Posted by John in Mich on September 02, 2019 at 18:44:55 from (68.62.101.57):
In Reply to: Buying Land-Advice? posted by tree-farmer on September 02, 2019 at 11:19:24:
Each situation is different. I spent several years trying to buy the 6 acres of land adjacent to me. The owner was holding out to offer it as an option to a buyer of the next property, 10 acres, that contained his house. Finally he came to me and asked if I was still interested. He named a price and we agreed to a land contract at 5%, amortized for 30 years but a balloon payment at 5 years. I split the property into 4 pieces with provision for a private road. Half of the road would be on my land and half on the new land. When he could not sell the house with the 10 acres, I offered to buy the rear 5 acres on another land contract of the same terms, though much lower price. Being landlocked, I was the only one who could provide the necessary access by having filed recorded legals for 4 parcels of the first land contract. The 5 was then attached to the rear 3 acres of the first land contract. 3 years later I developed the private road and sold 3 one acre lots for cash and paid off the land contracts. I still had the rear 8 acres as a "play" area. State law prohibited me from selling the 8 acres for 10 years AFTER the last sale without also selling my house and 6 acres with it. HA! I can wait. After the limitation statute expired, I sold the 8 acres to one person. It was NOT splitable. 3 years later that buyer bought 3 more acres from me. I now only own 3 acres. At 76, that is enough land and the money in my savings looks nice. Look at all of your options.
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Today's Featured Article - Grain Threshing in the Early 40's - by Jerry D. Coleman. How many of you can sit there and say that you have plowed with a mule? Well I would say not many, but maybe a few. This story is about the day my Grandfather Brown (true name) decided along with my parents to purchase a new Ford tractor. It wasn't really new except to us. The year was about 1967 and my father found a good used Ford 601 tractor to use on the farm instead of "Bob", our old mule. Now my grandfather had had this mule since the mid 40's and he was getting some age on him. S
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