How to Find Cheap Land in Kentucky?

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How to Find Cheap Land in Kentucky?

Bart Waldon

Does an affordable off-grid cabin tucked away deep Appalachian hillsides or sprawling horse farm acreage sporting Bluegrass vistas match dreams imagined owning a slice paradise out east someday? Buying Kentucky lands outright requires sufficient planning locating discounted listings first - especially amid 2022’s red hot real estate frenzy pricing most vacant sites well above national per acre averages thanks statewide desirability factors stacking up long run.

Thankfully several effective strategies still reveal cheap properties if targeting specific counties providing value advantages or transacting creatively securing motivated sellers needing liquidity events addressed through you direct. Here are pro tips scoring Kentucky land bargains this year:

Leverage Regional Value Disparities

Rather than competing against open market bidders focused on Central Kentucky adult Disneylands or million dollar thoroughbred nurseries concentrating directly along I-75 corridors, investigate certain overlooked western Coal Field regions still recovering from lagging job losses but ripe eventual rebounds incoming.

Counties like Pike, Floyd, Martin and Perry bordering West Virginia contain thousands of acres trading 60%+ below Lexington bluegrass valuations but stacking similar timber, mining and outdoor tourism upside potential long term. Once infrastructure improves linking these isolated Appalachian zones better, values will play equalized catch up games.

Target Entry Level Pricing: $2,000 - $4,000 per acre

Seek County Tax Sales Listings

Beyond just scouring traditional MLS platforms containing few rural land options anyway, explore county clerk databases publishing upcoming tax delinquent parcels available through annual lien sales if selling parties fail paying past due farmland assessments.

Though requiring paying some back taxes owed, buying land here avoids open bidding wars common elsewhere since owned by municipalities temporarily. Just complete due diligence vetting why sites became distressed originally before problems persist under new management.

Target Entry Pricing: $500 - $1,500 per acre

Study Regional Agriculture College Data Reports

Fantastic resources like the University of Kentucky College of Agriculture Economics department provide free quarterly updated state farmland value guides tracking wide variances even between neighboring counties thanks ongoing shifts impacting farming operational profitability like commodity selection preferences and global trade pattern changes impacting harvested incomes over time.

These guides illustrate distressed zones requiring near term liquidity not aligned asset potentials longer term. Use the volatility wisely confirming Gogo valuations now through discounted acquisitions.

Target Entry Pricing: 10-25% Below Recent Averages

Ask Rural Outreach Centers for Tips

Incredible local intelligence resources exist through Farm Bureau branches active helping agricultural workers locate affordable sites securing livelihoods in otherwise costly real estate environments like Kentucky brushing up against highly developed regions out east.

By contacting regional chapters seeking land sales guidance directly around desired target holding locations, incredibly opportunities surface not requiring traditional county plat map digging or MLS big data queries to uncover initially. Grassroots connections reveal real gems.

Target Entry Pricing: 20%+ Below Open Market Comparables

Consider Partial Mineral Rights Only Deals

Since much Kentucky land value concentrates below surface in rich coal, oil and natural gas deposit potential, some sellers elect monetizing just mineral rights not needing remaining surface level real estate anymore through advanced ages or urgent debts requiring addressing now.

Thus exploring partial mineral stake purchases often priced 50-75% cheaper than acquiring sites outright allows buying future royalty rights income streams stemming from extraction lease deals operators eventually sign to tap reserves down road.

Target Entry Pricing: $500 per acre

While cheap Kentucky land may not exist matching full turnkey barns and fencing infrastructure builds evident along core blue highways touring scenic horse capital Lexington regions - significant bargains emerge exploring off beaten paths if determined investing enough time researching first. Now claim that dream farm before imagined finally!

Document Land Buying Preparation Checklist

Before ever touring potential cheap land opportunities discovered along classic Kentucky backroads, ensure fully prepared streamlining any eventual deal making processes avoiding delays losing sellers’ patience elsewhere ready transacting immediately with prepared parties prepared properly.

1) Pre-Qualify Financing First

  • Contact lenders confirming loan eligibility borrowing power buying land
  • Seek USDA rural development loans with no down payment options
  • Explore seller-financing requests keeping monthly costs affordable

2) Have Inspectors Ready

  • Schedule soil sampling tests confirming assumed farming fertility
  • Hire surveyors marking exact acreage walked during tours
  • Request civil engineers vetting any site drainage concerns

3) Carry Transaction Resources

  • Hold earnest money deposit checks if fantastic discounted deals found
  • Have property title attorneys ready drafting purchase contracts
  • Obtain county tax record printouts verifying no lingering owed amounts

The more turnkey buyers appear having resources deploying seamlessly, the faster cheap land opportunities get captured as uniquely motivated sellers encounter willing deal makers preparing everything facilitating ownership transfers fast for mutual benefit.

8 Creative Ways Lowering Kentucky Land Buy Prices

Beyond just leveraging market data guiding entry points pricing land assets cheaply to begin with - creative buyers willing going extra miles sweeten offers closing deals utilize additional value levers shaving extra 5-15%+ off compared surrounding parcel comparables.

1) Propose Lengthy Settlement Timelines

Providing flexible 90-180 day escrow periods allows sellers ongoing usage before requiring vacating fully. Factor longer buy side acclimation transition periods carrying some near-terms ownership costs before possessing entirely.

2) Assume Existing Property Tax Liabilities

If inheriting unused lands with overdue tax amounts owed, offer assuming responsibility paying off outstanding collector balances removing near term pressures. This builds immense goodwill sealing outcomes.

3) Waive Total Closing Costs

Volunteer paying title policy conveyance and legal recording fees traditionally splitting both sides. This incentivizes sellers further saving expenses now.

4) Develop Shared Appreciation Agreements

Allow original land owners participate partially in upside windfalls down road as land gets developed further increasing values over mid-term holds.

5) Structure Installment Contract Purchases

Enable amortized purchases through smaller successive principal payments over 3-5 years until entirely bought out while making initial 10%+ down payments securing deals.

6) Offer One-Time Lump Sum Cash Bonuses

Providing extra $5-10k cash signing bonuses beyond agreed deal price shows buyers’ seriousness securing agreements vs other bidders dragging out negotiations indefinitely.

7) Present Seller Carryback Financing

If banks reluctant lending maximums required, offer uniquely customized owner financing proposals spreading balances over 5-7 years through smart structured repayments buyer arranges guaranteeing works all parties without burdensome red tape delays.

8) Propose Delayed Minimal Down Payments

As opposed to requiring 20%+ standard real estate down payments upfront, provide conditional offers requiring just 5% initially if allowed taking immediate site ownership/occupancy at once for approved usage until remaining 15% balances finalize over 12-24 months.

Creative land investors recognize cheap Kentucky acreage not only appears when sourcing less visible county clerk sales databases or exploring off beaten paths where others fail digging deeper first. But crafting win-win proposals aligning seller interests through flexible terms, assumed liability eliminations and upfront cash sweeteners trigger motivated responses delivering amazing bargains unavailable just submitting routine boilerplate contracts that essentially replicate whatever local real estate agents push out. Think outside boxes maximizing odds securing that forever farm before opportunity passes!

Final Thoughts

Successful land investments securing wealth-building acreage first requires sufficient due diligence uncovering hidden gems - especially amid 2022’s real estate frenzy pricing most rural properties at steep premiums throughout Kentucky now given enduring demand stacking up long run. But implementing creative negotiation tactics prioritizing seller interests simultaneously, pursuing alternative mineral rights only partial asset deals present and targeting fiscally distressed county clerk tax delinquent database listings ultimately reveals bargain sites perfectly matching intended getaway cabin visions or sprawling farm estate dreams imagined someday. Now claim that slice of paradise properly prepared making all the right moves outlined!

Frequently Asked Questions (FAQs)

What paperwork should prepare when buying Kentucky lands?

Have earnest money deposit checks ready, surveyors on standby marking boundaries walked during tours and title attorneys prepared drafting necessary purchase contracts to streamline legal conveyance filings when great discounted deals discovered needing fast decisions made.

What initial costs budget for when investing in properties?

Typical land buying expenses tally 1-4% of total purchase pricing covering legal conveyance filings, municipal transfer stamps, title binder policies, loan origination points and initial property tax escrows at closings.

What County Clerk resources provide helpful land intel?

Databases publishing upcoming tax delinquent lien sales for properties with past due owned taxes represent opportunities buying sites below open market values since essentially owned by state first. Just resolve back owed tax amounts.

Should mineral rights included with land deals?

Ideally - but consider cheap partial mineral stake deals alone if sellers willing fracturing deals selling just below ground rights benefiting from future royalty payments incoming later once extraction leases arranged without needing entire property sites.

What incentives motivate Kentucky land sellers most?

Flexible longer closing timelines, assumable low rate mortgages remaining, waived title fees historically splitting costs, delayed buying stages through installment contracts, upfront lump sum cash bonuses and shared appreciation agreements keeping them invested long term in projects all compel acceptance.

About The Author

Bart Waldon

Bart, co-founder of Land Boss with wife Dallas Waldon, boasts over half a decade in real estate. With 100+ successful land transactions nationwide, his expertise and hands-on approach solidify Land Boss as a leading player in land investment.


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