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Thread: Small loan from out of state

  1. #1

    Default Small loan from out of state

    Hello everybody,

    I had this idea, of buying a little cabin and some land in Alaska, like $15,000.00, and paying it off while I still live in Wisconsin and moving up when its all payed for.

    How do people usually go about this? Any tips for a good bank? I don't live in Alaska, but wouldn't the bank have to be there? Any ideas on what type of loan this would be?

    Thanks for any tips.

  2. #2
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    Expecting to find land and cabin for that price is unrealistic.

  3. #3
    Mark
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    dws is correct. Land with a cabin starts at about double that amount, and it would be a dive.

    And finding a financial institution to loan on such a property is probably impossible, especially with the real estate market as it is now.

    However, finding an owner willing to take paper is possible..........

  4. #4

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    Well, I found a couple places. So its apparently realistic enough. I found dozens of places for that price without cabins. But I am still researching on how to finance it. Yeah, some offer "terms" but with 50% down.

    Thanks anyway.

  5. #5
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    Default 15,000 for land and a cabin...

    Yes,Times are tuff in real estate market now.Not sure why ,but when folks hear the word Alaska, they think of living in a remote cabin,and living cheap.They don't go hand in hand.I see there is 159 acres on the porcupine with nice white spruce for building, but one would have to sink pilings and build 20' in the air as the area floods each spring with ice out.Thats only 50,000.Deadman has land and the state will finance it.I would wait, as they go prime rate plus 3% for interest.In the near future you should get it for maybe 7%.Then you can rent a twin engine Otter, and fly in your building supplies for maybe 15-20,000.Flight only.Actually, Deadman is rather small for an otter I think.I think I'd keep an eye out on Alexander creek for a 45-60,000 cabin and 5 acres.Ready for occupancy.GR

  6. #6
    Member AKFishOn's Avatar
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    I think if you have good credit you can finance a box of donuts that costs 15K. Often you can add recreation property on to your existing home loan...or at least that is what Wells Fargo told me, the only thing that goes up is your payment ;-)

  7. #7

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    Might be worth checking out the land the state has for sale, and building your own cabin.

  8. #8

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    #1. Don't buy until you see it for yourself. Chances are, that the Realtor, if you happen to be dealing with one, has never (remote parcels) seen the place and is using information provided by the owner.

    #2. I bought my remote land / cabin 13 years ago for $6K. I had the best of intentions of doing something with it sooner, but the military had other plans for me. So, mother nature took it back a couple of winters ago. It needed work when I bought it, but I wasn't able to get it done in a timely manner, so it collapsed. I had originally hoped / planned when I bought it, that I could salvage the log walls to rebuild with. The rolled roofing failed, which caused the ridge pole and rafters to fail. The walls went next.

    So, if it were me, I wouldn't plan on having a cabin sitting empty for a significant amount of time before planning to move in. Mother nature takes her toll, time takes it's toll, and the bears play with what is left (or they break in to speed up time and mother nature's process).

    There was an article a while back in ADN that was about a guys remote cabin that was titled something like, Thank god the cabin burned down.

    Cabins require upkeep, some more than others. Some will weather a few years without up keep, others fade away fast.

  9. #9
    New member reuben_j_cogburn's Avatar
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    Default Land

    Don't expect the Realtor to drive you out to show you the land you are interested in either. If it's even remotely remote they will give you coordinates and tell you to "let them know what you think!".... be prepared to bust trail and get your b**t kicked!
    Enjoy!!!!!
    I would be hesitant to tie any property together in a mortgage, because if things go awry, you lose everything......



    ciao.....

    reuben..

  10. #10

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    Well, I don't have a mortgage. The more I think about this...the more I think I will just move up there first and look around......

  11. #11

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    Quote Originally Posted by TedH View Post
    Well, I don't have a mortgage. The more I think about this...the more I think I will just move up there first and look around......
    Good Plan. You will have a much better idea of what you want after you are here for awhile.
    Wasilla Real Estate News
    www.valleymarket.com

  12. #12
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    Default Small loan..

    I second what Marty said.Ak is unlike any of the lower 48.You may visit and decide it's not for you.Small price to pay before you invest too much.GR

  13. #13

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    Just curious, how hard is it to get remote cabins insured?

  14. #14

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    Last year the caribou fire on the kenai burned up a bunch of cabins. According to what I remember from the news stories a lot of the people that lost places didn't have them insured, probably because it either cost too much or they wouldn't insure it. i would imagine insurance on a remote parcel or cabin would be expensive and end up costing more than it was worth.

  15. #15

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    Hey Ted,

    If you're going to take a loan out and pay the whole thing off before you get here why don't you just save up the cash, and have it in hand when you get up here. It would be cheaper for you, not paying interest. You would have some haggle room and then if find a place that is a little bit more you could put the cash down and finish up on payments. If you came up with 20k cash you could probably do pretty good for yourself, I would imagine. I think that credit is going to get real tight in the next couple of months to a year or two and having a bunch of cash in hand would be good.

    Good luck

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