Would you overpay for landon

[chummer]

My new property has no road frontage and a 200 yard right of way. I am surrounded by state land on three sides and two non hunting neighbors on the other side. My right of way is state land on one side and one of the two neighbors on the other side. His land is the last lot on the road and is 5 acres. There is no structure on the property. I told him I would be interested in buying it if he ever wanted to sell. He said he was in no hurry but 30k would get his wife to sell her " dream property". I told him I am not interested now but if he ever gets serious to call me. That was in September. I got a text last night that he is selling it to someone for 21k but he promised me first shot. The benefits to me are multiple. I think it would greatly increase the value of my 65 acres. It would give me road frontage and abolish my right of way. It would give me the best possible place to access stands. It would give me a lot to build a shed or pole barn, my camp is 8 miles away. They only con I can come up with is the price. It is a great lot, on a dead end road, and on the main snowmobile trail. Price is probably fair when considering those thing. This is probably one of of those once in a lifetime opportunities to join these two properties. I am trying to look at it as a business decision as I have not looked at this as my forever property. By joining them that could change my opinion on that. I am cash strapped after buying the 65 so I would have to borrow for this. What say you? Bite the bullet?

 

[scott44]

It sounds like all the pluses outweighes the price, I would probably pull the trigger if I could afford it.

 

[Trophy Collector]

My new property has no road frontage and a 200 yard right of way. I am surrounded by state land on three sides and two non hunting neighbors on the other side. My right of way is state land on one side and one of the two neighbors on the other side. His land is the last lot on the road and is 5 acres. There is no structure on the property. I told him I would be interested in buying it if he ever wanted to sell. He said he was in no hurry but 30k would get his wife to sell her " dream property". I told him I am not interested now but if he ever gets serious to call me. That was in September. I got a text last night that he is selling it to someone for 21k but he promised me first shot. The benefits to me are multiple. I think it would greatly increase the value of my 65 acres. It would give me road frontage and abolish my right of way. It would give me the best possible place to access stands. It would give me a lot to build a shed or pole barn, my camp is 8 miles away. They only con I can come up with is the price. It is a great lot, on a dead end road, and on the main snowmobile trail. Price is probably fair when considering those thing. This is probably one of of those once in a lifetime opportunities to join these two properties. I am trying to look at it as a business decision as I have not looked at this as my forever property. By joining them that could change my opinion on that. I am cash strapped after buying the 65 so I would have to borrow for this. What say you? Bite the bullet?

Ur going 2 regret it some day if u don't

 

[Satchmo]

I would not hesitate for a moment Chummer. By joining the two properties, it sounds like you will reap several benefits, and all for the price of a small car. If you do a little cost averaging, it would not raise your cost per acre very much, but would definitely raise the value.

 

[bwoods11]

Definitely buy it, road frontage is nice addition.

 

[Buckly]

I had 15 acres the neighbor was going to sell because of moving away. Odd shaped property with about 500 ft along my border. They knew I was interested. Someone offered twice what is was worth so I looked it over again and just couldn't see the value being that high. They called me a day later and said that they got an even bigger offer then a couple hours later it was sold. There was no way that land was worth almost 2 1/2 times value and I really didn't even have time to make an offer. Now, there sits 2 travel trailers next to my property line and it sounds like a war zone during gun season. I can regret all I want but it will never be the same over there. In my opinion land that borders you is probably worth 3 times value. If you don't buy it you're going to have issues you can count on that. Are you willing to put up with those issues?

 

[PackerBacker]

If you can swing it, worth looking into. I had a similar situation when an acre of land that completes our 80 came up for sale. More than I wanted to pay but didnt want to risk getting bad neighbors, gave us a storage building at the property and we picked up a hunting cabin so we dont have to drive to property even though our lake cabin is only about 15 minutes away. I dont regret the decision to purchase.

 

[strawhead]

It's always easy to spend someone else's money. As Pb says if there is any way to swing it, if I was in a similar situation, I would buy it.

 

[chickenlittle]

If you can handle the financial part, it is worth buying. You never know what impact the next owner will have on you. But you need to look at the financial risk and strain it adds to you. What is your exit plan if circumstances change and you need to unload something? Buying this piece is nice but not a necessity. If you lived in your property, that would change the equation. You'll have to figure out how much pain and risk the is in buying it.

 

[gwm]

If it was me I would buy the property.

 

[TMIL]

I recall reading several times in this forum: "I would never consider buying a property with only an easement for access." I would try hard to buy it if I was in your situation, adjoining land doesn't come up for sale very often and it might be your only chance to buy it.

 

[younggun1849]

I recall reading several times in this forum: "I would never consider buying a property with only an easement for access." I would try hard to buy it if I was in your situation, adjoining land doesn't come up for sale very often and it might be your only chance to buy it.

Every situation is different. Sometimes easements are great for hunting properties. Acreage right next to the road a lot of times is wasted space. If an easement gets you back off the road, to me that is really appealing. If the easement checks out and no issues I have 0 issues with it. Here's a great example in the link below. This easement gets you 3 40's off the road to where it is extremely secluded, and some incredible hunting.

http://weisschoice.com/property.php?ID=1325

 

[Satchmo]

Every situation is different. Sometimes easements are great for hunting properties. Acreage right next to the road a lot of times is wasted space. If an easement gets you back off the road, to me that is really appealing. If the easement checks out and no issues I have 0 issues with it. Here's a great example in the link below. This easement gets you 3 40's off the road to where it is extremely secluded, and some incredible hunting.

http://weisschoice.com/property.php?ID=1325

Soooo true. I have a 33ft easement that runs 3/4 mile thru two neighbors before getting to my property on a peninsula surrounded by tamarack swamp. It gets me back away from nearly everyone. I have one neighbor on my south boundry and roughly 180 acres of high, dry, land locked county land beyond me that only our two groups can access. The seclusion allows us to manage our herd the way we want to.

 

[Natty Bumppo]

Go for it chummer. I know it's easy to say when it's not my money. But it just seems like this land will bring you so many benefits. Good luck.

 

[chummer]

I guess it is unanimous. I just texted the guy and told him I would take it. Should be cut and dry both places have had surveys in the last year. I was looking at the tax map, I could even divide his 5 acres in half. It would reclaim the right of way and be enough for two road frontage parcels. I would only do that if my buddy wanted to build. This will certainly make the plan for the property easier to implement. Thanks for all the feedback.

 

[Tree Spud]

If you have to finance a $20k piece of land to purchase, you are not making a good financial decision.

Sorry, but anyone who owns a second property outside of their current house, which should be paid off, should be able to write a check for the right investment for $20k.

You really need to explain the rest of your debt/equity ratio. If your debt exceeds 30% percent of your real assets (e, stocks, 401k, etc), and you don't have 6 months of cash in the bank, say no.

 

[TjdUSAF]

Buzzkill!!!


Sent from my iPhone using Tapatalk

 

[chummer]

If you have to finance a $20k piece of land to purchase, you are not making a good financial decision.

Sorry, but anyone who owns a second property outside of their current house, which should be paid off, should be able to write a check for the right investment for $20k.

You really need to explain the rest of your debt/equity ratio. If your debt exceeds 30% percent of your real assets (e, stocks, 401k, etc), and you don't have 6 months of cash in the bank, say no.

I just paid 100k for the 65 acres. My house will be paid off in 10 years. I own my camp free and clear. I financed the sale of business payable over 4 years. I have 300k in IRA's. I have 0 credit card debt. It is just to soon after the land purchase to have built up the war chest. I just don't like to borrow when I don't have to. I will have this paid off in a year.

 

[chummer]

And I am 40 years old.

 

[Satchmo]

Sounds like your finances are in plenty good order to finance 20k. Congrats on the new property!!!