what an OPPORTUNITY

[Taylormike]

Recently its been brought to my attention that my immediate neighbor will be selling his 21 acres.  I currently have 24 and am really interested.  Things that prevent me from jumping on it, not sure exactly what he wants.  Also, I have 6 and 2 year old at home and we all know money is tight these days.  However, what an opportunity.  My Brother and I want more property this would give us 45/46 acres.  Taxes would be way too high but that's NYS.  Just so much to think about.  I guess it's part of life, just one of those tough decisions to make.

Edited November 23, 2014 by Taylormike

[Lawdwaz]

Do it, they quit making land long ago.

[jjb4900]

"Buy land. They ain't making any more of the stuff."

Will Rogers

 

Edited November 23, 2014 by jjb4900

[BizCT]

Where at?

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[shooter]

Buy it!! Its hard to find land these days let alone butting up to your current property. My suggestion buy it then subdivide maybe 3 or 4  - 1 acre parcels for building lots only on the rd. frontage. You can recoop some if not all your money you bought it for. have some land taken off the tax map and you still get to keep the best part of the property. Also consider having it logged if there is any valuable timber and you may come out on top. My 2 cents. Good luck with it.

 

[Taylormike]

Everyone is telling me the same.  It would give us about 1000 ft of frontage.  It is in Wellsville area.  The parcel is nice and logged awhile ago.  Now its mostly white pine and beech trees.  There isn't much value in the lumber.  It does have a pitcher pump on the property that pumps water. 

[Nomad]

We own a bit of land,although I don't hunt it much,we rent it to the farm i do,hunt .

It's nice to have land as an asset ,along with 401k,pension ,Roth and the like, and farm land in my part of Ontario county never even gets listed its so hot a market,so the price keeps a rising!

You'll most likely never have the chance to pick up land right next to yours again .

Now I've always dreamed of a camp,but we chose to pay for our kids college instead.

We're not big fans of debt for us or our kids.

[GreeneHunter]

Buy it !  Period !

[jjb4900]

keep in mind that if you do buy with the intention of subdividing, you may be selling to people who do not want you hunting near their homes.......add the 500' discharge distance and you'll lose a lot more hunting land than just what you sell to them.

[Nomad]

Buy it ! Period !

I get it,we're hunters ! But he's already saying, 1. Money is tight 2. Taxes are high 3. He has two young children and he already owns 24 acres he can hunt .

How much does he fund his retirement or kids 529? His business I know, but speaking from a purely financial aspect it's not a move I'd be very comfortable recommending .

This is why one of my advisors is big on pre nups for women, men buy mostly rapidly deprecating assets,boats,Harley's ,big 4x4 trucks. Then want half of the wife's 401k when divorce comes . Altough the land may go up,but frankly it's sounds as if it has little value other then recreational .

Good luck .

[jjb4900]

I get it,we're hunters ! But he's already saying, 1. Money is tight 2. Taxes are high 3. He has two young children and he already owns 24 acres he can hunt .

How much does he fund his retirement or kids 529? His business I know, but speaking from a purely financial aspect it's not a move I'd be very comfortable recommending .

This is why one of my advisors is big on pre nups for women, men buy mostly rapidly deprecating assets,boats,Harley's ,big 4x4 trucks. Then want half of the wife's 401k when divorce comes . Altough the land may go up,but frankly it's sounds as if it has little value other then recreational .

Good luck .

true, as much as I'd like to buy more land, I'm more concerned with paying for my kids education and putting away for retirement which is right around the corner.........if the things mentioned are real concerns then don't do it.

[Taylormike]

First off, this isn't intended for arguments just what is the best move. Last week I recently talked to a Financial Advisor, he honestly said, "if you can swing it, swing it." The value of land is incredible, he told me many people invest in property oppose to a savings. Someone mentioned above 4x4's. He said, a new truck is more expensive then the land I'm interested in and that many people purchase vehicles every few years and don't even bat an eyelash.

Hunting and Recreation property is my thing. Have land and a place to go "away" from home that you can call yours is priceless. I guess I'm just looking for others in this field to tell me what they think.

If nothing else it gets my blood pressure rising... I LOVE IT!

[jjb4900]

nobody can really give you advice without knowing your financial situation or goals in life......personally, if I had any intention of staying in NY and my main concern was what you mentioned, then it would be a no brainer, if you came straight out and said you're already strapped for cash and this would really be a burden on you and your family then I would say don't do it....if you said you can swing it and it would only be a minor burden, then I would say jump on it.

[ididnotvoteforobama]

true, as much as I'd like to buy more land, I'm more concerned with paying for my kids education and putting away for retirement which is right around the corner.........if the things mentioned are real concerns then don't do it.

 

My 2 sons joined the Air National Guard  right out of high school. I told them ,I had some funds set aside , but they would still have student loans after it ran out.   My oldest said to me, that I could not provide the funds that he needed, so he researched the guard and they funded his college at one of the best local colleges. My younger saw what the guard provided and signed up. So the money I had set aside for their college helped me to buy the 175 acres , where  we are building our log home . Now this will be left to them after we are  gone and be worth many times more than what we paid.

[Taylormike]

You are correct, it is completely my decision.  Here is whats telling me to do it.  In a short period of time, the property would be paid off 4-5 years is my estimate.  We would then have 45 acres clear.  However, my goal of having water, electric, and septic have now been pushed back since these combined will run in the 7-10 grand range.  I'm excited and if I can swing this with minimal burden I'm going for it.  I currently have my wife's blessing and my Brother is like we should have done this yesterday. 

 

What is raw land going for about $1000-1500 acre unimproved? 

 

Even though I should be thinking more about retirement for future.  I'm 33.

Edited November 23, 2014 by Taylormike

[Ford]

First off, this isn't intended for arguments just what is the best move. Last week I recently talked to a Financial Advisor, he honestly said, "if you can swing it, swing it." The value of land is incredible, he told me many people invest in property oppose to a savings. Someone mentioned above 4x4's. He said, a new truck is more expensive then the land I'm interested in and that many people purchase vehicles every few years and don't even bat an eyelash. Hunting and Recreation property is my thing. Have land and a place to go "away" from home that you can call yours is priceless. I guess I'm just looking for others in this field to tell me what they think. If nothing else it gets my blood pressure rising... I LOVE IT!

 

 

Do it! I purchased the property that borders mine in June. I had 28 acres, and added 15. Now no one can put a house right next to me, priceless. If you can swing it, do it. It is not like you are throwing money out the window anyway. Land goes up in price, it is a limited resource. Good luck!

[Nomad]

Please except my apologies , I did not mean to make it an argument . Just sharing that I went through similar struggles .

I recommend everyone own land as part of their portfolio . It's been a nothing but great for us. The rent from the farmers pays our taxes and gives us small 4 figure profit,the real sweet spot is a handful of large farm families fighting over every acre in the area !

I wish the same for you. And many big bucks!

[Taylormike]

FORD and everyone else.  Thanks for the support. 

 

I'm going to try to get it.  I would hate it, if some tree hugger purchased it and didn't associate with hunting whatsoever.

[gastrodoc]

If they will sell this land for $1000-1500/acre with road frontage as you say it is a great deal.  In our area in Allegany Co (Short Tract) wooded land is selling for around $1800-$2000/acre, sometimes more for smaller parcels (<30 acres) with road frontage

[Taylormike]

Wow, ok.  There is a beautiful pond on the property as well.  Probably 50x150 stocked.

[Taylormike]

This is becoming more of a no brainer the more and more I think and look into this. 

[gastrodoc]

Land in Allegany Co does seem to appreciate nicely.  My family bought the land across the street from our camp which consisted of 115 acres of wooded land and a cozy small cabin for $130,000 in 2006.  I could sell this all day in 2014 for $175000 minimum and quite likely for much more.  In fact, the Amish have offered us over 200K though I will never sell.  This has been in only 8yrs, though remember the potential for fracking as well as the influx of the Amish greatly increased prices 2-3yrs ago in Allegany Co

Edited November 24, 2014 by gastrodoc

[growalot]

You get to them BEFORE they get to an agent!....then you do your research...you check what has sold in the area and for how much...the land is worth less due to having been logged ...but not open farm land....never openly tell them that..but talk around it.find out if they lean toward being conservationist...in that they don't care for development...work that angle...but save money by doing it your self....see if they will go with using the same lawyer...yours...then get him to give a discount saving money......see if you can swing a "cash deal"....understand?

Anyhow...start with the getting to them BEFORE they get the agent

[gastrodoc]

Agree with Growalot.  In addition, if they start talking to agents the land will be listed for well above $1000/acre, likely closer to the figures I quoted.

 

If money is tight, also look into the tax assessment on the land or you may be quite surprised with your tax bill in a few years when they reassess.  Much of the land down there has not been reassessed in decades and oftentimes is assessed at 2-300/acre resulting in a very low tax bill.  You will then buy the property at 3-4x the assessed value and the taxes that the old owners used to pay on the property have now gone up 3-4x.  When we bought our property, it was assessed at $60,000 and taxes were around $1500/yr.  We paid fair market value of $130,000 for property and when we got reassessed our taxes more than doubled

[Four Season Whitetail's]

This is becoming more of a no brainer the more and more I think and look into this. 

The no brainer would be to go back and read some of these posts on here about some of the jacka$$ you meet in the woods. Even buying that piece and adding it to yours is not a big chunk of land but you can build it to be a real nice, right out the back door awesome hunting spot. I started with 46 and am now pushing 1000, once you get the freedom of your own property it hard to stop adding to it. Buy if at all possible!