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

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.

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...

elderboy02 · 08-06-2011, 08:18 PM

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

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.

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

Patrick B · 08-09-2011, 12:41 AM

Nice, buddy.

CoreyD · 08-09-2011, 01:18 AM

Looks like some nice bow hunting land.
My question is, since you live out of state but own land in another state, would you have to pay out of state hunting,fishing license.

elderboy02 · 08-09-2011, 04:50 AM

Quote:

Originally Posted by CoreyD

Looks like some nice bow hunting land.
My question is, since you live out of state but own land in another state, would you have to pay out of state hunting,fishing license.

I don't believe so. I am having my cop buddy check around, but he said that if we own the land we don't need licenses. Me, my dad, and my brother will all have our names on the deed to the land

forgop · 08-09-2011, 08:49 AM

Quote:

Originally Posted by elderboy02

I don't believe so. I am having my cop buddy check around, but he said that if we own the land we don't need licenses. Me, my dad, and my brother will all have our names on the deed to the land

That is correct.

Don't know the soil quality that you have, but cash renting in my neck of the woods for the land I sold almost 2 years ago is in the $250/acre range. Be wary of going strictly a percentage of profit deals.

waffle · 08-09-2011, 09:03 AM

Dan,

I can tell you that one of my friends got a group together for hunting rights on some property a few years ago and paid the old man that owned 10 acres of woods about $2000/yr to hunt it... granted there were 10 of them so it only cost each of them $200, but you might try and put out some feelers if people would be willing to buy hunting rights off you.

elderboy02 · 08-09-2011, 09:53 AM

Quote:

Originally Posted by waffle

Dan,

I can tell you that one of my friends got a group together for hunting rights on some property a few years ago and paid the old man that owned 10 acres of woods about $2000/yr to hunt it... granted there were 10 of them so it only cost each of them $200, but you might try and put out some feelers if people would be willing to buy hunting rights off you.

That is a good idea. I wonder what types of waivers I would have to draft up to waive me of any liability in case they get stupid and shoot one another.

chippewastud79 · 08-09-2011, 10:01 AM

Quote:

Originally Posted by elderboy02

That is a good idea. I wonder what types of waivers I would have to draft up to waive me of any liability in case they get stupid and shoot one another.

If your family is serious about renting for hunting or farming, I would hire a lawyer to look over your agreement/lease. Its going to cost you upwards of $500 minimum, but it could save you many headaches in the future.

357 · 08-09-2011, 02:55 PM

Quote:

Originally Posted by chippewastud79

If your family is serious about renting for hunting or farming, I would hire a lawyer to look over your agreement/lease. Its going to cost you upwards of $500 minimum, but it could save you many headaches in the future.

Good point. Any use lease be it hunting or farming should be reviewed or even drafted by a lawyer. You do not want a lawsuit on your hands.

CoreyD · 08-09-2011, 03:40 PM

A BOTL had a great idea with his flat land piece on asking a farmer if he wanted to plant something that gets harvested twice and he can cut it once and let the owner of land have the 2nd crop uncut to lure deer in. Thought that may be a good idea since you had some flat land and may want to lure/use some of that land with neighbors

elderboy02 · 08-15-2011, 08:04 AM

My cousin sent me a text this morning stating that there were 7 turkey in the field. She took a video for us. Man, I can't wait for turkey season.

Here is a pic of the land b/c I edited the one I originally posted:

08-05-2011, 02:48 PM	#4
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, 08:18 PM	#5
elderboy02 Lets Go Buckeyes! Join Date: Oct 2008 First Name: Dan Location: Cincinnati, OH Posts: 12,512 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	#6
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, 07:03 AM	#8
RevSmoke Ain't Never Gonna Leave Join Date: Oct 2008 First Name: Todd Location: Northcentral woods of Wisconsin Posts: 6,875 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!"

08-09-2011, 12:41 AM	#10
Patrick B Feeling at Home Join Date: Sep 2009 Location: Cincinnati OH Posts: 713 Trading: (6)	Re: Any advice on buying land? Nice, buddy.

08-09-2011, 01:18 AM	#11
CoreyD Licking my wounds Join Date: Oct 2010 First Name: Corey Location: NE Wisconsin Posts: 1,468 Trading: (23)	Re: Any advice on buying land? Looks like some nice bow hunting land. My question is, since you live out of state but own land in another state, would you have to pay out of state hunting,fishing license. __________________ Serenity - 1. A disposition free from stress or emotion. 2. The absence of mental stress or anxiety

08-09-2011, 09:03 AM	#14
waffle Who doesn't love Waffles? Join Date: Jul 2010 First Name: Steve (Stephen) Location: Cincinnati, OH Posts: 1,195 Trading: (38)	Re: Any advice on buying land? Dan, I can tell you that one of my friends got a group together for hunting rights on some property a few years ago and paid the old man that owned 10 acres of woods about $2000/yr to hunt it... granted there were 10 of them so it only cost each of them $200, but you might try and put out some feelers if people would be willing to buy hunting rights off you.

08-09-2011, 03:40 PM	#18
CoreyD Licking my wounds Join Date: Oct 2010 First Name: Corey Location: NE Wisconsin Posts: 1,468 Trading: (23)	Re: Any advice on buying land? A BOTL had a great idea with his flat land piece on asking a farmer if he wanted to plant something that gets harvested twice and he can cut it once and let the owner of land have the 2nd crop uncut to lure deer in. Thought that may be a good idea since you had some flat land and may want to lure/use some of that land with neighbors __________________ Serenity - 1. A disposition free from stress or emotion. 2. The absence of mental stress or anxiety

08-15-2011, 08:04 AM	#19
elderboy02 Lets Go Buckeyes! Join Date: Oct 2008 First Name: Dan Location: Cincinnati, OH Posts: 12,512 Trading: (133)	Re: Any advice on buying land? My cousin sent me a text this morning stating that there were 7 turkey in the field. She took a video for us. Man, I can't wait for turkey season. Here is a pic of the land b/c I edited the one I originally posted: