Buying some of Grandma’s land

[curtintex]

My .02.... I love land. Family land is even better. I'm self-employed like you, so taking chances is nothing new to guys like us. Retirement funding also doesn't seem as important right now if you don't plan on retiring and your business keeps paying you while other people actually do the work. Your business is your retirement, I get it. I choose not to put my money in mutual funds, but I own several businesses in two states that pay me whether I'm working or fishing or hunting.

If the **** hits the fan, you could lose the farm. Just like you could lose your business.
Just like I could lose my businesses. But.....but, what if it don't. What if the fan keeps blowing fair winds and good fortune, you have yourself an awesome farm to pass on to your boys. You have a place in a few years that you bought for $3000/ac that could be worth $6k/ac. You could deliver pizzas in the evening to make the money needed to make up the difference in the note. You could grow your business and use the additional income to pay the farm off. You said your dad could afford it but chooses not to....so inheritance is in your distant future....not to sound moribund but it's a fact.

It's a gamble. But, life's a gamble. Sometimes you crap out. Sometimes you wreck the casino. But you never know which until you roll the **** dice. Risk in essential in growth. Calculated risk that is within what you can stand is acceptable...outside of what you can stand isn't. But, I'd rather die broke than live scared of failing. If I was, I'd still be working for a pump company in Houston, TX, waiting on my next scheduled vacation and dreaming of "someday" owning my own farm.

Whatever you decide, good luck. By the way, this isn't advice, it's perspective.

[ClayW]

My .02.... I love land. Family land is even better. I'm self-employed like you, so taking chances is nothing new to guys like us. Retirement funding also doesn't seem as important right now if you don't plan on retiring and your business keeps paying you while other people actually do the work. Your business is your retirement, I get it. I choose not to put my money in mutual funds, but I own several businesses in two states that pay me whether I'm working or fishing or hunting.

If the **** hits the fan, you could lose the farm. Just like you could lose your business.
Just like I could lose my businesses. But.....but, what if it don't. What if the fan keeps blowing fair winds and good fortune, you have yourself an awesome farm to pass on to your boys. You have a place in a few years that you bought for $3000/ac that could be worth $6k/ac. You could deliver pizzas in the evening to make the money needed to make up the difference in the note. You could grow your business and use the additional income to pay the farm off. You said your dad could afford it but chooses not to....so inheritance is in your distant future....not to sound moribund but it's a fact.

It's a gamble. But, life's a gamble. Sometimes you crap out. Sometimes you wreck the casino. But you never know which until you roll the **** dice. Risk in essential in growth. Calculated risk that is within what you can stand is acceptable...outside of what you can stand isn't. But, I'd rather die broke than live scared of failing. If I was, I'd still be working for a pump company in Houston, TX, waiting on my next scheduled vacation and dreaming of "someday" owning my own farm.

Whatever you decide, good luck. By the way, this isn't advice, it's perspective.

Wisdom right here!

#livin

[TheHammer]

My .02.... I love land. Family land is even better. I'm self-employed like you, so taking chances is nothing new to guys like us. Retirement funding also doesn't seem as important right now if you don't plan on retiring and your business keeps paying you while other people actually do the work. Your business is your retirement, I get it. I choose not to put my money in mutual funds, but I own several businesses in two states that pay me whether I'm working or fishing or hunting.

If the **** hits the fan, you could lose the farm. Just like you could lose your business.
Just like I could lose my businesses. But.....but, what if it don't. What if the fan keeps blowing fair winds and good fortune, you have yourself an awesome farm to pass on to your boys. You have a place in a few years that you bought for $3000/ac that could be worth $6k/ac. You could deliver pizzas in the evening to make the money needed to make up the difference in the note. You could grow your business and use the additional income to pay the farm off. You said your dad could afford it but chooses not to....so inheritance is in your distant future....not to sound moribund but it's a fact.

It's a gamble. But, life's a gamble. Sometimes you crap out. Sometimes you wreck the casino. But you never know which until you roll the **** dice. Risk in essential in growth. Calculated risk that is within what you can stand is acceptable...outside of what you can stand isn't. But, I'd rather die broke than live scared of failing. If I was, I'd still be working for a pump company in Houston, TX, waiting on my next scheduled vacation and dreaming of "someday" owning my own farm.

Whatever you decide, good luck. By the way, this isn't advice, it's perspective.

This! Fortune favors the bold.

[wingnut]

I’d buy the the property, I love land. Getting $50,000 for rent that u can put toward the payment would be awesome!

[camoclad]

My .02.... I love land. Family land is even better. I'm self-employed like you, so taking chances is nothing new to guys like us. Retirement funding also doesn't seem as important right now if you don't plan on retiring and your business keeps paying you while other people actually do the work. Your business is your retirement, I get it. I choose not to put my money in mutual funds, but I own several businesses in two states that pay me whether I'm working or fishing or hunting.

If the **** hits the fan, you could lose the farm. Just like you could lose your business.
Just like I could lose my businesses. But.....but, what if it don't. What if the fan keeps blowing fair winds and good fortune, you have yourself an awesome farm to pass on to your boys. You have a place in a few years that you bought for $3000/ac that could be worth $6k/ac. You could deliver pizzas in the evening to make the money needed to make up the difference in the note. You could grow your business and use the additional income to pay the farm off. You said your dad could afford it but chooses not to....so inheritance is in your distant future....not to sound moribund but it's a fact.

It's a gamble. But, life's a gamble. Sometimes you crap out. Sometimes you wreck the casino. But you never know which until you roll the **** dice. Risk in essential in growth. Calculated risk that is within what you can stand is acceptable...outside of what you can stand isn't. But, I'd rather die broke than live scared of failing. If I was, I'd still be working for a pump company in Houston, TX, waiting on my next scheduled vacation and dreaming of "someday" owning my own farm.

Whatever you decide, good luck. By the way, this isn't advice, it's perspective.

#for president

[BigRed323]

If you buy it and and want to lease a week at a time for birds, you’d definitely have my money! Put me in line

[RR 314]

I’d buy the the property, I love land. Getting $50,000 for rent that u can put toward the payment would be awesome!

Don't forget $50K ain't 50K! All subject to ordinary income tax.

I am risk averse and live by the old man's (depression baby) guidance--"If you have to finance it, you can't afford it." Granted, as I have seen land go crazy around Austin, I wish I had financed $20 million.

[bboswell]

Who will inherit grandma’s land if you don’t buy it?

[Jack12]

Definitely buy it!

[phoneman]

If there is any way you can swing it, DO IT!!! You can look at it as a retirement investment. You’re just putting money into the land instead of the 401k or Ira. Also there are ways to buy it with your retirement money without out tax consequences. In 20 years you will be kicking yourself for not doing it when it’s worth 10k an acre.

[curtintex]

#for president

Awesome. Where else can you get a $400k per year job and after 4 years be worth $50Million? Sign me up.


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[WyoBull]

Anybody can post on here to buy it and running the numbers is not difficult to see if financially you could afford it.
An important factor to consider is your risk tolerance as curtintex posted. There are plenty of people on here that have the money but are not willing to take the risk to buy it for a multitude of reasons.
At the end of the day, you have to be able to sleep at night and be able to enjoy the land and not have any fear about be able to afford it.
Good luck to you!

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[Txtourist]

Update- sounds like it’s a semi-done deal and I was told we could talk about it this spring when Grandma came back from Arizona. Well my wife ended up driving her home and during the drive she said I could buy it with the hopes I’d have a reality check when told the price. They thought that would make me say oh well, instead, I started looking into how I was going to make it happen. In-laws- what can I say... they are cut from a different cloth. I’m going to call the guy they have a verbal agreement with and feel him out a bit and see where he’s at. I cannot understand a family that sells land that the family owns outright and has a healthy cash flow, selling it off because one family member says it’s too much work and doesn’t want to deal with it.
It’s funny to me, I grew up in a family that had commercial, residential and some Ag rentals and it’s not that big of a time commitment and the risks never bothered me much. I guess to others it’s too much.
Thanks all for the thought and input. I’ll update if any their changes, but as of now it’s dead.

[DUKFVR]

Hopefully something changes in your favor.

[Farmdog]

Its tough, but you have a little time on your side, good luck