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Post by MoBuckChaser on Mar 1, 2017 9:10:57 GMT -6
MO if I promise to stay out of Missouri want to give me some bottom feeding tips on finding deals? Come on down! But when you find something you want to buy, the first question you should ask is "How long has the seller owned the property?" Less than 5 years and It may mean you are buying at the top!
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Post by kl9 on Mar 1, 2017 9:13:08 GMT -6
MO if I promise to stay out of Missouri want to give me some bottom feeding tips on finding deals? Come on down! But when you find something you want to buy, the first question you should ask is "How long has the seller own the property"! It may mean you are buying at the top! How do you find them before hitting the market though? I've randomly contacted people on my own asking if they will sell, generally with limited luck. I can't imagine that is how people find the great deals all the time
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Post by MoBuckChaser on Mar 1, 2017 9:16:57 GMT -6
Come on down! But when you find something you want to buy, the first question you should ask is "How long has the seller own the property"! It may mean you are buying at the top! How do you find them before hitting the market though? I've randomly contacted people on my own asking if they will sell, generally with limited luck. I can't imagine that is how people find the great deals all the time I just went almost 5 years without finding a good deal. But just found 200 acres with 145 tillable for $1,800/acre. But I am down in the area a lot, know a lot of people, and let them all know if they want to sell, give me a shot. I have developed a great relationship with a couple of agents that know we can close fast if needed. Its a part of the puzzle.
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Post by Bwoods11 on Mar 1, 2017 9:38:27 GMT -6
I like farms with income personally. I do look for recreation on that farm, in other words, I like a 50/50 farm with timber and the rest income. I bought an 82 acre farm in MN, that was mostly tillable, but it has 15 acres of oak trees, and wooded draws...scenic and it overlooks a lake. Therefore it will always have high value
My advice would be to look hard for that right property, if it has income all the better, but some are undervalued and it could make sense to buy an all wooded farm if the price was right.
In my opinion, from looking at all the surrounding states, Iowa, Missouri and North Dakota have the best deals. You can buy a good cash flow farm in those states if you know what you are doing...like Mo. Iowa for instance has high cash rent, and CRP that pays up to $300/acre.
North Dakota right now, a guy could buy a nice parcel and put some in CRP and farm part of it, and pay the farm off in 15 years. For $$$ reasons and already having too much on my plate, I have not bought there, but I have seen a few farms that were no-brainers.
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Post by MoBuckChaser on Mar 1, 2017 9:55:53 GMT -6
I like farms with income personally. I do look for recreation on that farm, in other words, I like a 50/50 farm with timber and the rest income. I bought an 82 acre farm in MN, that was mostly tillable, but it has 15 acres of oak trees, and wooded draws...scenic and it overlooks a lake. Therefore it will always have high value My advice would be to look hard for that right property, if it has income all the better, but some are undervalued and it could make sense to buy an all wooded farm if the price was right. In my opinion, from looking at all the surrounding states, Iowa, Missouri and North Dakota have the best deals. You can buy a good cash flow farm in those states if you know what you are doing...like Mo. Iowa for instance has high cash rent, and CRP that pays up to $300/acre. North Dakota right now, a guy could buy a nice parcel and put some in CRP and farm part of it, and pay the farm off in 15 years. For $$$ reasons and already having too much on my plate, I have not bought there, but I have seen a few farms that were no-brainers. Lots of large farmers are on the brink of disaster. One of the largest in North Dakota just filed bankruptcy. Need to be careful renting out ag land to anyone anymore! ag-at-large.areavoices.com/2017/02/15/mcmartins-chapter-7-bankruptcy-raises-eyebrows/
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Post by Bwoods11 on Mar 1, 2017 10:25:40 GMT -6
I like farms with income personally. I do look for recreation on that farm, in other words, I like a 50/50 farm with timber and the rest income. I bought an 82 acre farm in MN, that was mostly tillable, but it has 15 acres of oak trees, and wooded draws...scenic and it overlooks a lake. Therefore it will always have high value My advice would be to look hard for that right property, if it has income all the better, but some are undervalued and it could make sense to buy an all wooded farm if the price was right. In my opinion, from looking at all the surrounding states, Iowa, Missouri and North Dakota have the best deals. You can buy a good cash flow farm in those states if you know what you are doing...like Mo. Iowa for instance has high cash rent, and CRP that pays up to $300/acre. North Dakota right now, a guy could buy a nice parcel and put some in CRP and farm part of it, and pay the farm off in 15 years. For $$$ reasons and already having too much on my plate, I have not bought there, but I have seen a few farms that were no-brainers. Lots of large farmers are on the brink of disaster. One of the largest in North Dakota just filed bankruptcy. Need to be careful renting out ag land to anyone anymore! ag-at-large.areavoices.com/2017/02/15/mcmartins-chapter-7-bankruptcy-raises-eyebrows/Agree, I would probably go with CRP in most cases. My high school friend has farm land and actively farms in Sargent County, ND and he would be my renter, but damn if I can find a farm in that county...that still commands a higher price (soils are better, and it is in SE ND)
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Post by MN Slick on Mar 1, 2017 11:53:53 GMT -6
How do you find them before hitting the market though? I've randomly contacted people on my own asking if they will sell, generally with limited luck. I can't imagine that is how people find the great deals all the time I just went almost 5 years without finding a good deal. But just found 200 acres with 145 tillable for $1,800/acre. But I am down in the area a lot, know a lot of people, and let them all know if they want to sell, give me a shot. I have developed a great relationship with a couple of agents that know we can close fast if needed. Its a part of the puzzle. Is the seller senile or need quick cash? I can't figure out why he would sell below market without at least putting it on the market.
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Post by Freeborn on Mar 1, 2017 12:00:43 GMT -6
I think we are going to have to take good deals off the list as most guys can't wait 5 years.
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Post by MoBuckChaser on Mar 1, 2017 12:01:21 GMT -6
I just went almost 5 years without finding a good deal. But just found 200 acres with 145 tillable for $1,800/acre. But I am down in the area a lot, know a lot of people, and let them all know if they want to sell, give me a shot. I have developed a great relationship with a couple of agents that know we can close fast if needed. Its a part of the puzzle. Is the seller senile or need quick cash? I can't figure out why he would sell below market without at least putting it on the market. Who says its below market? There are other properties that have sold for under $1,900 per acre the last 5 years. I know, I have bought some of them!
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Post by MN Slick on Mar 1, 2017 12:24:06 GMT -6
Is the seller senile or need quick cash? I can't figure out why he would sell below market without at least putting it on the market. Who says its below market? There are other properties that have sold for under $1,900 per acre the last 5 years. I know, I have bought some of them! I do because you wouldn't buy otherwise, lol! Seriously though, assuming it's in your area and decent farmland that is below market. 5 years ago yes. I've been giving my opinion to a couple guys shopping in MO recently. Not many listings right now. Both found farms through networking and I think they are paying about market value. You aren't in this position but often times a guy has to pay market value if he thinks the farm is a winner for hunting and hope the value will continue to increase long term for the investment component. One interesting thing I heard from a couple realtors is that you can get $200 or so more per acre if you have a good history of scouting/harvest pictures.
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Post by kl9 on Mar 1, 2017 12:32:37 GMT -6
Who says its below market? There are other properties that have sold for under $1,900 per acre the last 5 years. I know, I have bought some of them! I do because you wouldn't buy otherwise, lol! Seriously though, assuming it's in your area and decent farmland that is below market. 5 years ago yes. I've been giving my opinion to a couple guys shopping in MO recently. Not many listings right now. Both found farms through networking and I think they are paying about market value. You aren't in this position but often times a guy has to pay market value if he thinks the farm is a winner for hunting and hope the value will continue to increase long term for the investment component. One interesting thing I heard from a couple realtors is that you can get $200 or so more per acre if you have a good history of scouting/harvest pictures. For a lease?? I'd never pay that for a hunting lease. It also confuses me how farms will sell below market (or certainly at the very low end of market)... It's like some people just don't know what they have when they're selling. I'm still learning the process. Sounds like maybe you have to have a lot of cash and close quick to get the real steals?
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Post by MoBuckChaser on Mar 1, 2017 12:49:37 GMT -6
Who says its below market? There are other properties that have sold for under $1,900 per acre the last 5 years. I know, I have bought some of them! I do because you wouldn't buy otherwise, lol! Seriously though, assuming it's in your area and decent farmland that is below market. 5 years ago yes. I've been giving my opinion to a couple guys shopping in MO recently. Not many listings right now. Both found farms through networking and I think they are paying about market value. You aren't in this position but often times a guy has to pay market value if he thinks the farm is a winner for hunting and hope the value will continue to increase long term for the investment component. One interesting thing I heard from a couple realtors is that you can get $200 or so more per acre if you have a good history of scouting/harvest pictures. The problem is you never know if its a good deal until you sell!
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Post by MoBuckChaser on Mar 1, 2017 12:51:39 GMT -6
I do because you wouldn't buy otherwise, lol! Seriously though, assuming it's in your area and decent farmland that is below market. 5 years ago yes. I've been giving my opinion to a couple guys shopping in MO recently. Not many listings right now. Both found farms through networking and I think they are paying about market value. You aren't in this position but often times a guy has to pay market value if he thinks the farm is a winner for hunting and hope the value will continue to increase long term for the investment component. One interesting thing I heard from a couple realtors is that you can get $200 or so more per acre if you have a good history of scouting/harvest pictures. For a lease?? I'd never pay that for a hunting lease. It also confuses me how farms will sell below market (or certainly at the very low end of market)... It's like some people just don't know what they have when they're selling. I'm still learning the process. Sounds like maybe you have to have a lot of cash and close quick to get the real steals? Slick is trying to say the farms may bring $200 an acre more money if there is big buck history. Maybe, maybe not!
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Post by Bwoods11 on Mar 1, 2017 12:54:24 GMT -6
How much are they getting for a good hunting lease in Missouri?
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Post by MoBuckChaser on Mar 1, 2017 13:01:48 GMT -6
How much are they getting for a good hunting lease in Missouri? To many variables! Some for secluded land are still bringing $25/acre. Most are around $10 yet.
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