What is the best way to go about making a land purchase involving more than 1 individual? A friend of mine always talks about us going in together on a piece of property. I have heard about LLC's, but have never really looked into anything yet. I just wanted to see what anyone's experience is when going in with someone to purchase a recreational property.
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The best advice is don't do it. There are a thousand ways it can go bad. -
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Many friendship have been lost over this situation one too many times. That's the best advice I can give you is to buy up on ur own.Comment
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I have thought about that, it seems that could very easily happenComment
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LLP would do it.
Get an attorney draw up paperwork on your ins and outs, the filing with the state is simple but you need legal documentation that predetermines how you get out, ie if you want to sell they have the buy first agreement ect.Comment
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Im hunting land that is owned by 4 different guys, its set up as a hunting club and incorperated. These guys have more money than most though and 1 of them has never seen the property. They have owned it for 22 years so it is doable but just cover your bases.Comment
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My bil did that with two friends. After the initial purchase the land was divided into 3 equal parts. Each guy owned his own part to do with whatever he wanted. Thats the only way I would do it.Comment
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I quit reading the thread at this....no need to go furtherOriginally posted by cosmiccowboy View PostComment
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I agree 1000% with what others have said above about not doing it. Now if you want to buy in numbers to get more land and get the price down buy a ranch and then just split it in pieces and each take their share if you can agree on which part to take.
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quickest way to end a friendship is to own something together.Comment
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In most cases it doesnt work. But I have had good luck with it, just know your friend well.Comment
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