SOLD! Sportsman's Paradise for Sale in VA-CHEAP

Let's Get You That Loan

2008-11-29T10:02:00.000-05:00

Let's combine the estimated cost to build with the Creative Financing options I have presented, put it through an amortization calculator and see how much it would cost you per month to purchase the land, build your home, then get a permanent loan on your newly built home.

I have researched construction loans, and you either do a construction to permanent loan and they charge you interest only on just the amount of the loan outstanding at any given time, then convert your construction loan to a 30 year fixed, or whatever option you chose for your permanent financing. Or you can get just a construction loan for interest only and the full amount is due after completion, but you must shop for a permanent loan before the construction loan is due, and the project is near completion with an approved appraisal.

One advantage you have purchasing this land and building your own home is, you can sell you home first then either put up a shed structure, a tent, or live in a pop up travel trailer for the three months or so it will require to build. You could even live in a yurt from Blue Ridge Yurts and convert it latter to an office, or in-law quarters. There are many options.

According to my research it's best to at least contact your financing company before you buy your land, purchase your plans, and contact any contractors. I will post a few links to construction loan articles, but according to them, the financing company will work with your contractor from the start to make sure everyone is on the same page before construction is begun.

Most construction loans consist of three draws, the first of which is paid upon approval of all your plans, specifications, builder contracts and your fixed costs, which is the estimated costs with a contract by the sub-contractors or general contractor to do the work for that amount. If you act as your own general contractor you would get the estimates yourself, get contracts for the work from each sub, then make sure you get all the lien waivers signed and notarized as the job progresses, with your final lien waivers upon completion of their portion of the work, being sure to hold back 10% as a retainage for at least 30-60 days in case they need to be called back.

If your land is not already paid for, free and clear, the first drew will pay for the balance of the loan on the land, as you do not want a lien on the land after you have improved it 200%. (Nor do they!) That is the time I will discount the principal on the loan, within the first five years. Anywhere from $4,000 in the first year to $6,000 at the end of five years. After five years, we can talk again.

Okay, you bought the land, put $20,000 down, and are paying $529.83 a month, and have had it for five months while setting up your camp, and either contracting with a general contractor, or gathering estimates from all the sub-contractors required to build your home, and have signed contracts in your hand, and they come to roughly the estimate of $190,000 which I posted. You have been approved for a $250,000 construction loan. Your first draw would probably be close to $175,000 to pay for the land, permits, insurance, plans and specs, and about $65,000 or so for excavation, foundation, framing, roofing, wiring, and rough in plumbing.

This construction will probably account for two of the three to four months it would take to construct your home, so let's figure 8% on $175,000 your first draw, which would be $1,167 per month for the first two months. (Don't forget you no longer have to pay the $529.83.)

With your second draw being about $50,000 to pay for everything except the final finishes, your payment would go to $1,500 per month, for about one month then the final draw and payment would be $1,667 per month till you get your permanent financing.

In case you have not noticed the $250,000 loan would leave you short by about $3,829, which I would be willing to sign a personal loan with an interest rate equal to your permanent loan (cause I would rather you wrap this into your permanent financing), for five years, with payment beginning after you get permanent financing.

Now on to your permanent financing. What will your new home appraise for now? There is a 1,100 SF home on 23 acres selling for $280,000, so I expect your home, 1,500 SF on 25 acres would increase the value by at least 10% since your home is 40% larger and your acreage 10% bigger for a whopping $308,000. So if you take out a permanent loan for $270,000 to recoup your $20,000 down payment, at 30 years and 6.5% your monthly payment will be $1,706.58. Or just finance the construction loan and with the same terms the monthly payment will be $1,580.17. Of course if you can get better terms the cost savings would be substantial.

I am not a professional and all my numbers are estimates, but they are best guesses based on everything I have studied so far. Please consult a financial or real estate expert before venturing into any investment so large as this.

Here are some links of interest I encountered on my Google quest:

Amortization Schedule: Download this then save it separately, as it is read only unless saved with a different name.

Amortization Schedule: Use this right on line for a quick determination.

Bankrate.com: There is a plethora of information regarding loans of all sorts here.

How Construction Loans Work: Informative but links to other information.

Construction Loans FAQ: This is information specific to this company but applies to most construction loans.

Construction Loans, how they work: This is an entire Google page on Construction Loans.

If you did not catch the link I gave on the estimated cost to construct a home in Charlotte County VA this one is great! P.S. The zip code for this land is 23962 it shows Farmington, but that is just a nearby town.

Building-cost.net: In about 5 minutes you can develop a home construction or replacement cost that considers all the important variables: materials used, design features, quality, size, shape, heating, cooling and geographic area. Your printed estimate shows detailed labor and material costs for each of 34 construction cost categories. Plus, it's FREE!

And if you want to finance land only for up to 20 years go here:

Dumont Land Finance Corporation: 10% down, but they only work in Colorado, Georgia, Missouri, New Mexico, Oklahoma, Texas and Virginia.

I hope this liturgy has been helpful to you in making your decision.

Estimate to Build a 1,500 SF Home in Charlotte County, VA

2008-11-29T09:49:00.000-05:00

I found this website while doing my daily Google and you will find it fascinating too, even if you don't care about purchasing my land and building your dream home: http://www.building-cost.net/ Which is where I calculated the cost to build a normal 1,500 square foot home on this property.

I know you can pay more and you can even cut down on the price I calculated, either way, this calculator is great fun.

Home Construction Costs – 1,500 Square Foot Home, with 500 Square Foot Porch with finished ceiling and shed roof. Forced air central heating, Freestanding wood-burning heat-circulating prefab metal fireplace with interior flue, base and cap. No attic, no basement, no garage.

Foundation: Reinforced Concrete
Exterior Walls: Wood or Steel, some offsets
Exterior Finish: Stucco or Wood Siding, some trim or veneer
Windows and Doors: Average Doors and Windows
Roofing, Soffit, Fascia: Wood Trusses, Tile or good shingles, closed soffit
Interior Finish: 1/2" gypsum wallboard with textured finish, several irregular walls and wall openings, some decorative details. 8' or 9' ceiling throughout, walk-in closet in master bedroom, separate dining area, some decorative wood trim
Flooring: Simulated marble tile entry, good carpet, hardwood or vinyl elsewhere.
Bathrooms: Less bathrooms than bedrooms. Good plastic tub and shower in at least one bathroom, one small window in each bath.
Kitchen: Top grade stock cabinets, tile or acrylic counter top, many good grade appliances, task lighting
Plumbing: Three standard fixtures per bathroom

This is an estimate for a single-family residence built under competitive conditions in Zip area 239 Farmville, Virginia in November, 2008. This estimate includes a foundation as required for normal soil conditions, excavation for foundation and piers on a prepared building pad, floor, wall, interior and exterior finishes, roof cover, interior partitions, doors, windows, trim, electric wiring and fixtures, rough and finish plumbing, built-in appliances, supervision, design fees, permits, utility hook-ups, the contractors' contingency, overhead and profit. Highly decorative, starkly original or exceptionally well-appointed residences will cost more. (had to post as a picture as I don't know how to do tables)

CLICK ON THUMBNAIL TO SEE THE ESTIMATE

Creative Financing

2008-11-29T09:41:00.000-05:00

Be Creative! That is what all the people involved in selling real estate are crying. Well I have put together a creative way for you to own for investment, or own and build now, or own and hold to build in the future, whichever you like.

First Option: With a down payment of $20,000 I will take back $67,000 at 5% for 15 years. Your monthly payment would be $529.83 per month.

Second Option: If you take out a loan to pay cash for the property and pay all the appraisal fees and title searches (which will be required to finance the land), the price will be reduced to $82,000. Dumont Land Finance Corporation advertises:

Dumont Land will consider financing rural, unimproved, non-speculative land to be used for future vacation or retirement home, hunting or recreational usage. There is a 5-acre minimum and a $5,000 per acre cap.

10% Minimum Down Payment

Points Ranging from 1%-3%

Terms Available Up to 20 Years as Determined by Amount Financed

Interest Rates Ranging From 9.5%-13.0% (Fixed and Variable)

Interest Rate & Points to be Determined by Credit History, Down Payment, Stability, and Deal Structure

Using Dumont, with 10% down your principal would be $73,800, so at 10% for 20 years your monthly payment would be $712.19, not including the points. Here is a link to their web: http://www.dumontland.com/index

There are other hard money lenders who specialize in land loans. I found this one to be very specific and does business in Virginia. You can Google 'hard money lenders' and see what you come up with.

Third Option: You put $20,000 down, and all the terms in the First Option are the same. Your monthly payment would still be $529.83 per month. You get a construction loan within the first year of this loan which pays the land off with the first draw. I will reduce your principal to $63,000, or if you get a loan at a latter date I will reduce the principal by $100 per month for the first five years. After that full payoff would accrue.

Riverfront Homesite on The Staunton River in Historic Charlotte County, VA $87,000

2008-11-20T17:09:00.000-05:00

25.27 Acres in Charlotte County, VA with 1,000 feet on the Staunton (Roanoke) River. Total seclusion on this gently rolling, wooded property at the end of a one mile private road. One acre has been cleared for a building site where it perks, and electric and phone run to the lot. Hunting, fishing and boating are just a few of the pleasures to be had here. We discovered a 'sand bar' at low "tide" and enjoyed swimming in the river (our own private beach). There is a boat launch just 1,000 feet down river or you could build your own. We are selling this property at fire sale price, under $4,000 per acre, as we have moved out of state. There is a property just over 53 acres selling on the same road, with about the same river frontage, for over $280,000 which is almost $5,000 per acre.

Land Values in South Central VA

2008-11-02T13:23:00.000-05:00

SOUTH CENTRAL VIRGINIA LAND

It was suggested we list this land for sale for $114,000 with the agent I THOUGHT we would use, but since we are selling it ourselves, and wish to sell it as quickly as possible, you would have an instant equity in the land, and could resell it for the full price,

Land is still a good investment opportunity although the prices are gradually escalating. Twenty years ago, land here was about $500 per acre. Now it’s more like $2,500 to $3,000 per acre. Good 5- to 10-acre parcels carry price tags of $4,000 to $5,000 per acre. Of course, it's somewhat more if the land has large trees or a pond or a creek. Ours is heavily wooded, and Riverfront!

Taxes are low -- something like $600 per year on a $100,000 property. The land here makes a particularly good investment because the taxes are so low (typically $5 to $10 per acre per year). The taxes on 10 acres might be as low as $50 per year.

Hunting

2008-10-05T17:15:00.000-04:00

Cover by Ralf D. Hensley

When October rolls around bucks will be roaming more and marking their territory for hot does. The buck will use his various scent glands to make the does within his range aware of his presence.
One of the scent glands the buck will often rub against branches and other twigs is the preorbital gland. The preorbital gland is found in front of the eye.
Biologists have debated for years if this gland is really an important producer of scent. However, we do know, without any doubt, that rubbing and scraping is a fall ritual and plays a major role in the whitetail rut!

Fishing

2008-09-10T18:36:00.000-04:00

Staunton River

Walleye fishing in the Staunton River will be excellent in 2008. Anglers should concentrate on the reach from Leesville Dam to Brookneal. There are numerous access points and information is available at the Department's Web site.During the late winter and early spring, anglers should explore the area immediately below Leesville Dam. During the remainder of the year, walleye are distributed throughout the river, often hanging along the shoreline near fallen trees. Food is abundant in the Staunton River and anglers should try and imitate the abundant shad, perch and sucker populations with crank baits. Night crawlers are always a safe bet for walleye as well.In 2007, the Staunton River had three walleye recorded in the Virginia Angler Recognition Program which ranked 7th statewide. With the abundant forage base, cool water temperatures from Leesville Dam releases, and the quality habitat, anglers will be pleased with both the number of walleye and the sizes of fish.

Staunton River

The Staunton River flows out of Leesville Lake and winds through the Virginia counties of Campbell, Pittsylvania, Charlotte, Mecklenburg, and Halifax before emptying into Kerr (Buggs Island) Lake, and eventually making its way to the Chesapeake Bay. Immediately below the Leesville Dam, this tranquil body of water meanders along route-43, minutes from The Land Between The Lakes project, and is a designated scenic Virginia By-way. The river is not only beautiful, but an absolute sportsman’s playground!Many species of fish make the Staunton River their home including Large Mouth and Small Mouth Bass, several varieties of Catfish, Perch, Carp, and Walleye. While Smith Mountain and Leesville are known for their the quality of their trophy land-locked Striped Bass, the Staunton River is a primary spawning ground for the natural migration runs of the “free” Stripers. When the Spring run comes, it comes on hard and fast. While it’s common to catch a “few” quality 30+ pound Stripers up in the Lakes, its VERY common to catch a huge “quantity” of 10-20 pounders in the River. Quality versus Quantity. The choice is up to you!

Boating

2008-08-20T19:08:00.000-04:00

Motorboat or Canoe to Bugg Island from here.

Boat Launch (this launch is about 1,000 ft from the property)

Launch from DGIF ramp at Watkins Bridge (Rt. 746) north of Clover. Take out at DGIF ramp adjacent to US 360 E.
Watkins Bridge to US 360
Distance: 8.9 miles

Access is provided for canoes and motorboats. Nearly 38 miles of navigable river are available for motorboats. Mellow current at normal summer flows can be expected.Seasonal spawning runs of walleye, striped bass, white bass, and suckers pass through this stretch. Various catfish species occur here and occasional catches of Kentucky spotted bass and Roanoke bass are reported.
Boaters should be cautious of alternately situated sandbars and a minor riffle located downstream from the HW 92 bridge.

US 360 to State Park Ramp
Distance: 12.3 miles

This section of the Staunton River should be planned as an overnight trip for canoeists. Landowner permission must be obtained prior to camping on private land along with river.
Launch from DGIF ramp off US 360E. Take out at Staunton River State Park ramp at the end of HW 344 off US 360.
The river is accessible to both canoes and motorboats. Thirteen navigable miles of river are available. Slow, flat water characterizes this stretch. Up to 4.5 miles of still water must be crossed where the river meets the lake to reach the state park ramp.
Seasonal fishing for migrating walleye, suckers, striped bass, and white bass occurs here. Catfish, gar, largemouth bass, and crappie also offer angling action. Waterfowl, wading birds, and raptors (osprey and bald eagles) are abundant amongst the many islands at the confluence with the lake.
Sandbars and sand shoals are potential navigation hazards to motorboat operators. Boaters may become disoriented by the multiple channels at the river delta.

Playing

2008-07-20T19:17:00.000-04:00

STAUNTON RIVER STATE PARK

GENERAL INFO: The park was recognized in 2007 as a National Historic Landmark and a Virginia Historic Landmark. Many structures in the park, including the cabins, pool-house and picnic shelters, are little changed from when they were built by the Civilian Conservation Corps in the early 1930s. Tucked away in south central Virginia, the park lies on 2,400 acres between the Dan and Staunton Rivers at the threshold of Buggs Island Lake (also known as Kerr Reservoir). The largest lake in Virginia is only one of the park’s many attractions, which include an Olympic size pool with a 70-foot waterslide, a smaller log slide and the Pollywog Pond, which is a water playground for children (there is a size limit on this pool). The shaded campgrounds, rustic cabins, picturesque picnic shelters, well-maintained nature trails, and plenty of exciting outdoor opportunities for the whole family make Staunton River State Park the perfect place for your vacation.

LOCATION: Staunton River State Park is 18 miles east of South Boston. Take U.S. 360 to Route 344. Follow Route 344 for 10 miles to the park, located southeast of Scottsburg, Va.

STAUNTON RIVER BATTLEFIELD STATE PARK

The hot summer day of June 25, 1864, would forever change the lives of 492 old men and young boys from Southside Virginia. When an urgent plea came from Benjamin Farinholt to come and assist his 296 Confederate reserves in defense of the Staunton River railroad bridge against an approaching Union cavalry force of over 5000 men, they came from every direction and all walks of life. This is their story . . .
In June of 1864, Confederate General Robert E. Lee and his Army of Northern Virginia were engaged in a desperate defense of the city of Petersburg, Virginia. Victory for Lee depended upon a steady flow of supplies from the west and south, via the South Side and Richmond & Danville railroads. Union General Ulysses S. Grant knew that if these supply lines could be destroyed, Lee would have to abandon Petersburg. To accomplish this, Grant planned a cavalry raid to tear up the tracks of both lines and destroy the Richmond & Danville railroad bridge over the Staunton River.

CHARLOTTE COUNTY, VA
Establishment
Charlotte County was formed from neighboring Lunenburg County in 1764 and named for Queen Charlotte, wife of George III of England. Settlement of this new frontier began approximately 50 years before the county was formed.
Revolutionary War
Charlotte County was the second governing body in the 13 colonies to declare its independence from England. As the American revolutionary spirit unfolded, these people of newly acquired wealth and influence played important roles in the formation of the government. Its militia units helped to halt the advance of Cornwallis in 1781 and to hasten the end of the American Revolution. Tarleton's raiders passed through Charlotte County. Lafayette's units camped near Charlotte Court House and George Washington stopped here on his trip south after the Revolution. Distinguished people throughout the entire country trace their ancestry to Charlotte County families. People of national importance have lived in Charlotte County. It was briefly the home of the signer of the Declaration of Independence, George Walton, later of Georgia. Patrick Henry, born in Hanover County, came to Charlotte in 1795 and is buried at Red Hill, a national shrine. John Randolph, who represented Virginia in both houses of the US Congress between 1799 and 1825, lived and was buried at his home, Roanoke Plantation. Charlotte Court House was the scene of a famous debate on states' rights between Henry and Randolph.

Staunton River Scenic Tour
The Roanoke River rises from bubbling springs high in the Allegheny Mountains of Montgomery County, Virginia, hardly a stones throw from the headwaters of other streams that flow west to the Mississippi. The baby river tumbles and gurgles down out of the mountains like any other clear mountain trout stream, growing as it picks up little tributaries.
Passing through the town of Salem and the City of Roanoke between willow lined banks, the river flows through a deep scenic gorge in the Blue Ridge Mountains, where it is spanned by the Blue Ridge Parkway. Soon thereafter its waters widen into deep mountain lakes, backed up by mighty damns.
Leaving the Blue Ridge, the river takes a slightly more leisurely course through the Piedmont and Southside Virginia, until, nearing the North Carolina boarder, it again widens into huge lakes behind mighty damns. Farther on the great river grows lazy as it enters the tidewater and flows through historic early America where the natives still speak the delightful dialect of the first English settlers.
The river joins the ocean as it empties into the Albemarle Sound on North Carolina's coast.
What makes this river unique is its duel personality – it has two names. At both ends it is the Roanoke, but in the middle it is the Staunton. On some maps it is marked as the Roanoke from one end to the other. However, that part of it which flows through South Central Virginia is known locally and on most maps as the Staunton (pronounced Stanton) from the mouth of the Black Creek to its confluence with the Dan.
It is with that part of the river that our story is concerned.

Photos

2008-06-20T19:22:00.000-04:00

As you can see the banks of the river filled with trees, and at places are steep. People love to canoe and innertube this river, and motor boats can be heard humming along during the summer.

Contact

2008-05-20T19:31:00.000-04:00

We were born and raised in Virginia and still love it. We bought this land with the idea that we would build our retirement home there. Times being how they are now, we moved out of Virginia to Michigan, and it SNOWS here and there is NO hoopla, NO waiving of arms-delcaring a coming disaster, and NO school closings! It just snows, quitely, whitely, and furiously.
I hope you can enjoy this land as much as we have, even though we only used tents when we visited. I hope you can build your dream home there. At least SOMEone's dream could come true!

E-mail me at: angstlessk@peoplepc.com

Phone me at (757) 403-5586

Or E-mail me your contact information and I will get in touch with you.

Thank you for visiting my site!