Lot of good info on here. I'm 28 and have been thinking about this for awhile now.
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Saving to purchase land
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Originally posted by BitBackShot View PostDon't listen to the "don't get married" crowd. Just choose your wife wisely.
There are some that net add to the bottom line and some that are the same as lighting your money on fire and sticking dynamite down your pee hole and lighting the fuse.
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Originally posted by 6.5 shooter View PostLand isn’t ever going to go down, the market may go soft at times but it will never be the price of 5, 10, or 15 years ago. They stopped making it a long time a go.
It's most likely correct that overall prices will not drop more than 10%
But could be wrong for bad buyers. When markets are on fire people price them too high (as much as 100% too high). The dumb buyers that over pay at the peak could potentially be down 20-50% IF (yes a big if) land values did drop 10%
If one buys smart then it's really low odds the land will drop more than 5-10% in value. If it dropped more than that without recovering in 1-3 years we'd all be in trouble.
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All the way through school, my drive to finish was to be able to reach my goal of buying my own place. I was able to get 108 acres a few months after graduating, then the following year purchased another 40 and was able to flip it the next year for almost double what I bought it for (when folks say I was crazy for selling, I just tell them I basically got paid to play on it for a year and kill a booner, so it was worth it ) and put that towards our home. My wife and I are currently looking to get another place and hopefully sell it down the line in a couple years, then hopefully roll over whatever we make on it to get a bigger place.
I'm 31 and started all this about 6 years ago. Its crazy to me how much land prices have went up in the last 13 years since I graduated high school (doubled in most areas around here). I'd only save enough until you could afford the down payment, then pull the trigger. As many have said, the longer you save, yes you will have more money in the bank to put on a place, but I'm afraid that land prices growth will outrun your savings in growth in the long run.
LOTS of good advice on this thread for sure!
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Great thread. Like many others on here I am a firm believer in buying property when and where you can as long as you are buying it at the right price. So many different ways to accomplish it. To me it’s kind of like buying a new bow. Different strategies are better for different people at different times. Figure out what you want, research and educate yourself, make a plan, and don’t stop working that plan until you achieve you goals, period.
I’m 38 live on 450 acres, that I hope to add another 50 acres to in the next couple of months, and am actively persueeing acreage in other states. I’m not rich, I make good money and have for over 5 years now. I manage my debit to comfortable levels, and I am not afraid to evaluate oppertunities and act on them if they are right.
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Originally posted by AgTag23 View Posthow to you factor in toys into the equation? Land is one thing, but tractor, shed, implements, feeders, stands, fourwheeler, infrastructure adds up quick
You are on the right track. A lot of people buy land & have no idea or didn't think of associated cost of owning property.
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