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Started By
Message
re: Purchase, land question
Posted on 10/11/18 at 10:27 am to highcotton2
Posted on 10/11/18 at 10:27 am to highcotton2
quote:
Land is hardly ever a bad investment. Especially at that price.
4.5k an acre for timber/rec land is NOT a good price in Louisiana unless it has serious development potential or improvements already on it.
I’d consider 3.5k top dollar and not a good investment, personally. But if it’s really just a question about IF you can handle it and not “how much money is this going to make me” then by all means.
2
Posted on 10/11/18 at 1:39 pm to Decisions
Land is outrageous in LA compared to MS. Paid $1800/acre for my piece. Had to look for a long time though as most parcels were in the $2500/acre range.
Posted on 10/11/18 at 2:00 pm to bayoudude
1800 is a steal.
Posted on 10/11/18 at 2:06 pm to littlePNdaB
You should also look at buying shares in an ownership club. Most are set up where you would be an equal owner, but access to a lot more land (40 acres isn't much to hunt on.) Timber sales etc are typically owned by the members.
Posted on 10/11/18 at 2:27 pm to wickowick
Even the cheapest ones are probably going to be more than he is looking to spend. Even mediocre properties are going for 400k plus per share.
Posted on 10/11/18 at 4:39 pm to GeauxTigers777
quote:
Most of this board's advice is always don't spend money. Save for retirement. At some point you have to live your life. What good is it to retire with $10 million dollars (more than you would ever use), but miss out on memories in the way.
If you feel like this is something you want to do, go for it. Some of my best memories as a kid were spent riding four wheelers, fishing, and hunting at family land. Those memories and the closeness it brought our family are priceless.
Regarding the route of getting the land, but also would probably y to a hybrid approach. Maybe 1/2 from market account and finance the rest. It mitigates the risk of the market some, and allows for a much less sizeable loan.
Enjoy your life.
This is ALWAYS the boards opinion and it is lame.
As someone else said earlier (even though they were making the opposite point I am), you make great money. Enjoy life. Turn your kids lose on the land and hold onto it forever, they aren't making any more. Hunt, fish, buy the toys that the penny pincers on this board are telling you not to, and make fantastic memories with your family.
You and I are in nearly the exact same scenario (financially and family-wise) and I'm currently in the process of finding a piece of land that I want as well.
Posted on 10/11/18 at 4:41 pm to Decisions
I should have said I'm in texas
Posted on 10/11/18 at 9:45 pm to littlePNdaB
keep saving and buy more. 40 acres is not very much imo
Posted on 10/11/18 at 11:23 pm to littlePNdaB
quote:
Are we nuts to draining the 140k account and taking a loan for the balance?
IMHO yes
Just finance the land with minimum down and enjoy the end of the era of cheap money, seriously, you can always cash it out and pay it off later if you wish.
Posted on 10/12/18 at 7:24 am to littlePNdaB
Just saying...after the last few days, I bet that 140 in the market ain’t still 140, but that land is still 180, buy it and enjoy it
You know what is better than a retirement account with 10 million dollars in it?......A happy life with 10 million memories in it, so what I am saying is from a strict dollars and cents, it may not be the very best thing, but every decision in life should not be based on the best financial yield , you seem smart with your money, keeep doing the right thing and enjoy your camp
You know what is better than a retirement account with 10 million dollars in it?......A happy life with 10 million memories in it, so what I am saying is from a strict dollars and cents, it may not be the very best thing, but every decision in life should not be based on the best financial yield , you seem smart with your money, keeep doing the right thing and enjoy your camp
This post was edited on 10/12/18 at 7:35 am
Posted on 10/12/18 at 8:46 am to Tigerpaw123
quote:
You know what is better than a retirement account with 10 million dollars in it?......A happy life with 10 million memories in it, so what I am saying is from a strict dollars and cents, it may not be the very best thing, but every decision in life should not be based on the best financial yield , you seem smart with your money, keeep doing the right thing and enjoy your camp
Posted on 10/12/18 at 9:54 am to littlePNdaB
I think it's fair to look at putting the $140k into the property as simply a different investment for that cash. It's real property that has value and if you're in a pinch you can liquidate.
Posted on 10/12/18 at 8:10 pm to cwill
That's what we have decided. Thanks all for the help. 140 has taken a 6k hit the last 3 days... well it recovered some today.. we have decided it's an investment and to view it as diversification. It has what we want. 40 acres boardering a wma. Has a pond that's about 1.5 acre stocked with channel cat, a 10 acres field and clear trails for the kids to enjoy dirtbikes and 4-wheelers when the time is right. Has a 2010 28ft camper, a new barn, power and water on it.
I fought and beat cancers arse a few years back... time to enjoy life and let the kids have the memories I have from childhood.
Thanks all for the suggestions.
I fought and beat cancers arse a few years back... time to enjoy life and let the kids have the memories I have from childhood.
Thanks all for the suggestions.
This post was edited on 10/12/18 at 8:23 pm
Posted on 10/13/18 at 8:36 pm to littlePNdaB
I bought a place in May of this year. Paid down 40% and have paid some chunks so that only 25% is left on the loan. I had to get a large tractor, bush hog, disk, sprayer and shipping containers for storage. Lots of dirt work for a pad, power, shoot houses, blinds, water and tools but I have no regrets. Put in a waste water system last week and constantl6 working on duck ponds and deer plots. Plan to build a nice lodge, barn, shop and have a great hunting place in the next year or so. I think I can get my money out of it plus some if needed but I’d like to pass it on to my son some day. If you have a good retirement fund then land is a good way to diversify but you need to buy at the right price and realize all of the extra costs and headaches associated with land ownership. Good luck and enjoy the farm with your family.
Posted on 10/15/18 at 5:33 pm to Doctor Strangelove
Pulled the trigger. 175k. Has water, electric, 2 box stands, 3 new feeders, stocked 1.5 acre pond, 2010 camper, new barn with game cleaning station, a storage container, 2014 Honda, 5 cameras, ... hog pin and boarders a wma. Fence on 3 sides, 15 acre of cleared land (update from 1 estimate). Arranging it to buy land for 150, camper 10 k, 10 k contents, 5 k 4-wheeler to lower property taxes and strategically lower overall transaction costs. Family lawyer drawing everything up. Tractor is the next purchase.
Posted on 10/15/18 at 5:35 pm to littlePNdaB
Also looking into timber listing to lower taxes 50 to 75%
Posted on 10/16/18 at 8:50 am to littlePNdaB
Nice. This in Louisiana? I'm jealous.
Posted on 10/16/18 at 9:08 am to littlePNdaB
It depends on how high financial independence is on your list. IF its high, dump the car notes and mortgage. Reducing expenses is just as good or better than increasing income. It also makes it quicker to match those expenses with investment income. As far as "Jobs are incredibly stable", this is wishful thinking, even if they are, illness, disability, or other unforeseen events occur. You seem to sense that something is overextended and you might be right. beware of the insidious drip called 'lifestyle creep' which will slowly but surely rob you of freedom not just by initial money but all purchases require time, maintenance, and upkeep. Good luck, ask for wisdom, acknowledge One who knows the future, [Proverbs 3:5-6] "Trust in the LORD with all your heart, And lean not on your own understanding; In all your ways acknowledge Him, And He shall direct your paths."
This post was edited on 10/16/18 at 9:17 am
Posted on 10/16/18 at 3:52 pm to littlePNdaB
Awesome, hope you enjoy. If done right, we can make wise purchases that can bring lots of joy to our lives.
Posted on 10/17/18 at 6:30 am to bayoudude
quote:
I bought 130 acres of timberland last year that we use for hunting. Trees should be 20 years old when the kids go off to college. Plan to sell timber at that point then replant. The memories created at the property have been priceless.
Pine tree or hardwood trees? I select cut every 40 years. Land has been in my family almost 200 years. This has always been done here. All hardwood trees. Don't know about pine trees.
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