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.

[elderboy02]

Originally Posted by chippewastud79

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.

Thanks for the tips buddy

[forgop]

Originally Posted by chippewastud79

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.

No more than $1k an acre? You won't get anything for that price.

[chippewastud79]

So did you win?

[elderboy02]

Originally Posted by chippewastud79

So did you win?

Yep. We ended up buying both 11 acres of land. We paid between $2500 - 2700 an acre.

[chippewastud79]

Originally Posted by elderboy02

Yep. We ended up buying both 11 acres of land. We paid between $2500 - 2700 an acre.

Sounds like a pretty decent deal. I forget that land prices are much higher around here compared to the $1000 an acre you can get in Northern Michigan.

[Stephen]

Originally Posted by elderboy02

We are hoping to pay only around $2k/acre max.

Originally Posted by elderboy02

Yep. We ended up buying both 11 acres of land. We paid between $2500 - 2700 an acre.

See what CA math has done to this poor man?

[elderboy02]

Originally Posted by Stephen

See what CA math has done to this poor man?

My dad, brother, and I were huddled up trying to do the math while the 2nd lot was going up for sale. My dad was still doing calculations when my brother placed the bid. We were like WTF!

It is all good though. The land is more valuable as a 22.something lot compared to a 11.something lot.

[forgop]

Originally Posted by elderboy02

Yep. We ended up buying both 11 acres of land. We paid between $2500 - 2700 an acre.

That's what I would have expected...wooded acreage is more in the $2500/acre price than $1k. I sold my brother my share of the woods for $2500/acre 2 years ago, albeit an hour north of Indy.

[elderboy02]

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.

Originally Posted by forgop

That's what I would have expected...wooded acreage is more in the $2500/acre price than $1k. I sold my brother my share of the woods for $2500/acre 2 years ago, albeit an hour north of Indy.

Thanks. Our land is in Liberty, IN which is exactly 1 hour from our house in Cincy

[forgop]

Originally Posted by elderboy02

Thanks. Our land is in Liberty, IN which is exactly 1 hour from our house in Cincy

That's only an hour from my place. So, when are you hosting a hunting herf?