Sell My Land To Get Debt Free?

[doghouse]

Never sale land except when in a financial crisis. JMO

[easeup]

trying to say this politely......what are you going to change after you sell off and pay debt only to be in bad debt again in 5 yrs and this time with no assets?
I mean you didnt just get in debt on purpose.

[TexasTrophyBowhunter]

That’s tough. Unless you are planning on paying off your house and really being debt free I wouldn’t do it. That area is not going to get any cheaper. I would enjoy it because like some other people are saying you won’t ever be able to own that property in the same area again. I would get rid of my two car payments maybe by buying some older cars you can pay cash for. There you can really start putting the hammer down on the CC bills and still have a place to hunt. You might be sitting on property worth close to a million bucks one day. Hold it and let it ride. Just my two cents.


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[DUKFVR]

If u have any desire to buy land in that area in the future , you may want to keep it. Prices will just keep going up.

[14JKURX]

Being out of debt with our country in the shape it is in now may be a good thing.

[TKRanch]

If you want to end up in that area one thing to consider is whether or not you think you will be able to afford to buy back in later in life when the time is right.......

[justintyme8303]

trying to say this politely......what are you going to change after you sell off and pay debt only to be in bad debt again in 5 yrs and this time with no assets?
I mean you didnt just get in debt on purpose.

Guess you missed the post about we have been paying off debt the last 5 years. So far $100k that was credit cards and some of my wife's car. We owe $3500 on her car now and that's where the current $650 a mo cash flow is going so only a few months left. Then we will have $1250 a month to put on my truck to get it paid off. We have $20k in savings for emergencies. So not going back there again ever.

[Low Fence]

I know at least 20 people who have done the exact same thing as you have described. 100% have now regretted it. They are out of dept…. Temporarily but there is ZERO quality land available now for what you will get for yours. Some even sold there newer trucks at the extremely high offers only to learn fast they can’t be replaced either

They were left with a pile of cash…. That won’t buy them anything and living in rented houses and campers that are burning through their pile fast. Soon they will be back in the same financial situation… except they won’t have anything to show for it

[KingsX]

Guess you missed the post about we have been paying off debt the last 5 years. So far $100k that was credit cards and some of my wife's car. We owe $3500 on her car now and that's where the current $650 a mo cash flow is going so only a few months left. Then we will have $1250 a month to put on my truck to get it paid off. We have $20k in savings for emergencies. So not going back there again ever.

You had/have 100k in credit card debt?

[justintyme8303]

You had/have 100k in credit card debt?

We had about $65k in just CC its gone now.

Once that was gone we turned our resources to the wife's car ($600 a mo) it too is almost done @$3500 left so only a few more months to go. So in they last 5 years between those CC and her car we have chewed/killed $100k off our debts.

That will free up $1250 to start on my truck ($800 a mo) that we owe $35k on still so at $2050 a month wont take too long.

Then we will just have the house in town $1200 (20yrs left) and the land in the country $1200 (28 years left) to pay on. So that extra $2050 will go to one or the other.

[justintyme8303]

Our current debts listed below.
House in town $170k
Car $3,500
Truck $35,000
Land $170k

Total Debt $380k

Offer on the land $450k

[KingsX]

We had about $65k in just CC its gone now.

Once that was gone we turned our resources to the wife's car ($600 a mo) it too is almost done @$3500 left so only a few more months to go. So in they last 5 years between those CC and her car we have chewed/killed $100k off our debts.

That will free up $1250 to start on my truck ($800 a mo) that we owe $35k on still so at $2050 a month wont take too long.

Then we will just have the house in town $1200 (20yrs left) and the land in the country $1200 (28 years left) to pay on. So that extra $2050 will go to one or the other.

I gotcha.
Well beer talk of not I don’t have the answer. I know once you have been in debt with 65k in CC debt on top of a mortgage and land the thought of being debt free would sound nice!
I personally own land too and I’ve never thought about selling it. I know everything has a price and if offered enough it can make you think or change your mind. With that said I could be offered 2x or even 3x what I payed for my land and I wouldn’t sell it. I live on my place now but even before that I wouldn’t sell it. I plant a small 2-1/2 acre food plot on it and hunt it. I’ve had very personal moments on my land that will never leave me and my family feel the same way about it. The honest life dream for me was to own land and one day build a forever home on it. Long story short in my case it’s not even a thought of selling and if I had certain unwanted debt I’d just work hard at eliminating it.
I’m in a similar situation of age and years to retirement as you. I know how the thoughts enter your head of what you would like the retirement life to look like.
I don’t think you have anything worth more than your house or your land on investment values. Personally I’d keep both unless you intend to move or something.

[Ætheling]

Sell My Land To Get Debt Free?

No. Land in TX due to the population boom which isn’t going to end will continue to drive prices up exponentially. Whatever you make up now you will lose at a multiplier when you go to buy more in the future. Why would you get rid of an investment that went 170-450 that quickly? It wont stop growing


I dont think the average person will be able to afford any real land in Texas in the next 5-6 years.


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[ken800]

I did the same but I live on 5 acres in town so it wasn't a complete loss. I had about 70 acres in the Lampasas area that was beautiful with a fairly large lake. I started getting crazy talk offers so I threw something I felt was ridiculous at someone and they met it... I walked away with enough cash to pay off my house, all remaining debts, pay uncle sam his cut, and still have a small chunk left over to invest. I now have two very solid incomes in my household with no debt to service. Maxing tax-deferred investments every which way I can now. Debt free is some seriously stress-free living. As you said, your basic bills can be met by literally any job.

Do I regret not having my land in Lampasas? You betcha! Do I regret selling it? Nope.

[justintyme8303]

Thanks all for the input!