Looking for advice for recreational property purchase

[Husker]

Looking at a 52ish ac piece of property. It’s got a lot of potential for hunting and a lot of terrain changes. I got excited when we visited with my BIL. Then as things got serious he’s backing out due to his cash flow concerns.

I can afford to buy property now but wouldn’t have budget for a structure. Property has a lot of elevation change, big creek on, everything I want except a pond.

I’m mid 50’s and foresee working another 12-15years. Our main house has another 20yrs to go. So current income we can handle but come retirement it’ll be tighter.

I’m wondering if anyone has done a family joint purchase and set up some sort of stock ownership plan?

The property has electric and water. Its a beautiful location and has a nearby public lake which makes me think we could rent it out often with the right building and trails added. (Just not oct- Jan).

If I bought property I’d like to have some sort of buyin program for family members to contribute and build a nice vacation home in the next 5 or so years. Where I’m not bearing all the cost. Anyone done something similar?
Thanks


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[RR 314]

You can do this all by contract. Set up an LLC with X amount of members and outline responsibilities etc. Pick your members wisely. :-)

[gtsticker]

Buy it now sell it it in ten years and make money


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[W E H]

The best partnerships have just one person in them. I’m sure there’s lots that work well, but there are lots that don’t.

[Gerald G]

I would think with (rental) people in and out all the time trail riding there wouldn’t be many deer to hunt come Oct - Jan.

[Husker]

Buy it now sell it it in ten years and make money


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That’s what I’m pitching to the wife.


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[Husker]

I would think with (rental) people in and out all the time trail riding there wouldn’t be many deer to hunt come Oct - Jan.

You are probably right but the area I think is the most prime is isolated by the Creek. It’s mostly for weekend getaway, country views and a place to shoot that I can call my own. If it doesn’t work the rentals could pay for a lease


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[Husker]

The best partnerships have just one person in them. I’m sure there’s lots that work well, but there are lots that don’t.

You are correct but I know the in-laws will be on it regardless. I’m hoping I can maybe get a long term loan that would include a modest barnado and do it alone...if not I’ll probably need some extra help. Still in the dream stage


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[Throwin Darts]

Do you want to buy the property and then have family members “buy in” to build a house? Or the “buy in” would entitle them to ownership in the land + house?

No offense but it sounds like you’re stretching. Buying into 52 acres and building a house with a bunch of family sounds like a recipe for disaster.

[175gr7.62]

I have 40ac and there is no way I would do it again. I hunt to be around all my buddies. We all can’t hunt together on 40ac (or 52ac). That’s why I still lease.


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[SmTx]

I saw a lease on fb today that's 20 acres and being offered for 1,200 a month.

If you did that itd be a no brainer

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[rvd]

Do you want to buy the property and then have family members “buy in” to build a house? Or the “buy in” would entitle them to ownership in the land + house?

No offense but it sounds like you’re stretching. Buying into 52 acres and building a house with a bunch of family sounds like a recipe for disaster.

My opinion as well.

I’m of the buy it, enjoy it, make improvements, and sell it for profit and buy something better mentality but I know that isn’t for everyone.

[warrington]

The way we do it is if they want to use it the have to pay a percentage of expenses. 3 family’s use it expenses separate three ways. If they don’t want to pay they don’t play. Each would have equal right if you do it this away

[No-Tox]

The best partnerships have just one person in them. I’m sure there’s lots that work well, but there are lots that don’t.

Exactly. If you like the relationship you have with your family never partner with them on business or hunting property.
You are just getting a taste of it right now with your BIL.
Best to get it where you own it all. Buy the land and worry about a structure later. Heck in a couple of years, after putting back some money get yourself a trailer to put on it.

[BURTONboy]

When you do the loan see how much extra you can put on it for improvements. Then take what money is left and either put a structure on it for you to fix up and call home or buy a single wide trailer. Can get them very reasonable these days.


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