M
MoBuckChaser
Guest
Really there is 4 ways!
The other 2 you forgot was marry in to money, or inherit it! Neither of which I was blessed with!:(
land ownership
- Thread starter huntall
- Start date
Really there is 4 ways!
The other 2 you forgot was marry in to money, or inherit it! Neither of which I was blessed with!:(
I think I was left off on the last 2 ways also!
Jordan Selsor
5 year old buck +
In today's world it is so easy to Nickle dime your paycheck to death. After Uncle Sam get his peice an you pay for all the things we simply have to have your not left with much. Hell I pay $120/month for cable an high speed internet:( but you gotta have it I guess. Our grandparents didn't have to pay stupid shit like that. Or what about Private mortgage insurance on home loans??? Has that always been around? How do they expect young couples to make it!? Today's world is designed to keep you in debt up to your ears (if you let) The man that stays out of debt will come out on top every time because he is the only one who can afford to jump on investment opportunities such as land.
I achieved my land by first keeping bills to a point where they can be paid off of 1 salary between my wife an I. The others salary goes straight to savings. Second by working my ass off, 2 jobs in my field of work an a small lawn care/landscape business. You have to work so much you don't have time to spend the money your making. Lastly you have to set finacial goals! You can't do the same thing an expect different results. My wife an I were able to save 50k in 10months which was our goal for 1 yr savings. Neither one of us make a ton of money in our full time jobs but we did it. We did it because we are a team and set our mind too it. Was it tough. At time, but not to terrible. It became kind of a game that we both took pride in what we are accomplishing. To many people aren't truley on the same page with their spouse. That old saying behind every good man is an even better woman is the truth!
I achieved my land by first keeping bills to a point where they can be paid off of 1 salary between my wife an I. The others salary goes straight to savings. Second by working my ass off, 2 jobs in my field of work an a small lawn care/landscape business. You have to work so much you don't have time to spend the money your making. Lastly you have to set finacial goals! You can't do the same thing an expect different results. My wife an I were able to save 50k in 10months which was our goal for 1 yr savings. Neither one of us make a ton of money in our full time jobs but we did it. We did it because we are a team and set our mind too it. Was it tough. At time, but not to terrible. It became kind of a game that we both took pride in what we are accomplishing. To many people aren't truley on the same page with their spouse. That old saying behind every good man is an even better woman is the truth!
M
MoBuckChaser
Guest
Mortgage insurance was put in place so people that did not have a 20% down payment could still buy a home. Which is most of the population. If you save your money and come up with 20% of the homes value, you are not required to pay for it. That is the very reason we gave our son $20,000 for his down payment on his $100,000 property.
SD51555
5 year old buck +
A piece next to a friends place went into foreclosure. We knew for the most part what was in there. We sought out the bank that had foreclosed and purchased directly from them. Wouldn't ya know it, the transaction was kinda bumpy. The deal team wasn't very responsive with deadlines and updates. But we stayed patient and were able to get it done without having a blowout. My brother and I went 50/50 on it and paid cash to close it. I had to do some creative borrowing to get mine done. I ended up taking a loan on my life insurance and a loan against my 401k. I was very blessed to have a good year at work and got a good bonus.
As the last year unfolded, I was uncomfortable with the amount of debt I was carrying, so I began to wage war on my pile. Every paycheck I would keep score of how much I got paid down. When my bonus finally rolled in, I paid off the remaining money I had borrowed from myself for the land and my student loan. Been debt free now for 3 months, and I am in no hurry to jump back in unless the next deal is a real looker.
As the last year unfolded, I was uncomfortable with the amount of debt I was carrying, so I began to wage war on my pile. Every paycheck I would keep score of how much I got paid down. When my bonus finally rolled in, I paid off the remaining money I had borrowed from myself for the land and my student loan. Been debt free now for 3 months, and I am in no hurry to jump back in unless the next deal is a real looker.
Jordan Selsor
5 year old buck +
More than one way to skin a cat! Creative thinking man! I like it. Bottom line you made shit happen an Thats what it takes
JackTerp
5 year old buck +
In 1968 I was 20. that same year my Grandfather passed. He had owned a 200 acre dairy farm and orchard. It was not really good land except the orchard area. He had not run any dairy for quite a few years because his kids had all grown and moved away. He could not handle it himself. I was raised about 10 miles away from the land but spent a lot of time hunting and trapping all through it.
My uncles and aunts couldn't wait to sell it. they all wanted their share. I tried everything I knew of to buy it but could not swing it. There were a lot of hard feelings throughout that entire trial. I vowed that one day I would have my own place.
I moved from PA to SC about 30 years ago. Eventually we bought this place. It's only 25 acres, but it's home and I can hunt deer and turkey on my own property.
About 16/18 years ago my one cousin and were talking and thought about buying a piece of property in PA. I still went back every year to hunt with him and another cousin. At the time his daughter was in real estate. We asked her to keep an eye out for about 100 acres of worthless land that was only good for hunting. We talked about it every year. He went and looked at dozens of properties but there was always something that didn't fit our desires.
Finally, about 12 years ago we found 135 acres that seemed perfect. It had no buildings, was not good for much of anything, the asking price was doable and it was reasonably close to his home. (About 35 miles each way.)
During the negotiations, we were close on a price. The son and daughter that had inherited the land lived a good distance away and had no use for it. we were real close on a price. My cousin suggested that we would pay $50 more per acre for the mineral rights. Why he said that I have no idea. They agreed to the deal.
Three years later, we got a call from Range Resources. We had never heard of Marcellas Gas. They offered us a 5 year lease that totalled almost three times what we had paid for the land. We still owned the land, but they had 5 years to drill or the lease expired. If they drilled we would also get royalties. They never drilled.
About a year after the lease had expired, Consol Energy called. They owned thousands of acres of land in the area. They paid us 4 times what we had paid for the land. We still own the land though. They will be drilling this spring. We will also get 4 times the royalties that Range had offered.
Several of our relatives have tried to get us to invite them to hunt but we keep it to just the two of us and our kids. We have our own place and we still remember when we were treated quite badly years ago.
As an aside, the land my grandfather left to them was sold for $250 per acre. 25 years later a developer bought it for 1.5 million to put in a huge shopping development. I mention that at family get togethers every chance I get. Karma is really kinda cool.
My uncles and aunts couldn't wait to sell it. they all wanted their share. I tried everything I knew of to buy it but could not swing it. There were a lot of hard feelings throughout that entire trial. I vowed that one day I would have my own place.
I moved from PA to SC about 30 years ago. Eventually we bought this place. It's only 25 acres, but it's home and I can hunt deer and turkey on my own property.
About 16/18 years ago my one cousin and were talking and thought about buying a piece of property in PA. I still went back every year to hunt with him and another cousin. At the time his daughter was in real estate. We asked her to keep an eye out for about 100 acres of worthless land that was only good for hunting. We talked about it every year. He went and looked at dozens of properties but there was always something that didn't fit our desires.
Finally, about 12 years ago we found 135 acres that seemed perfect. It had no buildings, was not good for much of anything, the asking price was doable and it was reasonably close to his home. (About 35 miles each way.)
During the negotiations, we were close on a price. The son and daughter that had inherited the land lived a good distance away and had no use for it. we were real close on a price. My cousin suggested that we would pay $50 more per acre for the mineral rights. Why he said that I have no idea. They agreed to the deal.
Three years later, we got a call from Range Resources. We had never heard of Marcellas Gas. They offered us a 5 year lease that totalled almost three times what we had paid for the land. We still owned the land, but they had 5 years to drill or the lease expired. If they drilled we would also get royalties. They never drilled.
About a year after the lease had expired, Consol Energy called. They owned thousands of acres of land in the area. They paid us 4 times what we had paid for the land. We still own the land though. They will be drilling this spring. We will also get 4 times the royalties that Range had offered.
Several of our relatives have tried to get us to invite them to hunt but we keep it to just the two of us and our kids. We have our own place and we still remember when we were treated quite badly years ago.
As an aside, the land my grandfather left to them was sold for $250 per acre. 25 years later a developer bought it for 1.5 million to put in a huge shopping development. I mention that at family get togethers every chance I get. Karma is really kinda cool.
Jordan Selsor
5 year old buck +
Pretty cool story man
Steve Bartylla
5 year old buck +
I'm extremely lucky to have worked with several and still do work with a couple more EXTREMELY successful people. I'm talking the types that, if 10,000 acres of ground comes up for sale anywhere, if they want it they buy it, and don't even feel a hiccup from the impact, types. All of the extremely successful types I've worked with aren't the least bit concerned with having debt. They actually want debt, for a bunch of reasons. The catch is, as MO points out, it has to be the right kind that is/will bring in at least 7-10% over their expenses (either while in debt or when they cash out). They don't hesitate to take out a loan on a piece of ground they believe will be sold for 15% over costs, but will pay cash for a new vehicle every time.
M
MoBuckChaser
Guest
The quest to be debt free can leave a lot of money unmade over a persons life time. For the right deal, debt can me a wonderful thing!
Wish I could by 10,000 acres at a crack Ted Turner!:eek:
Jordan Selsor
5 year old buck +
WOW Steve you have defiantly tapped into the right clientele. That's phenomenal. I agree for the right thing debt is a no brainer. Especially with todays interest rates! Even on raw land with no income a guy can get a 4% loan if he knows where to look. You guys have me browsing farm/land listings again. My wifes not gonna be happy if her new house gets put on the back burner again lol
SD51555
5 year old buck +
[QUOTE="
During the negotiations, we were close on a price. The son and daughter that had inherited the land lived a good distance away and had no use for it. we were real close on a price. My cousin suggested that we would pay $50 more per acre for the mineral rights. Why he said that I have no idea. They agreed to the deal.
Three years later, we got a call from Range Resources. We had never heard of Marcellas Gas. They offered us a 5 year lease that totalled almost three times what we had paid for the land. We still owned the land, but they had 5 years to drill or the lease expired. If they drilled we would also get royalties. They never drilled.
About a year after the lease had expired, Consol Energy called. They owned thousands of acres of land in the area. They paid us 4 times what we had paid for the land. We still own the land though. They will be drilling this spring. We will also get 4 times the royalties that Range had offered.
[/QUOTE]
That is an awesome story Jack! Congrats! It pays to stick with it.
During the negotiations, we were close on a price. The son and daughter that had inherited the land lived a good distance away and had no use for it. we were real close on a price. My cousin suggested that we would pay $50 more per acre for the mineral rights. Why he said that I have no idea. They agreed to the deal.
Three years later, we got a call from Range Resources. We had never heard of Marcellas Gas. They offered us a 5 year lease that totalled almost three times what we had paid for the land. We still owned the land, but they had 5 years to drill or the lease expired. If they drilled we would also get royalties. They never drilled.
About a year after the lease had expired, Consol Energy called. They owned thousands of acres of land in the area. They paid us 4 times what we had paid for the land. We still own the land though. They will be drilling this spring. We will also get 4 times the royalties that Range had offered.
[/QUOTE]
That is an awesome story Jack! Congrats! It pays to stick with it.
SD51555
5 year old buck +
I completely agree MO. That was why I wanted to get debt free first. My student loan and my existing land loans weren't doing me any good from a cashflow perspective. I'm not averse to debt, just non-productive debt. I'm anxious to build up my capital war chest when the next deal comes along. The neat thing about the life insurance I have, is that you can borrow so much, and if you stay under a certain percentage of your cash value, you don't even have to make payments. The increase in cash value will cover the interest expense in perpetuity (unless the zombie apocalypse hits). That's still a relatively small chunk of capital when talking about a land purchase, but it's getting bigger.
After the last 30 days in the stock and bullion markets, I'm glad I've got other assets. My dream is to get 40 acres along the Big Sioux river in eastern SD, and build it out to a whitetail paradise.
JackTerp
5 year old buck +
I am by no means even close to wealthy. But I have quite a few wealthy friends,. We have talked a lot about debt. Every one of them, without exception, has a huge mortgage and debt up the wazooo. They have told me many times to borrow money to invest. I should listen but it is so against my nature I can't make myself do it. I couldn't sleep at night because I worry about things like that. My wife and I worked hard to get what we have. We almost lost it all because of sudden health issues she has. Buying that land was a Godsend in more ways than people would ever know but it was dumb luck.
Jordan Selsor
5 year old buck +
Hey man better to be lucky than good any day! Im a firm believer that good things typically happen to good people. Karma comes to haunt bad people. An she is mean as hell
West Branch
5 year old buck +
My brother in law hunts the Iowa side of the river. He had some good trail camera pictures last year but did not close. Nice area in there!
West Branch
5 year old buck +
Yeah and some of those farmers in NW IA that were paying 15k+ an acre for farm land have paid close to 8-10k for hunting land near the river there. Not too many sales, but still nuts!
SD51555
5 year old buck +
Yep. Looking at the kind of terrain over there, I didn't even bother to check into prices and available listings. There are places where the wooded blufflands are a quarter mile deep between farm and river. That is ideal country for big bucks and good populations. Even better, the growing climate down there is about ten degrees better than just about anywhere in MN, and you can probably get away with some zone 5 plantings if you're not in a frost pocket.
kskid
5 year old buck +
I thought I could swing 80 acres to hunt and fish on, maybe retire on. I stumbled across a 120 that was a neglected, abused mess. Several years before, a family member had killed a girl and put her in a ditch they used as the family dump. With a career in emergency service I wasn't too wigged about the tragedy. After several months of negotiation I got the place for a very reasonable price. The first thing I cleaned up was that cursed ditch. I scrapped the metal, recycled the glass, burned the combustibles, and in the process had several long sessions with whatever juju that poor girl might have left hanging around. I'm pretty sure she understands it wasn't the land's fault and that I'm doing right by her as much as I can. I'm still working on the some of the place, but that ditch is now a hay meadow. The farm is a place of laughter and great memories for my siblings, their kids, and grandkids. I only have 12K to go on the loan. The day it's really mine I'm planting a white oak to celebrate and correcting anyone who refers to it as "the (murderer's) place" to call it "the (my name) place". However big or small, there's nothing better than a place of your own.
