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 - Old Time Threshing - by Anthony West. A lovely harvest evening late September 1947, I was a school boy, like all school boys I loved harvest time. The golden corn ripens well and early, the stoking, stacking,.... the drawing in with the tractors and trailers and a few buck rakes thrown in, and possibly a heavy horse. It would be a great day for the collies and the terrier dogs, rats and mice would be at the bottom of the stacks so the dogs, would have a busy time hunting and killing, all the corn was gathered and ricked in what we c
... [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.
