Any advice on buying land?

[chippewastud79]

Originally Posted by elderboy02

Yeah, it is in SE Indiana. I know my cousin's husband hunts on the property that they live on that is on the same road. I wouldn't primarily use it as a shooting range, just every now and then. We are hoping to pay only around $2k/acre max.

For SE Indiana, I would definitely not advise buying land that is more than $1000 an acre, particularly at an auction. You can probably find property for regular purchase for cheaper than that (maybe with some sort of water access), without the restrictions and extra auction fees. Unless there is a development eminent, that land will never be worth over 2K an acre undeveloped. Buying land to shoot on, with no other purpose, is going to be worth only the enjoyment you get from it, and not much else.

Also, not knowing your family situation, you should outline the terms of the agreement between you and your family before purchasing to know who gets what in a sale, buyout prices, sale prices and who owns what percentages. I know its family, but there are always situations where people will have problems. Particularly with the passing of one or more members of the agreement, as you will likely be purchasing the land for years and years.