Sell My Land To Get Debt Free?

[eliteweldingco]

Really depends on the property. Could you replace it some day? Some property is hard to replace, some is just a ole cow pasture.
If I had the chance to double my money where I live now, nope! But the last place I would’ve without looking back.

[Biggs]

Keep the land. Continue paying everything else off. Continue living below your means. High interest/liability items payed off first. They ain’t making any more land. I wouldn’t sell it, as long as I could afford it, unless I had a contract to buy replacement land.

[AntlerCollector]

You’ll probably never get another chance to buy 23 acres…

$450K will buy lots of 23 acre tracts.

[planomustang]

Trying to split the middle here.

First, I never had that amount of debt. If I ever had, I would have died a long time ago, from stress. I suggest getting that under control, ASAP, then never letting it come back.

Look up Dave Ramsey, if you need help.

So here is the split the middle solution. Is it possible to sell enough of the land to get your debt under control, but still keep a piece for the future? If you go that route, be willing to set the amount of acreage and the price you want, then be patient.

[HogHunter34]

$450K will buy lots of 23 acre tracts.

Don’t forget that 450k is going toward paying debt off less capital gains tax.
Cash leftover will not be much

Buying power is gone at that point
But debt free is nice

The real question is priorities at this point
Debt free vs owning land. Which is the greater priority at this point in your life?

[Muskles]

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.


Sent from my iPhone using Tapatalk

End of sentence, paragraph, story. You'll most likely regret it, in my opinion.

[justintyme8303]

Trying to split the middle here.

First, I never had that amount of debt. If I ever had, I would have died a long time ago, from stress. I suggest getting that under control, ASAP, then never letting it come back.

Look up Dave Ramsey, if you need help.

So here is the split the middle solution. Is it possible to sell enough of the land to get your debt under control, but still keep a piece for the future? If you go that route, be willing to set the amount of acreage and the price you want, then be patient.

Dave Ramsey is where we started five years ago when we started whittling down that CC debt. Just kept snowballing those credit card minimums until that debt was gone. Still on that track

[Txhunter3000]

You’ll probably never get another chance to buy 23 acres…

This.

[Hunteraudit]

Did you offer it for sale or did someone come along cold call with $450k?

If you got a cold call offer for $450k, I’d be curious what the rest of the market would pay.

[RiverRat1]

If you sell you'll wish you owned land.

Get with smart CPA, figure out how to not pay capital gains tax if you sell. Put a cardboard box on it and homestead it Some Counties let you go back a year or more on homestead date.

[aggieman08]

Keep the land - it's in the right area for growth and has already been the best investment you have likely ever made. Why would you sell an investment when it continues to appreciate? Saving 3K a month is good and all but how do you plan to invest it and do you think that it will appreciate faster than this land that already has a 450K "base value". I doubt it. You're only 46, keep paying off the debt with your pay check and sell the land once you retire (if you want to).

[RWB]

Sounds like you have made alot of progress and are on the right track. What's your interest rate on the land? With the recent increases in home values you may look at doing a refi if rates come back down. Would be interesting to run the math and see if you could pull out enough to pay off the land and take your home mortgage to a 15 year. May not change your monthly dept payment but would take 10 years off the note and let you build equity faster. Just a thought math may not work.

[justintyme8303]

Sounds like you have made alot of progress and are on the right track. What's your interest rate on the land? With the recent increases in home values you may look at doing a refi if rates come back down. Would be interesting to run the math and see if you could pull out enough to pay off the land and take your home mortgage to a 15 year. May not change your monthly dept payment but would take 10 years off the note and let you build equity faster. Just a thought math may not work.

The land was a true blessing sent from God. It was an owner finance deal with only $5k down 6% for 30yrs fixed for raw land! Heaven sent is the only way I can explain it.

[justintyme8303]

Think we just just keep plugging away at the vehicle loans and ride it out.

[WTX]

Why not figure out how to make supplemental income off it?