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I need my own property....

Hawkeyebowhunter

Hawkeyebowhunter

New Member
Well so the time has come, ridiculous family issues are likely to put my access to the hunting property in serious jeopardy.

I have found a piece for sale that I'd be fairly interested in & am working with a banker as well as a realtor of sorts.

It isn't as many acres as I'd like, but it is very affordable both from a down payment aspect as well as monthly cost. Ideally I would work towards paying it off after a few smaller items are done.

With the addition of the land mortgage, total debt to income would be around 35%-45% so we aren't burying ourselves.

Only thing that has me on the fence is that the piece is not big. Granted the family property is roughly 40 acres so that isn't huge either. I'm not sure I'm going to find "reasonable" hunting properties anymore.

Wife and I are 37 & currently no kids.

Pull the trigger?
 
Tough to give my opinion without knowing your income, currently monthly expenses, price of the property, income off the property etc.
 
Hawkeyebowhunter said:
Well so the time has come, ridiculous family issues are likely to put my access to the hunting property in serious jeopardy.

I have found a piece for sale that I'd be fairly interested in & am working with a banker as well as a realtor of sorts.

It isn't as many acres as I'd like, but it is very affordable both from a down payment aspect as well as monthly cost. Ideally I would work towards paying it off after a few smaller items are done.

With the addition of the land mortgage, total debt to income would be around 35%-45% so we aren't burying ourselves.

Only thing that has me on the fence is that the piece is not big. Granted the family property is roughly 40 acres so that isn't huge either. I'm not sure I'm going to find "reasonable" hunting properties anymore.

Wife and I are 37 & currently no kids.

Pull the trigger?
Click to expand...
This is the easiest question i've ever seen on here.

Do It!!!!
 
sep0667 said:
Tough to give my opinion without knowing your income, currently monthly expenses, price of the property, income off the property etc.
Click to expand...
We may be able to put an acre or two into CRP to help offset taxes, but honestly the piece is small enough that the annual taxes are negligible- I'd much rather put the non-timber acres into a food plot anyway.

Debt to income is under 45%, haven't run the finances for Q1 yet, that's due this weekend. We're not rich by any stretch but we spend under our means. Monthly after down payment on the property would be sub $750 (small piece).
 
Hawkeyebowhunter said:
Well so the time has come, ridiculous family issues are likely to put my access to the hunting property in serious jeopardy.

I have found a piece for sale that I'd be fairly interested in & am working with a banker as well as a realtor of sorts.

It isn't as many acres as I'd like, but it is very affordable both from a down payment aspect as well as monthly cost. Ideally I would work towards paying it off after a few smaller items are done.

With the addition of the land mortgage, total debt to income would be around 35%-45% so we aren't burying ourselves.

Only thing that has me on the fence is that the piece is not big. Granted the family property is roughly 40 acres so that isn't huge either. I'm not sure I'm going to find "reasonable" hunting properties anymore.

Wife and I are 37 & currently no kids.

Pull the trigger?
Click to expand...
Buy the land………….

You won’t regret it.
 
Hawkeyebowhunter said:
We may be able to put an acre or two into CRP to help offset taxes, but honestly the piece is small enough that the annual taxes are negligible- I'd much rather put the non-timber acres into a food plot anyway.

Debt to income is under 45%, haven't run the finances for Q1 yet, that's due this weekend. We're not rich by any stretch but we spend under our means. Monthly after down payment on the property would be sub $750 (small piece).
Click to expand...

Sub $750 a month after the downpayment? And you are a dual income household? Buy it. That should be easy. Heck you could easily just sidegig your way to $750 a month and not even touch your regular income for the payments.
 
sep0667 said:
Sub $750 a month after the downpayment? And you are a dual income household? Buy it. That should be easy. Heck you could easily just sidegig your way to $750 a month and not even touch your regular income for the payments.
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Only issue is it’s a super small property, like sub 15 acres. Not sure if I should go ahead, or wait a year or two, save up more $ to buy a bigger piece
 
Hawkeyebowhunter said:
Only issue is it’s a super small property, like sub 15 acres. Not sure if I should go ahead, or wait a year or two, save up more $ to buy a bigger piece
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I'd rather have the "right" 15 than a poor 150. I killed some of my best deer off a 15 acre parcel.

Buy it to build equity into the future. You can use it as collateral or flip it when something better comes along.
 
Hawkeyebowhunter said:
Only issue is it’s a super small property, like sub 15 acres. Not sure if I should go ahead, or wait a year or two, save up more $ to buy a bigger piece
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Personally if I didnt know what kind of deer are in the area I would wait and keep saving for something bigger.

Do you guys have vehicle payments? If so and you really want to buy something you could sell your vehicles and getting cheaper paid for cars and probably easily save $1000 a month between two peoples vehicle payments/insurance. Maybe you already have cheaper cars like that. I just see most people constantly having a monthly car loan for what they could own a piece of ground for.
 
sep0667 said:
Personally if I didnt know what kind of deer are in the area I would wait and keep saving for something bigger.

Do you guys have vehicle payments? If so and you really want to buy something you could sell your vehicles and getting cheaper paid for cars and probably easily save $1000 a month between two peoples vehicle payments/insurance. Maybe you already have cheaper cars like that. I just see most people constantly having a monthly car loan for what they could own a piece of ground for.
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Ain’t that the truth! I couldn’t believe what the guy at the dealership told me about what the average buyers monthly payment are on a new vehicle. I said that is a mortgage payment not a truck payment! lol! I say do it! Build equity and maybe something next to it will eventually come available or roll into something bigger in the future. Just being a landowner in itself will change your and your families outlook and views on all aspects of life! Best thing you can ever do!
 
We do have car payments, total between the 2 is under $750, plan is to have those paid off mid summer. The working on the Harley & boat.

Ideally we are debt free minus the house by summer of ‘27 (and hopefully land)
 
Muddyrem said:
Buy the land………….

You won’t regret it.
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100%, I waited 10-15 years longer than I should have. Bought two smaller pieces in the last 10 years. Best thing I ever did, and I wish I would have done so earlier. Hard assets is where it's going to be in the future. Even if the value did go down (unlikely), you still have a tangible asset!
 
Buy it. I’m debt free next month (paying off the current hunting property) and going to be in the market for something, the wife is against much traveling since we did that for years and have 2 little girls. But I’m in an ag area and everything is stupid priced- so we will see how much movement the wife gives me
 
Hawkeyebowhunter said:
We do have car payments, total between the 2 is under $750, plan is to have those paid off mid summer. The working on the Harley & boat.

Ideally we are debt free minus the house by summer of ‘27 (and hopefully land)
Click to expand...

Sounds like you have options to free up money sooner than later if you want it. And keep in mind, land appreciates. The cars, harley, and boat depreciate.
 
Are there possibilities to add adjacent property down the road?? Like others said I’d do it. Add to it if possible or as Hardwood said make it A1 and flip it for a bigger piece.
 
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