When my dad died last year he left us adjoining 3.5~ acre lots.

My brother messaged me the other day and said he doesn’t want his. And just to give him 2-3 guns for it.

Of course he wants the Kidd rifle, which would be about $2k.

I’ll likely offer the Bergara .308 as well.

But when all said and done it would be about $3k for 3+ acres. I’m tempted to do it, keep the property, sell it when the stipulations of the will expire. And trade him my guns back for part of his money from the sale.

I don’t want him to lose out on $20-30k in 8-10 years because he doesn’t wanna deal with it.

It’s not nice property, it’s in a very low income neighborhood, on a dirt road, has a building on it that is condemned which belongs to the county.

But still it’s land, it’ll sell eventually.

Without knowing the details it sounds like a pretty good deal for you. As the saying goes “they’re not making any more land” and ~7 acres opens up some possibilities…

quote:

Originally posted by OttoSig:

...It’s not nice property, it’s in a very low income neighborhood...

Leave real estate speculation to the Trumps of the world. They can afford to take risks.

Complicating the matter with the stipulations of the will that seem like they will impede your developing the land for 8-10 years, if it was me, I'd stay clear. Ask your brother if he'd be interested in packaging both lots and finding a developer to buy them.

quote:

Originally posted by newtoSig765:

quote:

Originally posted by OttoSig:

...It’s not nice property, it’s in a very low income neighborhood...

Leave real estate speculation to the Trumps of the world. They can afford to take risks.

Complicating the matter with the stipulations of the will that seem like they will impede your developing the land for 8-10 years, if it was me, I'd stay clear. Ask your brother if he'd be interested in packaging both lots and finding a developer to buy them.

The will stated that we can’t sell the land for 10 years. And when we do, siblings have the first opportunity to buy. So in 8.5 more years my sister can buy the 7 acres at market value if she wanted to.

I’d likely not develop it at all and let it sit. The most prospective buyer is the family that owns hundreds of acres just behind it. My property offers them a back entrance to their property that doesn’t currently exist.

I’m not sure where you live but you will have property taxes and most people would say to have insurance in case someone gets hurt on it. Im sure both would be pretty cheap based on the land but something to look into.

Also why do you have to hang onto it for ten years before you sell it.

This message has been edited. Last edited by: 1s1k,

Yeah, paid this year and last year on both properties actually.

It’s about $300 a year for both of them.

I should look into insurance. I know some local teens would sometimes try to gun on nearby unattended properties.

I'd trade guns for land any day of the week.

HELL
YES

Compared to land, guns are cheap and easy to replace. Their prices don't increase nearly as much every year, too.

What is truly valuable? The land sounds like a poor asset. A condemned building normally must be torn down for safety of the public. Squatters tend to live there and start fires. I would recommend a carefully planned asset sale for both of you.

^^^
Starting fires and abandoned buildings… some problems solve themselves.

Do it.
Do it.
Do it.
Especially if you give him some guns you don’t shoot much.

i would definitely do it. Property will almost always have value. You do not know if at some point it could be a place for apartments with immense value.
Why does the county own a building on your property?
Also if you do it. It is yours moving forward with no strings attached.

If the county owns the building but you own the dirt, is there a land lease somewhere ? If the county abandoned it make sure that land leas is voided. Clear the building off the land. Your homeowners insurance likely provides some liability insurance on raw land. Or call your agent and get liability anyway. Last thing you need is a trespasser hurting themselves and causing you a headache.

I’d trade and get control of the full 7 acres.

I don't know how real estate works, but it seems sometimes over a short number of years, old and abandoned houses are torn down and replace with new houses, some quite nice. I suppose if the stars lined up and depending on your age, you could cash out later when the time comes for the land to be built on by the next generation. I don't know how that stuff works, but I've seen that happen in older neighborhoods and empty fields or wood lots, whereby a few years later, a brand new neighborhood.

quote:

Originally posted by 4MUL8R:
What is truly valuable? The land sounds like a poor asset. A condemned building normally must be torn down for safety of the public. Squatters tend to live there and start fires. I would recommend a carefully planned asset sale for both of you.

Good news is the building belongs to the county, part of an old nature survey or some shit they did years back. So it’s just a call to them to come clear it.