What advice would you give my friend?

Basic details of my friend:
--Been married for 4 months to a man from England who is now taking a 6 month job on a cruise ship.
--She has yet to hold down a job for more than a year.
-- They have $10K in savings and investments.
-- This land is in Mass.

There is a land sale in her area with land appraised at $41K, but she has the idea that she can get it for $10K. They couldn't build for at least 6 years. Getting a loan would be tough as her credit rating is shot and he doesn't have one.

What would you tell her? To snap out of it or go for it?

I'm trying to be a good friend, but it's hard to be a good friend when I see so much problem! I know that taxes alone on land is insane, but that may just be farmland (we own over 2000 acres).

Just to let you know, I'm suggesting that they save the money, add to it and use for a down payment on a house in a few years.

What a good friend you are.

I'm not familiar with your market, but getting land at less 25% of the appraised price seems unlikely. What is she buying the land for, an investment? Possible home site down the road? Land typically takes alot more down payment, if she can even receive financing.

Taxes on bare land can be very affordable, but she can check that before she commits.

Ask her to go get pre-qualified for a loan before she gets too excited about this idea. That may snap her back into reality.

Good luck to you.

Save money and WORK ON THE CREDIT!! There is no way they will give them the land that cheap anyway, it makes no sense. Lending is tougher to aquire now, with th efall of the sub-prime market, and chances are they won't even get an approval. Good Luck!!

They should be using any cash to improve their credit. Like getting some secured cards for the new husband, so he can begin establishing his own credit history. Same could work for her too.