Brian662
5 year old buck +
Strongly considering entering into an agreement with a friend on a parcel of land. I can't afford the whole thing and it very nearly borders my best property. I can't stomach the thought of it selling to a group of four or more guys who don't practice some version of QDM, so I've decided to bring on a "partner".
Who has bought land with a group or partner? What were some pros/cons and what type of stuff do we need to get squared away before hand?
My friend has a 20 year old son and my son is 7, so we both will have a +1 in regards to the land. He agreed that we were the only ones (the four of us) that will be hunting. Obviously want to split costs down the middle as much as possible. I already have the tractor and food plot equipment at my place, but my friend has a skid loader, so that agreement may settle itself. What is a good way to write in buy out options in case one party wants out? He mentioned a 5% increase in value every year and I said fair market value at the time of the buy out. We still have to hammer out the details a little, but he's a good friend, and I trust his judgment on deer. I am a little worried if him and his son come out to hunt that I'll feel pressured to hunt my neighboring land to stay out of their way, even if I wanted to hunt the joint property.
Lots to think about. What else am I missing?
Who has bought land with a group or partner? What were some pros/cons and what type of stuff do we need to get squared away before hand?
My friend has a 20 year old son and my son is 7, so we both will have a +1 in regards to the land. He agreed that we were the only ones (the four of us) that will be hunting. Obviously want to split costs down the middle as much as possible. I already have the tractor and food plot equipment at my place, but my friend has a skid loader, so that agreement may settle itself. What is a good way to write in buy out options in case one party wants out? He mentioned a 5% increase in value every year and I said fair market value at the time of the buy out. We still have to hammer out the details a little, but he's a good friend, and I trust his judgment on deer. I am a little worried if him and his son come out to hunt that I'll feel pressured to hunt my neighboring land to stay out of their way, even if I wanted to hunt the joint property.
Lots to think about. What else am I missing?