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I'm considering buying this place with two partners. What do you think?

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  • Fred O'Malley
    I AM THE PALE HORSEMAN
    • Apr 2013
    • 173324

    I'm considering buying this place with two partners. What do you think?

    • 429 Acre Hunting & Fishing Paradise!
    • This magnificent 3100 sf rustic stone, board & batten lodge, on the highest hill, overlooking a 40 acre lake and new metal roof
    • 4 bedrooms and 3 baths
    • Beautiful vaulted ceiling in the huge living room
    • Home is surrounded by a dozen lakes stocked with feeders
    • Pastures, woods with 8 miles of maintained trails
    • 2 pecan groves
    • 2 deer plots/stands
    • Tennis court
    • The 40 acre lake has a sandy beach, docks, is spring fed and stocked
    • Wrap-around deck with outdoor entertaining areas with swings and banquette’s
    • 2 Outdoor stainless Coyote Grills with rotisserie
    • 2 gas cook-tops with drawer storage
    • Hot tub
    • Fire pit
    • New 2-story, 4800 sf metal barn with entertainment & recreation area & 2 baths
    • 30 Amp RV Hook-ups
    • Above ground gas, diesel and propane
    • The property is bounded on the south by Murder Creek and Go Go Road on the north.
    • Zoning: Rural
    • Taxes: $7,087
    • Directions: I-59 exit Hwy. 53, turn right on Progress Road which turns to Silver Run Road. Property on the corner of Go Go Road. (Map Quest is inaccurate)
    • This property is "Subject to Seller Confirmation"
    Government is a DISEASE - FREEDOM is the CURE
    Integrity is doing the right thing when no one else is watching.
    “Men fear thought as they fear nothing else on earth — more than ruin, more even than death. Thought is subversive and revolutionary, destructive and terrible, thought is merciless to privilege, established institutions, and comfortable habits; thought is anarchic and lawless, indifferent to authority, careless of the well-tried wisdom of the ages. Thought looks into the pit of hell and is not afraid … Thought is great and swift and free, the light of the world, and the chief glory of man.”Bertrand Russell, Why Men Fight
  • Archangel
    Moderator
    • Feb 2015
    • 2535

    #2
    Nice clean looking property. If one or more of the partners suddenly couldn't maintain their commitments, could you carry the property yourself so as to not lose your investment in it? That's my first question.

    Comment

    • Fred O'Malley
      I AM THE PALE HORSEMAN
      • Apr 2013
      • 173324

      #3
      Yeah, sure I could. If things got crazy and I had to sell, that wouldn't be a problem. I'm going to fwd the email with pictures inside the lodge. Hell, I could sell annual hunting & fishing memberships for $5,000 each per year, no problem at all. I think we can buy it for $1 million. The notes would only be $6,000 a month.
      Government is a DISEASE - FREEDOM is the CURE
      Integrity is doing the right thing when no one else is watching.
      “Men fear thought as they fear nothing else on earth — more than ruin, more even than death. Thought is subversive and revolutionary, destructive and terrible, thought is merciless to privilege, established institutions, and comfortable habits; thought is anarchic and lawless, indifferent to authority, careless of the well-tried wisdom of the ages. Thought looks into the pit of hell and is not afraid … Thought is great and swift and free, the light of the world, and the chief glory of man.”Bertrand Russell, Why Men Fight

      Comment

      • Archangel
        Moderator
        • Feb 2015
        • 2535

        #4
        Is that $6K for each of the three partners or is $6k a month the total payment?

        Each of the partners would need to look at their individual financial situation and make the decision, as the group would need to also make a group decision on whether or not to join together to purchase it. Are you all three clear on what you want going on and not going on with the property? If one wants it as a game preserve and another wants to hunt on it....all kinds of things need to be made clear before diving into it.

        We have a lot of acreages around here where people have partnered up to buy it, then they stop being friends over things. Someone loses their job, someone gets arrested, someone goes to jail. Someone dies. Someone starts boinking someone else's wife. What happens then? You may have heard the adage about 'Business and friendships'. Not saying they never work, but it's good to be clear on who's where with what going into it. Who gets to stay in the nice big house whenever they want? Or will times be signed up for, or how will that be handled? Have you three ever done business together before? How did/does that work between you?

        Adequate cash reserves are important too. A person doesn't want to be overextended and the payments on the place being barely made. Please remember you've been posting about 'Economic collapse' for quite a while. What will your situations look like should that come to be?

        I have a friend who owns several million in property, yet he's never kept adequate cash reserves. Right now he's in a big heap of trouble with things slowing down right now. No one is buying his other properties he was counting on for income, and he has big taxes coming up next month. If I see him at the hardware buying rope, I'm going to take it away from him. Have kept him from doing all kinds of stupid stuff he goes thru just because he likes feeling high when he buys another property rather than storing up cash to cover the taxes and upkeep on them.

        On that property, there will be expenses above and beyond the loan payments. That's a well maintained property, and it's way more than one, or even maybe three can do on their own.

        Don't think for a minute I'm trying to rain on your parade, Fred. We're just talking. It'd be a great place to have, and huge feather in anyone's cap. What do your wives think about buying it? They're your primary partners, so be sure they're on board about it too.

        Comment

        • reynolds
          Senior Member
          • Oct 2018
          • 1981

          #5
          Don't know about you Fred, but I'm not getting any younger. Seriously, and I do like manual labor on top of it. Thinking about getting out of renting and getting a place. Our number one investment is always our health. And where you are requires some liquidity. Couldn't you subdivide that acreage a little?

          Comment

          • Fred O'Malley
            I AM THE PALE HORSEMAN
            • Apr 2013
            • 173324

            #6
            Well, I'm an investor with a great income, one guy is a CPA and the other is a lawyer with a great practice. It would be done as a corporation (LLC) and each would own equal shares. We can work out the details on occupancy dates and expenses. We would keep a set of books showing all outflows and who paid them, settling up each month. Tractor fuel, seed & fertilizer, etc. We are all in the autum of our lives with wives who aren't interested, so buyout plans would be detailed in the LLC paperwork. We may even do a joint/survivor insurance policy to make buyouts cashless to the survivors. I figure we only have about ten years left to enjoy the place, since after that we'd all be too gimpy to work the land or haul deer out, etc. Lawyers always try to gain an edge, but I know the law as well as my partner does, and I'm a better businessman. You can't screw a CPA on numbers, so it's useless to try. Being three very intelligent older men should make it a smooth operation. We could sell our shares to anyone at any time, so in the end, we will probably all make a good return on the investment, something our wives would certainly be interested in.
            Government is a DISEASE - FREEDOM is the CURE
            Integrity is doing the right thing when no one else is watching.
            “Men fear thought as they fear nothing else on earth — more than ruin, more even than death. Thought is subversive and revolutionary, destructive and terrible, thought is merciless to privilege, established institutions, and comfortable habits; thought is anarchic and lawless, indifferent to authority, careless of the well-tried wisdom of the ages. Thought looks into the pit of hell and is not afraid … Thought is great and swift and free, the light of the world, and the chief glory of man.”Bertrand Russell, Why Men Fight

            Comment

            • Fred O'Malley
              I AM THE PALE HORSEMAN
              • Apr 2013
              • 173324

              #7
              Originally posted by reynolds View Post
              Don't know about you Fred, but I'm not getting any younger. Seriously, and I do like manual labor on top of it. Thinking about getting out of renting and getting a place. Our number one investment is always our health. And where you are requires some liquidity. Couldn't you subdivide that acreage a little?
              That, of course, would require a vote of the partners, but land is cheap around there, and we might hire a guy like you a few days a month to run the tractor and whatever else needs doing when we aren't there. Game, fish and a garden plot should make living in the area easy and cheap.
              Government is a DISEASE - FREEDOM is the CURE
              Integrity is doing the right thing when no one else is watching.
              “Men fear thought as they fear nothing else on earth — more than ruin, more even than death. Thought is subversive and revolutionary, destructive and terrible, thought is merciless to privilege, established institutions, and comfortable habits; thought is anarchic and lawless, indifferent to authority, careless of the well-tried wisdom of the ages. Thought looks into the pit of hell and is not afraid … Thought is great and swift and free, the light of the world, and the chief glory of man.”Bertrand Russell, Why Men Fight

              Comment

              • Fred O'Malley
                I AM THE PALE HORSEMAN
                • Apr 2013
                • 173324

                #8
                Here's the link to the auctioneer's site: https://svnacceleratedsales.com/upco...Id=566072-sale
                Government is a DISEASE - FREEDOM is the CURE
                Integrity is doing the right thing when no one else is watching.
                “Men fear thought as they fear nothing else on earth — more than ruin, more even than death. Thought is subversive and revolutionary, destructive and terrible, thought is merciless to privilege, established institutions, and comfortable habits; thought is anarchic and lawless, indifferent to authority, careless of the well-tried wisdom of the ages. Thought looks into the pit of hell and is not afraid … Thought is great and swift and free, the light of the world, and the chief glory of man.”Bertrand Russell, Why Men Fight

                Comment

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