Re: Trying to justify Buying more ground.
[Re: Providence Farm]
#7030255
10/28/20 10:03 AM
10/28/20 10:03 AM
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Joined: Jul 2016
Posts: 2,767 Wisconsin
Bear Tracker
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trapper
Joined: Jul 2016
Posts: 2,767
Wisconsin
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20 years ago 880 acres came up for sale next to I and my brother's 700 acres. They were asking $1000.00 an acre. We with two nephews had the money lined up plus logging it would easily have paid it off. Could have bought it for $750.00 an acre. We backed out and regret it to this day. The 80 up front on one side we border had mature oak and hard maple. Almost a million in timber at that time off that 80 acres. Dumb, Dumb, Dumb! They are not making more land (except china) and price will not go down. It is near you now. Find or make a way to buy it.
Last edited by Bear Tracker; 10/28/20 10:04 AM.
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Re: Trying to justify Buying more ground.
[Re: Providence Farm]
#7030263
10/28/20 10:13 AM
10/28/20 10:13 AM
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Joined: Aug 2011
Posts: 45,505 james bay frontierOnt.
Boco
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trapper
Joined: Aug 2011
Posts: 45,505
james bay frontierOnt.
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If you want it and can afford it-buy it,as long as you can cover taxes etc. If it has marketable timber and you log it off the value of the land for re sale will likely never go back up where it was in your lifetime unless maybe you turn it into crop production or something.
Forget that fear of gravity-get a little savagery in your life.
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Re: Trying to justify Buying more ground.
[Re: Providence Farm]
#7030265
10/28/20 10:13 AM
10/28/20 10:13 AM
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Joined: Jan 2007
Posts: 3,960 Northern Nevada
Bob
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trapper
Joined: Jan 2007
Posts: 3,960
Northern Nevada
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I would not buy it. Spreading oneself too thin with debt is a recipe for disaster. Sounds like you could probably squeak by making the payments month to month, but that first little curveball life throws you will knock down all your best laid plans like dominoes. Pretty soon it’s snowballed to the point you’re having to look at bankruptcy.
Good rule of thumb is to spend no more than 25% of your take home pay on your home/land.
"I have two guns, one for each of ya."
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Re: Trying to justify Buying more ground.
[Re: Providence Farm]
#7030278
10/28/20 10:29 AM
10/28/20 10:29 AM
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Joined: May 2018
Posts: 207 West coast Wisconsin
50fps
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trapper
Joined: May 2018
Posts: 207
West coast Wisconsin
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155 acres in 1998 for 58K, fast forward to sale in 2020 for 310K. Throw two timber cuts in during that time period and it still made money. You need to think if your keeping it for your estate or if your going to just consider it an investment for profit.
Last edited by 50fps; 10/28/20 10:30 AM.
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Re: Trying to justify Buying more ground.
[Re: Providence Farm]
#7030283
10/28/20 10:36 AM
10/28/20 10:36 AM
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Joined: Apr 2018
Posts: 135 Ozark Mtns, AR
JD Hornet
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trapper
Joined: Apr 2018
Posts: 135
Ozark Mtns, AR
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Rural property is the next big thing. Homes and land in the rural setting don't stay on the market long, city folks who can afford to move are buying and moving as quick as they can. I have seen in my area rural land has gone up just over $200.00 per acre in the last six months. And if you farm and property comes up touching you buy it if you can sir.
Farm Hard
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Re: Trying to justify Buying more ground.
[Re: Bob]
#7030288
10/28/20 10:43 AM
10/28/20 10:43 AM
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Joined: Feb 2020
Posts: 8,960 Indiana
Providence Farm
OP
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OP
trapper
Joined: Feb 2020
Posts: 8,960
Indiana
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I would not buy it. Spreading oneself too thin with debt is a recipe for disaster. Sounds like you could probably squeak by making the payments month to month, but that first little curveball life throws you will knock down all your best laid plans like dominoes. Pretty soon it’s snowballed to the point you’re having to look at bankruptcy.
Good rule of thumb is to spend no more than 25% of your take home pay on your home/land. Sound advice. Here is some background I'm 40 years old and owe 20k on one morgage my in laws are living in and paying the payment. Other than that I'm debt free. This summer I spent out of 20k out of savings on farm improvements. That was before I missed 1.5 months of work due to covid quarantine, my daughters accident and my old car became destined for the junk yard. I also am putting in 1900' of water lines on the farm by December. So my savings is very low currently. I just bought another cheap transportation truck a 97 ranger with 52k for 3200 cash. Yuck 2wd but cheap and will hopefully last. I dont like debt. Payments on a 20 year 100k= 33 acres of it roughly will be just under 600$ a month. I I Can cash out 20 k from my 401 pay off that morgage and turn that into 400 a month and use that property for collateral for the down payment. Making my payments the equivalent of ,$200 a month or less than a days pay per month. That makes it easy to buy even more of the ground. As stated it always going up in value and they are not making any more. Add in that it borders my place and probably won't be for sale again in my lifetime at least that I can afford makes me really to buy as much as I can. If it were advertised it would sell quickly and easily probably for at least 1 k more per acre if for nothin more than from some big money deer hunters.
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Re: Trying to justify Buying more ground.
[Re: cbat]
#7030297
10/28/20 11:00 AM
10/28/20 11:00 AM
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Joined: Dec 2006
Posts: 7,176 Three Lakes,WI 72
corky
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trapper
Joined: Dec 2006
Posts: 7,176
Three Lakes,WI 72
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Buy it. If you get in a financial bind you can always sell it. x2 The biggest regret I have is not buying an adjacent property when I had the chance. Also, if it is landlocked now and you can provide access by buying it you will immediately increase it's value.
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Re: Trying to justify Buying more ground.
[Re: Tailhunter]
#7030321
10/28/20 11:44 AM
10/28/20 11:44 AM
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Joined: Jan 2007
Posts: 3,960 Northern Nevada
Bob
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trapper
Joined: Jan 2007
Posts: 3,960
Northern Nevada
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Nobody ever says, “I sure am glad I didn’t buy that land 20-30-40 years ago”. Sure they do, when they have to file bankruptcy and lose the land as well as the equity because they were over leveraged to begin with. All the math in the financial world concerning debt leaves out one factor, the biggest factor, which is risk. If your income stops from illness, or something expensive happens to you that you have to pay for, sometimes both at once, then you are screwed. The math works when it’s just math but life happens. I definitely would not cash out retirement funds to buy it. Don’t steal from your future to find your now.
"I have two guns, one for each of ya."
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Re: Trying to justify Buying more ground.
[Re: Tailhunter]
#7030325
10/28/20 11:55 AM
10/28/20 11:55 AM
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Joined: Jun 2019
Posts: 624 Arkansas
Artrapper16
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trapper
Joined: Jun 2019
Posts: 624
Arkansas
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Nobody ever says, “I sure am glad I didn’t buy that land 20-30-40 years ago”. This everyone I know regrets not buying land when they could have.
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