A little further down the road from Paradise

[Turkish]

Look at the different types of 1031 exchanges. They will explain the process in terms of what order you can do things in. It's not difficult, but you need to deal with dependable people and have all your ducks in a row.

I’m plugged into all that. What I’m struggling with is how do I ensure I’m not stuck with both properties and not stuck with neither of them, while also maximizing my return on the sale and getting the best deal on the new purchase.

 

[Howboutthemdawgs]

I’m plugged into all that. What I’m struggling with is how do I ensure I’m not stuck with both properties and not stuck with neither of them, while also maximizing my return on the sale and getting the best deal on the new purchase.

If I had a buyer at the price I wanted I would sell and figure it out. If I had to hunt with buddies or public land till I found something it may be worth. Once that right property comes along you can pounce.

 

[b116757]

My wife and I are probably not typical I’ll start with that. I bought a second farm this year seriously considered selling one of the two homes we have on the home 35 acres building a new one on the new farm then selling the remaining home just to nock down the note. Idk I’ve had this place for 20 years made many improvements and we can afford to keep them both so I’ve pretty much decided just to keep the home 35. The new farm is 150 acres the other farm is 640 and I also own three more homes and 40 acres with my brother in Northern Wisconsin. I like the stock market also and have plenty invested there but real estate is probably my favorite investment vehicle. I started investing in real estate at age 22 you can touch it, see it, feel it and utilize it for other uses such as hunting. My stock portfolio is simply nice to look at, well normally it’s probably down 100k with the puppet show we call a presidency. China has their arm up to the elbow up the puppets backside.

 

[Telemark]

I’m plugged into all that. What I’m struggling with is how do I ensure I’m not stuck with both properties and not stuck with neither of them, while also maximizing my return on the sale and getting the best deal on the new purchase.

Work with a CPA to find out how much you would pay in capital gains tax (or do it yourself if you trust yourself with the math). This will give you an idea of what it's worth doing as far as escrow, agents, and insurance. Then either work with an agent to get your property listed, or start looking yourself for potential buyers(sign by the road, for example). Then start looking for properties where you want to buy.

 

[Howboutthemdawgs]

Season one in the books. Was definitely a very fun year in the woods. Saw a lot of deer. Learned a little about how they use the property. Passed on some nice deer that made the sits fun. Made some mistakes that hopefully I can clean up next year. Have some real promise for next year but also lost a couple to neighbors that had no business being killed. Additionally had some regulars just disappear, will be interesting to see if they resurface. There were a few decent ones do what I call drive by’s. Just deer that made a cameo for a day or two and then returned to their core area. I will say regardless of the hunting, staying in a proper domicile is sooooo much more enjoyable than off the grid, half remodeled cabin. Habitat season starts Saturday. Of course overwhelmed with projects but that makes it fun…365 days a year obsession! Couple random pics from the season

 

[Spike_Horn_Shooter]

Dawgs - Is this place in Kentucky? You never said outright.

It is a very picturesque farm.

 

[Howboutthemdawgs]

Dawgs - Is this place in Kentucky? You never said outright.

It is a very picturesque farm.

Yeah w ky. Thank you!

 

[Howboutthemdawgs]

This is fun. Don’t even hunt out of the dang things but now I have to wrestle with getting it upright. Apparently it was like a Hurricane there Friday. Power went out around lunch and still isn’t back on.

 

[Howboutthemdawgs]

Agreed on another 120 acres 2 miles from me as the crow flies. Only separated by 2 big farms but about 12 minutes by road. I had a couple reasons for buying this tract. Land isn’t going anywhere but up, think we have seen this playing out over our lifetimes. The stock market is outside of my comfort zone so this is where I chose to park money, plus I can’t hunt a share of Apple. None of my immediate neighbors appear to ever be interested in selling. It would be shocking if one of them do. It gives me a different deer and Turkey population to hunt, reducing pressure on my main place. It allows me a place to bring a friend and not worry about them screwing up as much or messing up my main farm. A lastly, which is the main reason, is there is a 40 acre flat bottomland with a big creek of which I own both sides. It busts the banks routinely. I plan on turning it into a duck hole eventually. I’ve always dreamed about having my own duck spot and that’s scratches that itch. My buddy owns the upstream section which has a big swamp that already holds a good amount of birds. Ultimately I’d like to levee about 7-10 acres, cut most the trees and plant it millet. But that will be down the road. Need to lick my wounds for a bit!

 

[Howboutthemdawgs]

Feel bad killing these things nowadays

 

[rocksnstumps]

Congrats. Looks like the turkalope was shedding right when you bagged him

 

[Mortenson]

Nice! How come? Low numbers?

 

[Howboutthemdawgs]

Nice! How come? Low numbers?

Yeah exactly. It’s depressing in the southeast compared to what it was 10-20 years ago. There is a lot happening both regulation wise and educationally to try to get these numbers back up. Right now poult production is barely high enough to sustain a population let alone grow it. My place is now shut down. One bird on 300 acres is plenty

 

[b116757]

Our old farm has been struggling with low turkey numbers last few years I had heard blackhead had greatly reduced numbers of birds. The new farm seems to have more birds on it.

 

[Howboutthemdawgs]

Alright I’m done this time, for real! Neighbor called and needed to sell the rest of the farm I bought 123 acres out of back in May so he could buy a different place. So now I have 62 more acres. This new farm is now 185 acres with private access to a 20 acre reservoir that is shared with just one other landowner. I didn’t “need” it and my wallet damn sure didn’t need it but you only get one chance to buy your neighbor as they say.

 

[b116757]

I bought another 151 acres not connected to my other farm they are 7 miles apart last year. This last month 160 acre tract diagonal across the intersection from the main farm came up for sale had I not bought that other farm last year I would of jumped on that one but no way I could swing them both financially my wife would of lost her shit completely.

 

[Howboutthemdawgs]

I bought another 151 acres not connected to my other farm they are 7 miles apart last year. This last month 160 acre tract diagonal across the intersection from the main farm came up for sale had I not bought that other farm last year I would of jumped on that one but no way I could swing them both financially my wife would of lost her shit completely.

If I thought one of my direct neighbors on my main farm would ever sell I would have been to scared to have bought these but I don’t ever see that happening.

 

[Turkey Creek]

Nice scores on the properties. I have already been dreaming about what it would be like to buy out a couple neighbors to the west of me. No way the budget would allow for it right now. They are getting up there in years and I need to become a good neighbor so that if the time ever comes where I could offer them a deal I would have a chance at getting it.

 

[buckdeer1]

Buying from neighbors can be the easiest way to grow.Let them know you are interested.There are many favorable methods such as making payments to them after they retire so they don't get taxed so high.I have bought where they keep the mineral rights and oil check for 10 years or until they pass.I have never bought a piece of land going through a realtor.

 

[Wind Gypsy]

Alright I’m done this time, for real! Neighbor called and needed to sell the rest of the farm I bought 123 acres out of back in May so he could buy a different place. So now I have 62 more acres. This new farm is now 185 acres with private access to a 20 acre reservoir that is shared with just one other landowner. I didn’t “need” it and my wallet damn sure didn’t need it but you only get one chance to buy your neighbor as they say.

Wow, quite the spread you've got there now! Does this second property have a little buffer from your outfitter neighbor?