Don't think I'd sell- I think farm land is a better investment than whatever else you could do with the money. And as JDSeller said, the monetary system is going to blow up one fine day, and I think you'd be better off with tangible assets rather than $$$ invested when that happens.
But if you are going to sell, do it in 2012, because capital gains tax advantage will probably go away after the election.
It would be a good idea to split it now, though, especially if you're on better terms with your sister than you will be with her heirs after she passes (or vice versa). The problem with carrying the place on through the generations is two-fold- the longer it goes, the more owners there are, and the harder it will be to ever get a consensus on anything. When the house needs a new roof, you can bet somebody will object.
Get a trusted real estate person to give you a market analysis on the farmstead, and per-acre value on farmland and timberland. Then figure out a way to split it that will be equitable, maybe with some "boot" one way or the other, if that's necessary to equalize the values.
You could also sell just the timberland, if neither of you is interested in it and want to raise some cash.
I'm kind of a fan of selling on contract- but then, I'm a lawyer and the idea of forfeiting the contract doesn't scare me. You get better interest than you can any other way, and sure, bad things may happen, but more often, things go fine. Be sure a deed is escrowed somewhere, build sufficient safeguards into the contract, insist on insurance (including liability), and get enough down payment that buyer has skin in the game. Check on the property regularly to make sure he's not turning it into a meth lab.
Nobody ever went broke getting 20% down, and either collecting 5 or 6% interest, or getting the property back and reselling it.
We sell tractor parts! We have the parts you need to repair your tractor - the right parts. Our low prices and years of research make us your best choice when you need parts. Shop Online Today. [ About Us ]
Today's Featured Article - Hydraulics - Cylinder Anatomy - by Curtis von Fange. Let’s make one more addition to our series on hydraulics. I’ve noticed a few questions in the comment section that could pertain to hydraulic cylinders so I thought we could take a short look at this real workhorse of the circuit. Cylinders are the reason for the hydraulic circuit. They take the fluid power delivered from the pump and magically change it into mechanical power. There are many types of cylinders that one might run across on a farm scenario. Each one could take a chapter in
... [Read Article]
Latest Ad:
1964 I-H 140 tractor with cultivators and sidedresser. Starts and runs good. Asking 2650. CALL RON AT 502-319-1952
[More Ads]
All Rights Reserved. Reproduction of any part of this website, including design and content, without written permission is strictly prohibited. Trade Marks and Trade Names contained and used in this Website are those of others, and are used in this Website in a descriptive sense to refer to the products of others. Use of this Web site constitutes acceptance of our User Agreement and Privacy Policy
TRADEMARK DISCLAIMER: Tradenames and Trademarks referred to within Yesterday's Tractor Co. products and within the Yesterday's Tractor Co. websites are the property of their respective trademark holders. None of these trademark holders are affiliated with Yesterday's Tractor Co., our products, or our website nor are we sponsored by them. John Deere and its logos are the registered trademarks of the John Deere Corporation. Agco, Agco Allis, White, Massey Ferguson and their logos are the registered trademarks of AGCO Corporation. Case, Case-IH, Farmall, International Harvester, New Holland and their logos are registered trademarks of CNH Global N.V.
