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Re: Land purchase?
[Re: Hunt4Jesus]
#3783659
11/09/22 12:18 PM
11/09/22 12:18 PM
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Joined: Nov 2012
Posts: 10,056 Northport, Al.
BOFF
Booner
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Booner
Joined: Nov 2012
Posts: 10,056
Northport, Al.
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Thanks everyone, land is in Mississippi forgot to mention. Those ag credits I’ll check with over here. Yea interest rates are killing us. We are holding out on building our home due to these rates. This property has potentially popped up in the area I’ve always wanted/waited on. Borders my buddies place who has cabin etc. This has 3 acre pond and will be clearcut. Thinking 1k an acre for dirt but what y’all think? We can pay cash for it, but that dips out of our home building account! If it truly is land you want, and you are happy with the price, you need to buy it, as it may be the only time in your lifetime which it will be available for purchase. Some properties are never available to purchase in one's lifetime, regardless of how much money you have to spend. If the land isn't (available) for sale, you aren't buying it. Property is always more valuable to an adjoining land owner, if they want it. An adjoining landowner's total property which connects to the property bought, factors in to cost. In other words, you have your current property of 10 acres in which you have $1,000 an acre invested. You pay $2000 an acre for 5 acres of property adjoining you, which everyone else says is too high of a price. Your current property and property bought is now 15 acres is $20,000 or $1,334 an acre. And any benefit it has, which you currently didn't have, such as road frontage, water, electricity, better access, pond, lake, hardwoods, etc. carries over to the adjoining property you already own. If you can pay cash for it, you may be able to get a line of credit on the property at a later time, for your home building. God Bless, David B.
Premium member #8925 Team Rack Addicts 2016 Aldeer Deer Champions
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Re: Land purchase?
[Re: Hunt4Jesus]
#3783946
11/09/22 07:41 PM
11/09/22 07:41 PM
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Joined: Mar 2018
Posts: 16,827 Banana Republic
jb20
Old Mossy Horns
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Old Mossy Horns
Joined: Mar 2018
Posts: 16,827
Banana Republic
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No clue but don’t get caught up on the 8%…sure it ain’t 2 or 3 but it’ll be worth it if u really want it, and it’ll be lower than that with dividends
They who can give up essential liberty to obtain a little temporary safety, deserve neither liberty nor safety. Ben Franklin
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Re: Land purchase?
[Re: Hunt4Jesus]
#3785268
11/11/22 03:23 PM
11/11/22 03:23 PM
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Joined: May 2014
Posts: 87 Lamar Co., AL
RocN151
spike
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spike
Joined: May 2014
Posts: 87
Lamar Co., AL
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I agree w/ BOFF. Not sure if you have any IRA $'s, but look into a self directed IRA if you do. You can't build on it, and other laws, but it's a good alternative to the market. I'm not saying put all of your $'s into land, but a percentage. You could buy the 90, spin off 10 (cash) and put the 80 into your IRA. Build on the 10. I've done that. If you and your family want it, I'd figure out how to get it. I've never regretted buying land, and I've mad some good $'s on the acres I've sold. Started in 2013. Wish I would have started a long time before that, but I had kids to get through college, etc. Clearcuts always look good for the price, but its tough to beat timber that's already growing. Like anything in life, the more you work on it, the better you get at it, and the better you get at finding deals on more, etc. Good Luck.
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Re: Land purchase?
[Re: Hunt4Jesus]
#3785292
11/11/22 04:09 PM
11/11/22 04:09 PM
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Joined: Jul 2019
Posts: 1,912 Madison
redgineer
8 point
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8 point
Joined: Jul 2019
Posts: 1,912
Madison
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School me on the dividends and some saying they write you a check? Trying to do my homework. Wife said we will talk when I present her with options. It’s looking as if after hunting season Here's First South Farm Credit's explanation. You're buying into a co-op with most farm lenders, so you get a cut of the profit. https://www.firstsouthfarmcredit.com/about-us/patronage-program
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