Any advice on buying land? - Page 2

chippewastud79 · 08-04-2011, 10:09 PM

Quote:

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 · 08-05-2011, 04:56 AM

Quote:

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

Sled Dog · 08-05-2011, 02:48 PM

Any chance of being able to scout the land for the hunting purposes? I would definitely talk a nice walk through the property to look for sign before purchasing the land for hunting. Of course if you plan on a food plot then they come to you...

forgop · 08-05-2011, 03:26 PM

Quote:

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 · 08-06-2011, 06:10 PM

So did you win?

elderboy02 · 08-06-2011, 07:47 PM

Quote:

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 · 08-06-2011, 08:07 PM

Quote:

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.

elderboy02 · 08-06-2011, 08:18 PM

Here is a picture with the approximate locations marked by push pins:

Stephen · 08-06-2011, 08:22 PM

Quote:

Originally Posted by elderboy02

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

Quote:

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?

chippewastud79 · 08-06-2011, 08:22 PM

Pretty cool lookin'. I would certainly check on the gun restrictions, it doesn't appear to be all that far from homes and neighbors.

elderboy02 · 08-06-2011, 08:24 PM

Quote:

Originally Posted by chippewastud79

Pretty cool lookin'. I would certainly check on the gun restrictions, it doesn't appear to be all that far from homes and neighbors.

I don't think it would be a problem. It is out in the country and the neighbors were all out at the auction and were stoked that we bought it. My cousin got his huge turkey from this property. He is a state trooper for IN, and his neighbor is a retired state trooper.

elderboy02 · 08-07-2011, 08:36 AM

Quote:

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 · 08-07-2011, 06:21 PM

Quote:

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 · 08-07-2011, 06:57 PM

Quote:

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.

Quote:

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 · 08-07-2011, 10:24 PM

Quote:

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?

secretsquirrel · 08-08-2011, 03:34 AM

Liberty, In
About 30 mins from me.
ya out here people seem to go for either 1 acre or 20+
Thats not a bad price. can you tell me what road it off of.
It looks like half of it is tillable if im seeing it right. At least you got some people you know near to keep an eye out.

elderboy02 · 08-08-2011, 04:51 AM

Quote:

Originally Posted by secretsquirrel

Liberty, In
About 30 mins from me.
ya out here people seem to go for either 1 acre or 20+
Thats not a bad price. can you tell me what road it off of.
It looks like half of it is tillable if im seeing it right. At least you got some people you know near to keep an eye out.

315W off of Brownsville Road. We might let the guy to the NE of our land farm on it.

RevSmoke · 08-08-2011, 07:03 AM

Welcome to the brotherhood of land ownership. You know have a place to "get-away-to."

Congratulations!

Peace of the Lord be with you.

elderboy02 · 08-08-2011, 07:17 AM

Quote:

Originally Posted by RevSmoke

Welcome to the brotherhood of land ownership. You know have a place to "get-away-to."

Congratulations!

Peace of the Lord be with you.

Thank you sir. It is nice to have a country location. I have a feeling I will be taking multiple trips out there to spend time with my cousins and to just sit in a chair and smoke cigars. It is so relaxing and peaceful. It is nice to get out of an urban environment and go to a quiet place

357 · 08-08-2011, 11:37 AM

Quote:

Originally Posted by elderboy02

315W off of Brownsville Road. We might let the guy to the NE of our land farm on it.

My wife's grandmother has owned land for many many years and leased it. There is a family who lives on it and farms it. They pay her a percentage of their profits every year. That's the only rent they pay.

BTW, nice pickup. I'm sure you'll love visiting that place for years to come.

08-05-2011, 02:48 PM	#23
Sled Dog Still Watching My Back Join Date: Nov 2010 First Name: Tim Location: Buffalo, NY Posts: 198 Trading: (0)	Re: Any advice on buying land? Any chance of being able to scout the land for the hunting purposes? I would definitely talk a nice walk through the property to look for sign before purchasing the land for hunting. Of course if you plan on a food plot then they come to you...

08-06-2011, 06:10 PM	#25
chippewastud79 Fatter than you! Join Date: Oct 2008 First Name: Larry Location: A little place called home. Posts: 5,397 Trading: (44)	Re: Any advice on buying land? So did you win? __________________ If we weren't supposed to eat animals, then how come they're made of meat? You can never have too many cigars, they are like an investment in good times.

08-06-2011, 08:18 PM	#28
elderboy02 Lets Go Buckeyes! Join Date: Oct 2008 First Name: Dan Location: Cincinnati, OH Posts: 12,509 Trading: (133)	Re: Any advice on buying land? Here is a picture with the approximate locations marked by push pins:

08-06-2011, 08:22 PM	#30
chippewastud79 Fatter than you! Join Date: Oct 2008 First Name: Larry Location: A little place called home. Posts: 5,397 Trading: (44)	Re: Any advice on buying land? Pretty cool lookin'. I would certainly check on the gun restrictions, it doesn't appear to be all that far from homes and neighbors. __________________ If we weren't supposed to eat animals, then how come they're made of meat? You can never have too many cigars, they are like an investment in good times.

08-08-2011, 03:34 AM	#36
secretsquirrel Yeah so Join Date: Nov 2009 First Name: m Location: S.E. Indiana Posts: 128 Trading: (12)	Re: Any advice on buying land? Liberty, In About 30 mins from me. ya out here people seem to go for either 1 acre or 20+ Thats not a bad price. can you tell me what road it off of. It looks like half of it is tillable if im seeing it right. At least you got some people you know near to keep an eye out.

08-08-2011, 07:03 AM	#38
RevSmoke Ain't Never Gonna Leave Join Date: Oct 2008 First Name: Todd Location: Northcentral woods of Wisconsin Posts: 6,871 Trading: (51)	Re: Any advice on buying land? Welcome to the brotherhood of land ownership. You know have a place to "get-away-to." Congratulations! Peace of the Lord be with you. __________________ Todd__ "Smoke what you like, and enjoy it!"