wtnhunt Posted May 13, 2007 Report Share Posted May 13, 2007 Our widower retired neighbor has been hinting around that he wants to get out from under his farm and his horses for quite some time, but has not seemed really serious about letting the whole place go. Just not until now. Yesterday afternoon late the wife took her paint mare over to work her in the arena and she got to talking with him and he ended up before it was all over telling her to make him an offer on the place EVERYTHING included. She took it as that everything included means that he is talking about all the tack, the horses(5 registered quarter horses, all cutting horses), all the farm equipment(2 tractors, a jd 50 hp and 30 hp 4 wd ford with a loader and a never even used or hooked up to a tractor brand new woods backhoe attachment), and everything else, 2 gn horse trailers, utility trailers, and really there is just too much to even start to list everything. Could sell quite a bit of the stuff I did not need and make a little to put back into the place. We have talked about just buying his woods, then he has also suggested selling the whole place to us before in the past, but now he is serious and even told the wife yesterday that she does not know how serious he is. Last fall we were pretty well set to make him an offer on the woods, even had him agreeing to cutting the property, and he talked me out of it. In that conversation he told me that his last tax appraisal was around $158,000, which his barn by itself cost him more than that to build years ago when he had it built. The barn is huge, has an indoor riding arena big enough to get a horse into a run, I think 8 stalls down one side, 4 on the other side at the front. Our tax appraisals for property tax have also been really low, about 55 percent of the appraised value when we had it appraised for our loan, which is good for keeping the taxes down, but leaves me wondering how much would be a fair offer and is he maybe suggesting what he is interested in getting out of it by telling me what the tax appraisal was. The house is not of any real value, might be able to rent it out for $450-$500 a month. Really in all honesty I would not want the barn, but the wife does, and she wants it pretty bad. I see the barn maintenance as a lot of additional money and work for me to put into it, he has really let things go the past few years aside from mowing. My primary concern is in getting the property so that we can continue to keep the sole rights to hunt those woods, but if I can get the whole property and make enough off the house by renting it out or by maybe cutting it out with 4 or 5 acres and selling it to justify buying the whole place it may be worth it. The total property is +/- 38 acres I think according to the poperty maps I have seen. The barn driving wise is about 1/2 a mile away, but I could cut a road from our house through the back edge of the pasture along the woods, fence out the road to it and it would be only about 300 yards away. Right now we are almost completely debt free with the only loan we have being on our lawn tractor which was a 0 percent apr loan from kubota, so I am sure we could get a loan, just don't really want to be where we are committed to a huge monthly payment. Think he is suggesting that we make an offer around his appraisal seeing as how he told me that before? What would you do in this situation? Any advice would be appreciated. Quote Link to comment Share on other sites More sharing options...
huntinguide Posted May 13, 2007 Report Share Posted May 13, 2007 debt free, and a good place..... man id go for it as long as you are comfortable with the monthly payments, that sounds like an offer that you cant turn down. Do It, good luck Quote Link to comment Share on other sites More sharing options...
Turkeygirl Posted May 13, 2007 Report Share Posted May 13, 2007 Wow, sounds like a nice place. I'd say pray about and/or make an offer....if it works out, it's meant to be, if not...maybe it's not meant to be... Quote Link to comment Share on other sites More sharing options...
Newarcher Posted May 13, 2007 Report Share Posted May 13, 2007 Well, I hate debt.... However, you never know who or what will buy it...you could be looking at the loss of your hunting land and houses on 1/4 acre lots. You could also get a new neighbor you don't like. I personally would go for it provided you could get a price that made both of you happy and wouldn't harbon bad feelings later. You keep your hunting land, horse land, and guard yourself against a bad neighbor or subdivision....where do I sign up? New Quote Link to comment Share on other sites More sharing options...
buckee Posted May 13, 2007 Report Share Posted May 13, 2007 Man, it sounds like a dream property to me. If you knew what things were going for up here right now, you might look at it a bit differently. You can't buy an outhouse here for under $200,000 right now. A regular city, building lot here is going from $95,000 to $150,000, and that's with nothing on it. I guess it's all relative, or so I've been told...LOL Quote Link to comment Share on other sites More sharing options...
Ravin R10 man Posted May 13, 2007 Report Share Posted May 13, 2007 William, if it DOES NOT include those dang horses??? It's probably a good buy!!..LOL If you dont buy this, you'll be kicking yourself!! just think of all the food plots you can plant!! plus you have more elbow room, control of that property, could turn the house around for resale, or rent...must i go on?? Quote Link to comment Share on other sites More sharing options...
stevebeilgard Posted May 13, 2007 Report Share Posted May 13, 2007 from what you said, he wants you to buy it. so, ask him if he'll take an offer of the tax appraisel, 158,000. BUT, you want to give him 20% down, and 10% each year until it's paid off. he probably knows you're not rich, and what you can afford. then, tell him he can live there in his home (that you'll maintain) for (???) a cheap rent. and although all the equipment is yours, he can still use it whenever he wants. fact is, he wants off the place, doesn't want the horses, and is tired of riding tractors. you made him an offer that he can appreciate, and not feel like he's really selling. also, it will save him a bunch of taxes if he takes payments. kind of like an annuity. good for him, good for you. i always like a win/win deal. Quote Link to comment Share on other sites More sharing options...
mike Posted May 13, 2007 Report Share Posted May 13, 2007 steve b has a good idea there william. might wanna give that a try. as long as you can swing the payments without the rent needed i would say do it. if you can't swing it with out depending on the rent to survive i would say let it go. Quote Link to comment Share on other sites More sharing options...
archerjg Posted May 14, 2007 Report Share Posted May 14, 2007 I think that I would go for it. Good luck with your decision. Archerjg Quote Link to comment Share on other sites More sharing options...
wtnhunt Posted May 14, 2007 Author Report Share Posted May 14, 2007 from what you said, he wants you to buy it. so, ask him if he'll take an offer of the tax appraisel, 158,000. BUT, you want to give him 20% down, and 10% each year until it's paid off. he probably knows you're not rich, and what you can afford. then, tell him he can live there in his home (that you'll maintain) for (???) a cheap rent. and although all the equipment is yours, he can still use it whenever he wants. fact is, he wants off the place, doesn't want the horses, and is tired of riding tractors. you made him an offer that he can appreciate, and not feel like he's really selling. also, it will save him a bunch of taxes if he takes payments. kind of like an annuity. good for him, good for you. i always like a win/win deal. That sounds like a pretty good plan Steve, we will talk to him some more sometime this week and think I will first try to ask him what he wants out of it rather than coming right out and making an offer. This neighbor has been good. Really would hate to see him leave, even worse though would hate to see someone who might ruin the woods and mess up our hunting on our property move in. He does not need the money from the place either, I know he is quite well off, so he might be willing to let it go real reasonable and might also carry the loan. One thing that concerns me is that if we go through with this and deal with a bank, I would have to have him cut the house and a few acres out FIRST before we buy, so it would be deeded out so we could sell it off if we wanted to go that route. My wife talked to her sister today and her sister and her husband might be interested in the house. just think of all the food plots you can plant!! Food plots would not be likely planted on that property. The pasture is pretty decent pasture Martin, would likely leave it as is, most of the balance is in mature harvestable hardwood timber which would also be left alone as a sanctuary area for the most part. I have tried to keep it that way since he gave us sole permission years ago. Would be easier to keep others out once we own it though. Quote Link to comment Share on other sites More sharing options...
BowJoe Posted May 14, 2007 Report Share Posted May 14, 2007 I would say to look at it in the eyes of a new home buyer. The rule of thumb we were told was to take our yearly income (gross) and find a house that matches it. If you make 160,000 a year then go for it but if you don't even come close then I'd say make him an offer on the land only as far as pasture that's close to the woods plus the woods. Makes sense to me. You may also want to consider what you'd get for the tractors, truck and horses and maybe the house like you said about renting it and see where that would bring you down. On a basic payment for a 30 year loan, you're looking at around $950 a month plus property taxes and insurance. If you can swing it from a mathematical point of view and not one of emotion then go for it. Good luck. Quote Link to comment Share on other sites More sharing options...
QDMAworks4me Posted May 14, 2007 Report Share Posted May 14, 2007 I sure would think long and hard about it. I had a chance to buy the house that was next to mine at a low price but at the time I did not have the money. If you are able to do it I would but it. It allows you to have control of what happens around your own land. Good luck and let us know what you decide. Quote Link to comment Share on other sites More sharing options...
Randyman Posted May 14, 2007 Report Share Posted May 14, 2007 debt free, and a good place..... man id go for it as long as you are comfortable with the monthly payments, that sounds like an offer that you cant turn down. Do It, good luck Couldn't agree more! Quote Link to comment Share on other sites More sharing options...
brad dryden Posted May 14, 2007 Report Share Posted May 14, 2007 Well guess on what the land is worth alone. Then guess what the barn is worh as is and do this for each barn or structure. Dont include what it cost new just look at the condition and how old it is. Then kinda add them together and talk to a loan officer and see about what kinda payment their are. Also check the clasifids to so what land is worth in the area so you can get a idea. Good luck to you. Quote Link to comment Share on other sites More sharing options...
brad dryden Posted May 14, 2007 Report Share Posted May 14, 2007 Also what you could do is buy the land and sell the house with maybe a 1/2 acre or so and you could log the woods they have a light,medium,heavy logging we had that done and it made is nice for growth and attracted the deer. If you have any fields call a farmer and see if he will plant crops on it around here the rent per acre for crop farming is $70 per acre. Quote Link to comment Share on other sites More sharing options...
wtnhunt Posted May 14, 2007 Author Report Share Posted May 14, 2007 Thanks for all the advice everyone. After checking loan rates and amortization tables, If we put down around $20,000 and were able to get the property for around $160,000, granted he will let it go for that, that would have us borrowing $140,000. On a 15 year note at 5.49 fixed rate payments would run around $1150 a month. Think we could handle that without even having a renter or selling off the house, would make things tight, but think we could make it. Then if we could sell the house and just a few acres out of it for around $60,000, and then get around $15,000 for the tractors, equipment and horses we dont want or need, we could put in as a payment on the principal, which would put us having a balance of around $65,000 to pay interest and payments on. Really need to talk to a banker to figure just how much it would knock down the interest by paying the big chunks off as we were able to. Quote Link to comment Share on other sites More sharing options...
kidd Posted May 14, 2007 Report Share Posted May 14, 2007 remember God is not making anymore land!!! Quote Link to comment Share on other sites More sharing options...
OJR Posted May 14, 2007 Report Share Posted May 14, 2007 Keep all avenues open and certainly keep talking to him! Quote Link to comment Share on other sites More sharing options...
wtnhunt Posted May 28, 2007 Author Report Share Posted May 28, 2007 update Well the wife talked with the neighbor and while he is a still bit frustrated, he was just in a mood and has had a change of heart for now, but said that maybe in another year or two he will sell it. Guess really for us so long as he keeps it, and offers it to us when he is ready to sell which he has said he will, it is probably for the best best for us anyways. Quote Link to comment Share on other sites More sharing options...
dogdoc Posted May 28, 2007 Report Share Posted May 28, 2007 Well I typed out a long reply then just saw your new post--oh well. When the timing is right it will happen. Quote Link to comment Share on other sites More sharing options...
christsavedme Posted May 28, 2007 Report Share Posted May 28, 2007 Dogdoc said it best....when the time is right it will happen! Just know that the time is probably coming with him talking about it so much, continue to pray that if the chance to buy comes up again that God will lead you and your wife in the direction He wants you to go! Sounds like a great deal! Best of luck! Quote Link to comment Share on other sites More sharing options...
stevebeilgard Posted May 30, 2007 Report Share Posted May 30, 2007 i agree. let it ride, and wait for his next bad day. Quote Link to comment Share on other sites More sharing options...
brad dryden Posted May 30, 2007 Report Share Posted May 30, 2007 Well look at it this way you can save a little money here and their and would be able to put down a bigger down payment. Quote Link to comment Share on other sites More sharing options...
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