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.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.
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.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 !!
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.
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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"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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