Home Forums Hunting & Shooting Hunter's Campfire land beside my place is up for sale

1.6 milion. I"d never be able to pay that off.

Have talked to folks though that have done stuff like that, they get the longest note they can to get to lowest payments and basically consider it renting for their life more or less, and if/when, they just let it go back...

Enjoyment is like an unearned income, I have never regretted buying land that joined my land, we spend most evenings enjoying a drink at one of the ponds, watching the dog swim, or just the wood ducks heading south.

I have friends that live on a half acre lot with twits and yappy dogs surrounding them, they tell me that their 401K's are doing well, to each their own........

You could buy a LOT of hunts for 1.6 million.

This is what I was thinking. The interest on 1.6 M alone would pay for some great memories for you and the boys. You could probably take them to Africa each year and not have to maintain the land. Don't go into unnecessary debt for recreation opportunities with the kids. They just need your time not you stressing and working extra all the time. Unless it has great investment opportunity probably not worth the land.

How much is a good deer lease where you live? Those are kind of foreign to me living in Idaho.
Bb

What some of you are not seeing, is the fact that 1,6 million is a lifetime of earnings to some, to others its a weekend in Vegas......just points to ponder....

This is sound wisdom. If it's been on the market for about 6 months, the contract with the agency could be nearing an end. Give the guy a call and ask him how much longer the contract is good for. Ask him how he came up with that price, or was it the agent that did. Many times the agent is just doing what the owner asks him to, whether it makes sense or not. If it was the owner that came up with the price, tell him you will call him back when he is no longer under contract. If the agent came up with the price, tell him to fire the agent.
During the course of the conversation ask him why he is selling the land. Try to get a feel for his priority. For some people the priority is getting as much as he can, and he doesn't care how long it takes. For others they need the money for some particular reason and might be more flexible on the price. Regardless try to find out. Ask how long he's willing to sit on it, if he got a "reasonable price". To finance it, (which is tough with raw land) it has to appraise. Ask if he's had it appraised. Don't show your cards until the property is no longer under agency. Just let on that you MIGHT be interested at the right price.

I don't believe for a minute they are taking 25 deer off that property every year unless they are just shooting anything with fur.

If you can swing it financially I would buy. One of
My biggest regrets is that 20 years ago I had the chance to buy a cousins 120 acres of the family place for $75000. Passed as I didn’t want to take on debt. Land in that area is going for over $4k an acre now. But I’m a little like the old Lincoln quote in that I’m not greedy. I just want my little patch of land and all the land that touches it.

Most banks in my area will only do about 50% financing on raw land. You may be able to find an ag credit union to do more. Or you may be able to get around this by putting up the land you own now as collateral.

Some other things to consider is that the owner is going to have some pretty hefty capital gains taxes. If he doesn’t need all the cash now he’ll save a lot in taxes by owner financing and may want monthly cash over a lump sum and higher taxes. May be worth feeling him out on that. I’ve saw people hire an accountant to run numbers at what the income tax differences would be at the sellers estimated cost basis and tax bracket and submit that along with their offer to highlight the advantage to the seller

You can still cut a deal directly with him even though he has a realtor, he would just still have to pay realtors commission

Also I would check into selling conservation easements to recoup some of the the purchase price. You may be able to get an offer on that before you buy reducing your purchase price and putting the bank more at ease on financing it, basically have one closing for x+y price where your paying x for The land and what ever conservation group is paying the y for the development rights

Seems high to me but what do I know. I just dropped $15k for 1/3 an acre with a dilapidated, useless house trailer and a huge dead poplar. To anyone else the lot would luckily be worth $2000. However, it joins a larger lot I bought cheap years ago and together makes a very nice building site for us or one of my children. Provides frontage, utility and blacktop access.

The owner knew I was the only one who might want it and would pay. After 10 years and negotiating the price down a few thousand I payed and am happy I did.

Guess my point is if you want it, get it. Value varies on stuff depending on who’s selling and who’s buying. Property to me is a bit different than consumables. Think it through, listen to advise and make an educated decision.

How much could you make off the land after taxes? Is it enough to cover taxes?

You can buy irrigated farmland out here for that kind of money and even it would not cash flow for $10k per acre. Unless you have a really good job and are willing to basically subsidize it until paid off, it would be a tough go. Especially if there is no income from it of any kind.

I see no offers to lend the OP the money to buy the land yet.

For 1.6 million,I would buy a much larger piece of recreational property in a different zip code that you can really manage for big deer. In Alabama,that kind of money would probably get you 800-1000 acres with significant timber value. The same is true for Mississippi.

There has to be something similar closer to you,I would certainly think hard before I paid 10K an acre for a small hunting tarct unless I planned on developing it myself.

For comparison sake,my partner and I bought 617 acres for less than 2K an acre that has a 400k in timber plus farm income on 175 acres every year.

Which would you really rather have? 1.6 million in debt for recreational land at 10k/acre seems utterly insane unless you have that kind of money to just burn.

From your original post it sounds as if comparable land nearby sold for 3 to 4 thousand per acre. I bet he would take $10,000. If it has really been in the same family since the 1700s there might be all kinds of relatives with hurt feelings suing you for their part. A title opinion would have to come first. I think you could do that on the sly, it is public record. Unless you are young and flush with money I would leave it alone. Why don't you and some friends try to lease the hunting.

There is a reason why land is giveaway cheap in Alabama, its because there are no takers, Oklahoma's is just Ok, and there ain't nobody making a living on 160 acres of corn in Iowa, even on a place that only floods every third year.
The price might be high, but if thats where the buyers family lives then Virgina is where we are talking.

Its only money for For Gods sake, we print more of it every day !

Yep, but you can't call it yours.

What are the yearly taxes? Could you sell it, and get all the money back?

Taxes will likely be figured at the sale price.

1.6 million? If you can even consider buying it then no sense asking us poor fok for advice:)

With low interest rates and a strong economy, real estate prices have sky rocketed.

Fixed it for you.