What is the point of being debt free if you dont own land? IMO, what is the point of anything if you dont own land?
Just my opinion
Just my opinion
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I'm in the exact same situation as you. Not a month goes by that I don't struggle with the idea of selling. No doubt, it would make life easier. Also, I doubt I'll ever be able to replace it in the future.
How much do you actually use the land now? Ultimately, my decision to let it ride, sits on the fact that I'm on the land enjoying it on a regular basis. And me hating the idea of giving the feds a chunk of my profit.Comment
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If you sell to eliminate debt then not a bad decision at all. I’d reinvest that added cash flow into equities
If you sell it with intentions to buy again someday with the price of land constantly going up you might end up back in debt depending what you buy in the future
You are in a good position thoughComment
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We can’t answer that question but finding the right place is very hard to do as you probably know so take that into consideration. Anything that checks all your box’s going forward will be stupid expensive so your profits gone and then some more than likely. Personally I’d keep it, especially since it has those sized neighbors.. That’s pretty rare in today’s times,Comment
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Look into the Capitol gains tax, might want to keep it after that.Comment
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Originally posted by Mike D View Post
Yes sir been hunting that debt free for some time. Working hard at paying off tons of credit card debt @$100k the last 5 years. So this would be warp speed in that process to the next level of living. That and IF I lost my job I could get any job to make the grocery bill. Currently in that same scenario would could lose it all.
The current land princes has me torn. I looked around to see what I could get using the 1031 but for what we walk away with after paying off the land note. We would be buying further away and same size place and same debt. So that's a no go. So we figured get debt free and when Gods ready he will put the next place in our life as he did this one.
Wife reminded me Gods plan it will be the right place and the right price.
We could just go back to leasing if we want to hunt. Or could finally afford to save up to go out of state to hunt.
I think its just we have gotten emotionally attached to the land and "the dream" of living out there one day.Comment
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Don't do it! You're not trying to sell it and the # offered hasn't matched your # that you would sell for if offered.Comment
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Its @$40k to the man and leaves @$28k in the bank.Originally posted by 6.5 shooter View Post
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In Rosanky or PVille?Comment
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You’ll probably never get another chance to buy 23 acres…Comment
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That's our other thought too. That $500k was jus beer talk in the pasture watching the sun set on our little farm. Its not listed and getting offers on it that have escalated quickly. Not looking to list it but what is our real "we dont want to sell it price"? But this offer has our attention and got us putting pen to paper to see.Originally posted by SmTx View PostComment
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The land is in Rosanky 5ac in pasture the rest heavy wooded in post oaks, cedar, yaupon. We have been going on on weekends clearing out under brush.Originally posted by Kingfisher789 View PostComment
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Yeah that shakes out on 15% rate from cost basisOriginally posted by justintyme8303 View PostIts @$40k to the man and leaves @$28k in the bank.
Good luck on your decisionComment
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You have to ask yourself how important having land is now and in the future.
Since you asked the question here it seems like it may not be that important to you.
If it is, then I’d figure out a way to cut expenses and pay off those cars. Then, divert those dollars to paying off the land.
I don’t really view the land payments as typical debt. Land is an investment, at worst a hedge against inflation. You’ll get your money back.
Keep in mind, you never know what will happen in the future. Buying land could be much harder down the line so if land is important to you, then think carefully on sellingComment
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