wbpdeer;832915 said:
Lance,
That is a great move on the 25 acres. You have the touch.
Thanks for sharing with us.
Thanks, but looking back on my post I TOTALLY MISSED sharing the lesson learned here for me!!
Here are a few valuable lessons I took from that venture.
1: I have been looking @ this property for over a year and felt it was over priced. I took the time to have a local timber buyer down there and he made me a cash offer which came out to 60% of the purchase price so I decided to move forward.
2: After purchasing I decided to hire the timber consultant who came highly recommended by my Forestry Dept montor. My reasons for doing this were varied and included:
- Before getting started I told the consultant my long term plans to make sure they were fulfilled. I not only wanted valuable trees removed but I also wanted the non valuable trees removed that would hender the growth of future timber trees. Basically I wanted the loggers to do a Timber Stand Improvement while they are logging.
-I wanted to know what trees were being removed before signing a contract. This consultant came in and marked every tree that he recommended for removal and presented me with an inventory list!!
- I wanted competitive bidding!!! As mentioned my initial offer was for 60% of the property purchase price, after bids were taken I was presented with his bid sheet and we discussed what options each bidder wanted!! I ended up choosing the highest bid but had to accept a 30 month contract. This wasn't my ideal choice b/c it will slow up other things I want to do with the property but I was very well compensated!! This bid actually came in @ 125% of the purchase price after I paid my consultant fee!!!
3: Working with this consultant has taught me a TON about how to go in and identify timber species and the things that make timber valuable!!!
My brother and I are looking a property that is 180 acres of woods and I met the consultant there yesterday and was shocked @ my ability to ID tree species and characteristics that I could not have done just a few months ago!!
I guess the lesson here is to explore all options and utilize resources that are available! This consultant cost me 10% of my timber sale but made me 225% over my initial offer after he was paid!!
He also handles all contracts, drove 3 hours to pick up my check and hand delivered it and will handle all followup during and after harvest!!
My inventory being sold: