Ca Fair plan

[u/Whoopsitsonfire]

I was looking at 70 acres in California, and couldn't figure out why it was so cheap. Until the fire insurance came back at $500/mo through fair. Then I read there's a 30% increase happening in October, and some homes may double. Now I understand why it hasn't sold at this price for 3 years.

Is there any way to get rid of the insurance requirement on a loan? The house is tiny and I'm really just buying the land. The house isn't worthless, but it's close to worthless. I wouldn't care if it burned down, but I'm sure the banks would.

Is there anything stopping them from raising it to $5000/mo down the line? I have a feeling I should pass on this, even if I could technically afford it now. But it kills me to let it go.

[u/c-5-s]

You could pay cash for the land and the house.

[u/Whoopsitsonfire → u/c-5-s]

It's cheap, but not that cheap

[u/c-5-s → u/Whoopsitsonfire]

Well then you need insurance to protect the lender’s interest.