you want when you leave unless, of course you're a pyromaniac"

wildwanderer · #5 09/16/06, 05:17 PM

The place I bought from has quite a few people who buy like that. We are out in the boonies and Arkansas has quite a meth problem. But if you buy it come out introduce yourself to the neighbors they may keep an eye out for you. We have some property across the road still not certain if they will ever be back one of the guys living up on it died and the other guy had come back once. Both trailers, and two fairly nice trucks have been left alone for over a year at this point. I also know of a older woman from florida who is paying on five acres she is a hoot but has only seen the land once. She started paying for it about five years ago, the agent who is up in the area showing parcels I think keep an eye on her place, she calls the office quarterly asking how it looks.

If you want land I figure you are safe to a point, a house thats another story you could find a caretaker to live in it until you decide you want to move in it. That way you have someone taking care of it and many times you don't even have to pay them and they don't have to live in your house. They can bring their own trailer or you could have one for them.

Good luck- Terri

Bruce in NE · #6 09/16/06, 06:42 PM

"Why not rent it out?"

We moved from ID to AZ and had a rental agency rent the ID house out since we couldn't sell it. Several months later the renter intentionally burned the house down. (We know this from the facts but cops couldn't prove it).

Forget about renting it out...

enota · #7 09/16/06, 09:01 PM

Quote:

Originally Posted by djbrianaz

I'd like to get some of your thoughts. I'm thinking of buying a house with some land in the Arkansas/Missouri area. I live 1400 miles away in Arizona. I would only being able to visit it maybe every other year for a week or so. I want to retire there in 10-20 years and have it paid off. Have any of you basically boarded up a property for such long streches at a time.
Thx,
Brian

The best thing to do would be to find a RESPONSIBLE AND REPUTABLE real estate agent that lives near by and ask them if they would keep an eye on it and do a "walk through" once in a while for a management fee. I'm sure they would be happy to accommodate you for a couple of hundred dollars a year. Check to see if there is a Keller Willams, Remax, Better Homes and Gardens or United Country franchise close by. If not, try to find someone by word of mouth that you could rely on. After all, in 10 - 20 years you are probably going to need a "contact" who is familiar with people in the area who can recommend honest roofers, plumbers, etc. It couldn't hurt to get to know someone like that as soon as possible.

Be sure to ask for professional references and check them.

enota

enota · #8 09/16/06, 09:03 PM

Quote:

Originally Posted by djbrianaz

I'd like to get some of your thoughts. I'm thinking of buying a house with some land in the Arkansas/Missouri area. I live 1400 miles away in Arizona. I would only being able to visit it maybe every other year for a week or so. I want to retire there in 10-20 years and have it paid off. Have any of you basically boarded up a property for such long streches at a time.
Thx,
Brian

I just thought of something. There's probably people on this board who would be glad to keep an eye on your place for a little cash. Maybe even cut the weeds when they get high during the summer. Lots of us live in that area.

enota

MWG · #9 09/16/06, 09:05 PM

Quote:

Originally Posted by enota

The best thing to do would be to find a RESPONSIBLE AND REPUTABLE real estate agent that lives near by and ask them if they would keep an eye on it and do a "walk through" once in a while for a management fee. I'm sure they would be happy to accommodate you for a couple of hundred dollars a year. Check to see if there is a Keller Willams, Remax, Better Homes and Gardens or United Country franchise close by. If not, try to find someone by word of mouth that you could rely on. After all, in 10 - 20 years you are probably going to need a "contact" who is familiar with people in the area who can recommend honest roofers, plumbers, etc. It couldn't hurt to get to know someone like that as soon as possible.

Be sure to ask for professional references and check them.

enota

Not sure if a real estate person would do this. If something happened to the property while they were being paid to watch it they might be held liable...

Another thing to keep in mind is taxes. I know of one state that jacks up the property tax on raw land that is owned by out of state people.

goatlady · #10 09/17/06, 07:46 AM

Considering the potential deterioration of an empty building in 10-20 years especially without regular maintanence if is really not a good idea. The house would be taken over by mice, spiders, raccoons, etc. and the destruction would be expensive as all get out - especially when the mice chew through the wiring insulation. What if a tree fall on the roof and you don't find out for a year or so? Totally ruined house. A realtor will NOT "keep an eye on an empty piece of property unless they are a licensed Property Manager and a monthly fee will then be charged.

Hoop · #11 09/17/06, 12:07 PM

Count me in with those who believe this is a horrendously bad idea. Vacant land yes. Purchasing land with a house on it in this type of rural area....never.

Purchasing land with a house means doing long distance maintenance (plumbing, septic pumping, painting, roofing, lawn care, local matters, etc) and you'll either have to leave it vacant or rent it.
Leaving it vacant is unthinkable, as there probably isn't an insurance company that will cover it.
Renting it is almost as unthinkable. Since relatively low interest rates and easy credit are the norm, most of the potentially responsible renters have joined the ranks of homeowners. In rural areas, you'll likely be besieged by bottom feeders wanting to rent your place. Friends of mine in the property rental business avoid rural rental properties. Just plain too many deadbeats. They all have rental properties in cities, even if they are small ones.

With the proliferation of Methamphetamine addiction in Arkansas/Missouri, you'll have to ask yourself if you're ready to roll the dice and hope you don't wind up with a bunch of them on your property, where they will inevitably turn your property into a toxic dump site.

I am not saying Arkansas/Missouri is any better or any worse of an area than any other rural area of the country. I'm only saying I think the concept of owning a rural house ANYWHERE while you live 1000+ miles away is a bad idea.