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Post by 76chevy on Mar 23, 2017 10:32:15 GMT -5
have some questions for you. How much % did you put down?
Close to home or farther from home?
How did timber value, cash renting, or CRP income weigh into your decision?
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Post by 76chevy on Mar 23, 2017 10:32:45 GMT -5
what would you do different next time?
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Post by davers on Mar 23, 2017 11:06:05 GMT -5
have some questions for you. How much % did you put down? Close to home or farther from home? How did timber value, cash renting, or CRP income weigh into your decision? Have some questions for you. How much % did you put down? 0%...Purchased my property out right "Cash-in-hand". Close to home or farther from home?
I live on my property which included a new home built in 2006, sitting on 83 acres.How did timber value, cash renting, or CRP income weigh into your decision?
None, but my property is 80% wooded & 20% fields.
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Post by swilk on Mar 23, 2017 11:29:24 GMT -5
I bought mine on contract ..... I put roughly 10% down and had a 5 year term with a balloon payment at the end.
Mine is all WRP which is the only way I got it for the price I did and a price I can afford. I did make sure mineral rights came with it. I had intended to go to the bank at the end of the 5 year term and use the 30% paid so far as my down payment to finance the rest but was able to pay off the contract early with no financing. I had discussed this with a bank prior to entering the contract.
Since buying the original chunk I bought 21 more acres that pretty much adjoin to it with 18 of those being in WRP / Classified Forest and roughly 3 acres that are not that I intend to build a cabin on at some point. I paid for this chunk at time of purchase.
Im in all of my ground for less than $1000 per acre so there really isnt much I would or could do differently. I bought mine to hunt and that is it. Any money to be made off of it will be when I die and its sold or if a coal mine decides to mine under it.
Edit: Forgot to add .... it is a 15 minute drive from my doorstep to the property. That distance makes it possible to hunt just about any day I want to even while working a full day at work.
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Post by tynimiller on Mar 23, 2017 11:51:29 GMT -5
I fell into my 22 acres in a roundabout way...paid approximately $2200/Acre (which is why I couldn't turn it down). We had no mortgage or vehicle debts so simply refi'd and have a small debt to paydown on the house. If I can aggressively get it down before it rolls into a normal mortgage (5 years) I may approach the neighbor about buying some of his 33 due to it being majority creek bottom and not buildable due to high water table (they don't even farm it).
Majority of my ground is unsuited for construction which is one of the driving forces behind my extremely sub-regular market (even in similar properties). I'd estimate only 20-30% could I get a permit for an accessory building and/or slab constructed home. If we ever choose to build I may approach a neighboring landholder with some higher ground for an acre.
IF this plan had not fallen into my lap, I had a 15-20 year plan where I had hoped to come up with and save about $2k a year solely for this purpose...without hurting household budgets.
I will recommit to this tactic once land is paid off because I would love to add more in future or look to another state like Wisconsin or KY for another hunting option.
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Post by jackryan on Mar 23, 2017 12:01:35 GMT -5
have some questions for you. How much % did you put down? 100%Close Not at all.
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Post by jackryan on Mar 23, 2017 12:02:31 GMT -5
what would you do different next time? Not even look at any thing with any kind of easement or right of way mentioned in the deed.
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Post by swilk on Mar 23, 2017 12:04:20 GMT -5
Does your property have a WRP or other easement?
Mine hasnt been too bad ... just work with my local office to do what I want to do.
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Post by jackryan on Mar 23, 2017 12:30:38 GMT -5
Does your property have a WRP or other easement? Mine hasnt been too bad ... just work with my local office to do what I want to do. Mine has an ACCESS easement for the neighbor to drive to his place. It just crosses one little corner of my land and it's annoying as walking with a thorn in your shoe all day. Every day. For 20 years. REMC has power lines along the road frontage, water utility the same, phone company has a fiber optic along the edge of the road. All those are nothing but more little tiny thorns in your shoe. Nothing really. Until they've been there a week. And then you've put up with them a year and then ten years and then twenty years... I don't want to put up with or accommodate ANY OF THOSE PEOPLE. THEY CAN ALL kiss my hiney. The EDGE of what I OWN is where everyone else stops being MY PROBLEM.
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Post by 76chevy on Mar 23, 2017 12:40:57 GMT -5
Great. Most of what I see in western IN where I live is in the 3500 to 4000/acre range. More if tillable acres. I would like a mix of woods and tillable for some income from the property as well. I fell into my 22 acres in a roundabout way...paid approximately $2200/Acre (which is why I couldn't turn it down). We had no mortgage or vehicle debts so simply refi'd and have a small debt to paydown on the house. If I can aggressively get it down before it rolls into a normal mortgage (5 years) I may approach the neighbor about buying some of his 33 due to it being majority creek bottom and not buildable due to high water table (they don't even farm it). Majority of my ground is unsuited for construction which is one of the driving forces behind my extremely sub-regular market (even in similar properties). I'd estimate only 20-30% could I get a permit for an accessory building and/or slab constructed home. If we ever choose to build I may approach a neighboring landholder with some higher ground for an acre. IF this plan had not fallen into my lap, I had a 15-20 year plan where I had hoped to come up with and save about $2k a year solely for this purpose...without hurting household budgets. I will recommit to this tactic once land is paid off because I would love to add more in future or look to another state like Wisconsin or KY for another hunting option.
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Post by swilk on Mar 23, 2017 12:47:23 GMT -5
If I would have tried to get tillable and marketable timber with mine instead of going strictly hunting with the WRP easement I would have possibly paid $725,000-1,500,000 total instead of $145,000.
I do not see any way in hell I could have recovered that money. Even if it grew the best crops the world has ever seen and I cut down and sold every tree on it.
And .... the hunting would not have been anywhere near as good.
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Post by tynimiller on Mar 23, 2017 13:03:04 GMT -5
If I would have tried to get tillable and marketable timber with mine instead of going strictly hunting with the WRP easement I would have possibly paid $725,000-1,500,000 total instead of $145,000. I do not see any way in hell I could have recovered that money. Even if it grew the best crops the world has ever seen and I cut down and sold every tree on it. And .... the hunting would not have been anywhere near as good. Precisely. The farmer of the best hunting ground I hunt wants me to buy from him in the future...probably is minimum he wants is about 5 to 6 times more an acre than I paid....because it is tillable ground and good tillable ground at that. In a dream world I buy a portion of his as it butts up to a 200+ acre swamp/wetland owned by the state but not sure if I'll be able to swing even 10 or so acres of it....we shall see.
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Post by tynimiller on Mar 23, 2017 13:04:05 GMT -5
Great. Most of what I see in western IN where I live is in the 3500 to 4000/acre range. More if tillable acres. I would like a mix of woods and tillable for some income from the property as well. I fell into my 22 acres in a roundabout way...paid approximately $2200/Acre (which is why I couldn't turn it down). We had no mortgage or vehicle debts so simply refi'd and have a small debt to paydown on the house. If I can aggressively get it down before it rolls into a normal mortgage (5 years) I may approach the neighbor about buying some of his 33 due to it being majority creek bottom and not buildable due to high water table (they don't even farm it). Majority of my ground is unsuited for construction which is one of the driving forces behind my extremely sub-regular market (even in similar properties). I'd estimate only 20-30% could I get a permit for an accessory building and/or slab constructed home. If we ever choose to build I may approach a neighboring landholder with some higher ground for an acre. IF this plan had not fallen into my lap, I had a 15-20 year plan where I had hoped to come up with and save about $2k a year solely for this purpose...without hurting household budgets. I will recommit to this tactic once land is paid off because I would love to add more in future or look to another state like Wisconsin or KY for another hunting option. Yup, I work some for Porter County there in the NW area of the state and I'd say you are about right. Tillable ground can go for as high as $10K/$16K an acre depending...with sales of what I'd look at round the $6k and under.
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Post by swilk on Mar 23, 2017 13:19:53 GMT -5
There is 138 acres for sale about 2 miles due south of mine ... ground I killed my first squirrel on and hunted my entire childhood.
An equal mix of what i would call very poor tillable ground and pretty good timber.
Asking price is $489,000.
2 miles from my property and it has never, in the last 30 years, had the kind of deer hunting on it that my property has.
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Post by tynimiller on Mar 23, 2017 13:43:36 GMT -5
There is 138 acres for sale about 2 miles due south of mine ... ground I killed my first squirrel on and hunted my entire childhood. An equal mix of what i would call very poor tillable ground and pretty good timber. Asking price is $489,000. 2 miles from my property and it has never, in the last 30 years, had the kind of deer hunting on it that my property has. Dang...sub $4K an acre. That would garner around a million up here most likely.
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Post by swilk on Mar 23, 2017 13:53:56 GMT -5
Even at the comparatively low asking price it never pays for itself unless it is sold and a person gets more than was paid.
Even if you could get $200 per acre crop rent you get $12,00 per year.
Even if you cut down every tree on it you might get $100,000.
The numbers just do not add up .... assuming a person wants it to deer hunt.
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Post by tynimiller on Mar 23, 2017 14:04:12 GMT -5
Even at the comparatively low asking price it never pays for itself unless it is sold and a person gets more than was paid. Even if you could get $200 per acre crop rent you get $12,00 per year. Even if you cut down every tree on it you might get $100,000. The numbers just do not add up .... assuming a person wants it to deer hunt. Yup, agree 100%. I find it very rarely does someone fall into a property which can pay for itself. Shoot my 22 acres will cost me more in taxes than my property with our house on it this year. (double actually) However, still worth every penny of it and than some to have my own place. I did get it enrolled as Agricultural ground now with a plan in place but won't go into affect till 2017 assessment year and 18 taxes.
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Post by throbak on Mar 23, 2017 16:30:43 GMT -5
The thing I would do differently I would have a Home somewhere and my Hunting property would not also be where I lived Close for sure but NOT the same property
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Post by wesb81219 on Mar 23, 2017 17:23:17 GMT -5
The thing I would do differently I would have a Home somewhere and my Hunting property would not also be where I lived Close for sure but NOT the same property May I ask why?
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Post by swetz on Mar 23, 2017 18:45:12 GMT -5
20% down. Wish it was closer, but buying where I did allowed me to get a lot more land than I otherwise would have been able to for what I paid, but getting there is a bit of a production.
The property is pretty much all wooded except for 3 cleared road adjacent acres. The place had been timbered heavy 15 or 25 years ago so I could be wrong, but I wouldn't expect much in terms of timber value.
Utilities are available at the road, which was a big selling point for me if we ever want to build there. My main concern is having another piece of property to try to sell if we ever need to move out of state. However, it let me get back into hunting after over a decade away and have a quiet place for me and the wife to escape to so it was more than a fair trade.
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