Multi Owner Ranch Questions

[kerrbow]

I have several family members that are interested in buying a ranch for our personal use. Can you give me the pros and cons of jumping off into this and if you have personally done this? It would involve financing as my kids have failed to win the Lottery yet.

[Mud Shark]

Any time you have more than one owner of something, you're looking at having confliction.
You'll need some sort of tie breaker/leader who makes the final decision as whats best for the group as a whole even if it's not what they want.
It's gotta be best for the team.
I don't know everyone's financial situation, but that is another concern as what happens if someone gets behind on payment?
Inevitably, some will do more work than others, spend more time, more money than others, etc.
I just went through this thought process with my two best friends on some property in Illinois. And while it sounded like a great idea initially, after much reasearch and discussion we decided against it. Just too many things change. if someone wants out, there is way more to it than there is just getting off of a lease.

[RiverRat1]

I'll be the negative Nelly. Will never work.


Every person has more differences than you'd ever imagine. I don't care how detailed you think you are prior to buying it will all fall apart.

I see the desire to make it work. And it "could" maybe work with just one other person that you're super close to on a big enough property but no chance IMO with 3 or more people. And I assume you're not talking a lot of land or you'd just buy 100-200 acres yourself.

And even if you made rules, how could you enforce them? I doubt anything in writing would stick if the rule breaker was making payments. And anyone making payments rightfully will feel like they should be able to do whatever they want.

[GarGuy]

What if one of the owners was to die. Now 12 of his heirs have ownership too and you have no control over w hgv at they do or who they let hunt

[riverbowman]

My family and I get along incredibly well. I'd like to keep it that way so I personally would not consider this. They have asked. I've said no.

[BGlegal1]

If you all get along now, common ownership of a piece of recreational land is the quickest way I know of to change that permanently. Unless you're very lucky.

[Cliff Dog]

The pitfalls are too many to list. Even when you have a few that think the way you do that doesn't mean their spouses or kids do.

[Farmdog]

Make sure your in charge of protein program

[tradslam]

On the right piece that can subdivide I see no issues. I would never keep it big piece personally.

[DUKFVR]

DON'T do it. The only way IT MIGHT work is if you bought a place together & split it up at the very beginning, so WHEN the disagreements start you have your deeded part. Like stated above , it is very hard to make it work. VERY Hard!

[skinsfan]

Run

[Tx_Wader]

Undivided interest in property is NOT a good idea. As others have said do not do it.

There are no Pros to this type of venture and yes I speak from experience.

[slayr]

I wouldn’t touch it with a ten foot pole.

[odogg]

Too much conflict. That's why I purchased my own after we sold our other property we had.

[dclifton]

DON'T do it. The only way IT MIGHT work is if you bought a place together & split it up at the very beginning, so WHEN the disagreements start you have your deeded part. Like stated above , it is very hard to make it work. VERY Hard!

Yea and even then it will most likely be over before it starts with trying to decide who gets what piece.