Hunting/ Fishing location

SteveCNJ

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Thinking on going in on a piece of land that me and a buddy may either build a small cabin on or buy a pre-fab. He is more of a trout fisherman and in addition to fishing I'm addicted to hunting elk and muleys, white tail, upland game... Taking into consideration a location that may be adjacent or close to BLM land, game not being decimated by predators and not a killer drive to some blue ribbon trout streams to wade and float. We just can't go for a drive to figure it out without narrowing it down a bit because we're on the east coast. We would appreciate your collective thoughts.

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SteveCNJ

SteveCNJ

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Bump

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Rich M

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I'm looking for land too.

Get land adjacent to public blm or otherwise. It will be worth more.

Maybe you can get something with water on it. It will cost more.

Also, friendships go thru Rocky periods and folks die. Get everything drawn up by a lawyer as the the splitting of the land, the planed development, usage, times you will occupy, and more.

What if he dies and said widow demands her share of the money? Will you sell or buy her out. She won't be cheap.

You can even include jointly paid life Insurance in case one of ya'll dies, the other would pay off note, refund whatever the other guy paid, to his widow, and keep land.

Just the stark realities of taking on a partner.

If you don't do that one of the two of you will get screwed and lose Lotsa money. Just how it works.
 
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SteveCNJ

SteveCNJ

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I'm looking for land too.

Get land adjacent to public blm or otherwise. It will be worth more.

Maybe you can get something with water on it. It will cost more.

Also, friendships go thru Rocky periods and folks die. Get everything drawn up by a lawyer as the the splitting of the land, the planed development, usage, times you will occupy, and more.

What if he dies and said widow demands her share of the money? Will you sell or buy her out. She won't be cheap.

You can even include jointly paid life Insurance in case one of ya'll dies, the other would pay off note, refund whatever the other guy paid, to his widow, and keep land.

Just the stark realities of taking on a partner.

If you don't do that one of the two of you will get screwed and lose Lotsa money. Just how it works.
Thanks Rich, all excellent advise. Probably too old for life insurance to be affordable. I think structuring the deal so each partners shares are passed to their children is what we'll do. My buddy has 3 kids. If one isn't interested the others have right of first refusal. We'd have to hash something out if the siblings either don't want to acquire the additional interest or don't have the means. The remaining partner may have to belly up for it. Whatever the case I agree it has to be discussed and put into a buy/sell agreement authored by an attorney.

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IdahoElk

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Why not just rent a place to fish and hunt out of and when the seasons over go home?
I say this because one good forest fire or massive spring flood can turn your fishing/hunting paradise into a wasteland, seen it happen more than once.
Also have upkeep and property taxes to deal with for a part time residence.
 

Rich M

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Thanks Rich, all excellent advise. Probably too old for life insurance to be affordable. I think structuring the deal so each partners shares are passed to their children is what we'll do. My buddy has 3 kids. If one isn't interested the others have right of first refusal. We'd have to hash something out if the siblings either don't want to acquire the additional interest or don't have the means. The remaining partner may have to belly up for it. Whatever the case I agree it has to be discussed and put into a buy/sell agreement authored by an attorney.

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I watched a friend have issues with a partner. The partner was involved in the money end of things and put a crunch on cash for several years. Both guys were nice, one walked away expecting his partner to swallow it up to the tune of about 350k. Let's just say it didn't work.

Enjoy whatever years you can with your buddy. Some friends are like the sun in its rising and setting. Just the unknowns that surprise us. You sound ready.

Best wishes in your endeavors!
 

Firehole Hunter

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Jun 1, 2017
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Atlanta area
I'm looking for land too.

Get land adjacent to public blm or otherwise. It will be worth more.

Maybe you can get something with water on it. It will cost more.

Also, friendships go thru Rocky periods and folks die. Get everything drawn up by a lawyer as the the splitting of the land, the planed development, usage, times you will occupy, and more.

What if he dies and said widow demands her share of the money? Will you sell or buy her out. She won't be cheap.

You can even include jointly paid life Insurance in case one of ya'll dies, the other would pay off note, refund whatever the other guy paid, to his widow, and keep land.

Just the stark realities of taking on a partner.

If you don't do that one of the two of you will get screwed and lose Lotsa money. Just how it works.

As a "forced partner" in several partnerships, I highly recommend you seek out legal advice before entering into a joint tenancy with anyone. Some may ask what is a "forced partnership". It is when someone dies and leaves real estate holdings to you and your family members. Those can be a real headache. Seriously though, the above commenter raised a few of the numerous potential problems that are common with joint tenancies. A good, well thought out agreement makes for good and lasting friendships and not having one breeds resentment, hostility and anger towards a one-time friend or his/her family.
 

Doc Holliday

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Instead of co-owning, sub divide the parcel immediately after purchase. One parcel for you and one for buddy. Everybody minds their own business and does as they see fit with what is theirs.

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How far away are you looking?

Traveling gets old and expensive. Unless you have deep pockets I'd be thinking long and hard about what you could be doing with the money otherwise. Granted you should be building equity, but property generally has constant costs as well.

Also as brought up spots and locations change. What is great now might not always be.
 
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