Would you overpay for landon
- Thread starter chummer
- Start date
I am in the same boat right now,only piece in my quarter that I don't have is 7 acres and an old farmhouse.I didn't really want a rental property but I don't want someone that sits up there and shoots all the time.I could pay outright for it but I can borrow money cheaper than what my investments make.I too just bought an 80 that tied to my existing and was prepared to pay more but instead got a very fair price.
Bowsnbucks
5 year old buck +
It sounds like a good addition, Chummer. If you have free and clear access to your original piece taken care of, you can always sell the lot furthest from your original property and keep the lot closest to it for road access - if I'm reading your description right. Only sell it if you HAVE to. More land that borders you is always good ...... as long as it doesn't put you in a financial bind. Congrats on another piece of acreage !!
chummer
5 year old buck +
Congrats. I have been the rental property route, they can be a headache. Just make sure you screen well. We didn't know what our rights were in regard to turning people away. We had back to back tenants that had to be evicted (one was a friend of a friend). That was the end of the rental property venture.
chummer
5 year old buck +
This 5 acres is the last lot on a dead end seasonal road. It is a rectangle that runs the entire length of my ROW. The front of it could be subdivided if I wanted. It eliminates the possibility of anyone building next to me. My only remaining neighbor borders me with the back of his 200 acres. The rest is state land all the way around. I will only have one side that should see any visitors, the rest is a couple miles or more from state access. Not sure how to calculate the value it adds to the original 65 but it has to be at least what I am paying...I would think.
Tree Spud
5 year old buck +
Thanks for actually answering honestly to my question ... too many want validation for bad decisions.
Sounds like you really have your shit together for a 40ty year old ... you are an anomaly amongst your peers. Too many people finance a lifestyle beyond their means. The average car loan these days is 67 months.
I learned long ago the problem with financing, banks win. Havn't financed anything we have purchased under $100k in 15 years. Once you build real equity and assets, eliminate debt, it is amazing the leverage you have.
Looking forward to hearing more about your successes in the future, you got your head on straight ... ;)
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Speaking of land and prices... What do people think the price per acre will be 20 years from now?
My uncle paid $90 an acre for land in 1975.... He can get $2000 per acre now.... He's getting to the point where he's not going to use the property any more, it's not too close to me, but I'd hate to see it go and I know he would love to see someone in the family be able to buy it.
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My uncle paid $90 an acre for land in 1975.... He can get $2000 per acre now.... He's getting to the point where he's not going to use the property any more, it's not too close to me, but I'd hate to see it go and I know he would love to see someone in the family be able to buy it.
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Tree Spud
5 year old buck +
"land" ... ?
Is it desert, downtown Manhattan, Upstate rocky and no tillable, prime ag land, or other????
Land value, assuming undeveloped is of value to its potential.
You might want to provide some details, or get a reputable realtor to do some comps.
Yes... More details would have wise... Lol
Forested 90 acres, with nice 950 sq ft log cabin and 40x 24 pole barn....
Reputable realtor has done the comps and value was set around $250,000 .... Don't know what a logging would fetch... I know from the property I currently own, land prices have increased about $200/acre (12%) in the 15 years I've owned it..... I just don't have the feeling that land values will increase at the rate his property has over the last 40 years ....
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Tree Spud
5 year old buck +
In Wisconsin you can look up the County land records on the county website. That should give you some fel for appraised value from a property tax stand point.
Realtors will normally place a high value knowing they want the seller to get excited and give them the listing. Then they have a cushsion to negotiate with.
hard to comment on your owned land comparison, it is all relative to the land and what the local values are. You could always talk to neighbors and see if they would be interested as that would avoid a commission.
I will tell you a good realtor can tell you the intangibles you may not be aware of and market beyond the local pocket book.
For logging, contact the local county forester office, they can help. Understand, there is a trade off if you log and remove the timber ... there is a value on undisturbed land.
Good luck!
