I don't think this question has been asked in here before. Does anyone have experience with Government/Reservation-leased land?
During the winter I looked at a cabin on a gorgeous lake in Minnesota. Everything else on the lake is going in the $100K-$300K range (of course those are newer and include land). The cabin was REALLY cheap ($15,000), but the land it was on is Reservation land and is leased (I think it's like an 80-year lease). Now the yearly lease is not that much, like $1500, and it is an awesome place to have a summer home or vacation rental, but there are a lot of restrictions to using the property, and it is all subject to the discretion of the tribal council (even the OK to purchase the cabin). I was deterred by people saying "Oh you never know when they're going to change something or raise the taxes. It's too risky." So I let it go.
Well, since then I've talked to people that say they owned cabins for YEARS on Government-leased property, and there are hundreds of people that do. And that it is NOT risky, because the lease costs generally remain low and are contracted for many years. The only catch is that technically ANYONE can go straight through your property at any time because it is owned by the government, therefore all citizens have a right to easement (say to fish a lake).
Any thoughts on this subject?
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