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Old 09-10-2022, 06:53 PM   #1
justintyme8303
Pope & Young
 
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Join Date: Feb 2009
Location: Pflugerville, TX
Hunt In: Rosanky, TX
Default Sell My Land To Get Debt Free?

It's been forever and a day I've wanted my own land. God blessed me with 23ac a little over two years ago. We paid $175k then and land prices have jumped since. The place next to us sold for $465k a few months back. Drinking some beers one evening we joked that if offered $500k we sell it. Well .... now we are being offered $450k on it.

I hate to sell it but thinking we could get debt free and start saving to buy land again one day. Current debt is our primary house, 2 auto loans, and the 23ac farm total $380k. I know we will get hit with cap gains tax. But current income $120k with $650 a month positive cash flow. If we cashed out and paid off all debt that changes to $3500 a month cash flow. I'm 46yr old so still have a "few" years b4 I retire.

Thoughts?
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