Semi O/T ...group buy on land question - Off-Road Forums & Discussion Groups
Jeep-Short Wheelbase All discussion of short wheelbase Jeeps: CJ, TJ, YJ and JK

Reply
 
LinkBack Thread Tools Display Modes
post #1 of (permalink) Old 10-02-2006, 12:01 PM Thread Starter
Keyboard Implanted
 
JeepnGreg's Avatar
 
Join Date: Mar 2000
Location: Eureka IL
Posts: 4,676
Thanks: 0
Thanked 0 Times in 0 Posts
 
Semi O/T ...group buy on land question

some people in my office are talking about buying some land....mostly for hunting purposes in the fall....occasionally camping and ATVs in the summer....most likely in the 80 to 250 acres range...depending on how many people and how much money we have

has anyone looked into buying land in groups?

what did you do? did you make a corp. of some sort...or did you just all co-sign the same agreement.....

we're still short a few people and a few hundred thousand dollars....so we're mostly just toying with the idea....but any pointers or personal insight is welcome [img]/ubbthreads/images/graemlins/smile.gif[/img]

thanks [img]/ubbthreads/images/graemlins/smile.gif[/img]
JeepnGreg is offline  
Sponsored Links
Advertisement
 
post #2 of (permalink) Old 10-02-2006, 12:11 PM
Way Outta Control
 
Join Date: Sep 1999
Location: The Palouse
Posts: 13,432
Thanks: 1
Thanked 3 Times in 3 Posts
 
Re: Semi O/T ...group buy on land question

Don't back away.

Don't walk away.

Run away!

There are too many stinko problems that you can get into in a deal like this...
LEVE is offline  
post #3 of (permalink) Old 10-02-2006, 12:19 PM Thread Starter
Keyboard Implanted
 
JeepnGreg's Avatar
 
Join Date: Mar 2000
Location: Eureka IL
Posts: 4,676
Thanks: 0
Thanked 0 Times in 0 Posts
 
Re: Semi O/T ...group buy on land question

hence asking around for specifics....

its not a offical group trying to solicit us as investors....just a few guys looking to go hunting.

see what it would take to write that up and minimize messiness if someone wants out....or something....
JeepnGreg is offline  
Sponsored Links
Advertisement
 
post #4 of (permalink) Old 10-02-2006, 12:22 PM Thread Starter
Keyboard Implanted
 
JeepnGreg's Avatar
 
Join Date: Mar 2000
Location: Eureka IL
Posts: 4,676
Thanks: 0
Thanked 0 Times in 0 Posts
 
Re: Semi O/T ...group buy on land question

or would it be better to form it as a "hunting club" or something....

looking for ideas and specific pitfalls.... not blanket warnings! [img]/ubbthreads/images/graemlins/blush.gif[/img]

thanks
JeepnGreg is offline  
post #5 of (permalink) Old 10-02-2006, 07:42 PM
Enthusiast
 
Join Date: Oct 2003
Location: Temecula, CA
Posts: 294
Thanks: 0
Thanked 0 Times in 0 Posts
 
Re: Semi O/T ...group buy on land question

The biggest problem that comes up in any kind of group buy situation is (and always will be) money. How do you setlle ownership? What if one person puts in more than the others? Technically, he owns more. What if one of the investors has a conflict with the group and wants out?

I think it makes sense to set it up as a corporation and dividing the corporation up in shares, with each participant buying in as much as he wants, and getting a representative percentage of shares in the holding company.

However, the issue of management comes up. Who makes the decisions? Who pays the taxes? Also, back to the question of what if someone wants out and the others don't have enough to buy him out? Then you have to sell the property, or an amount of the property equivalent to the value of that person's outstanding shares. Then the question is, which part of the property do you sell? Does one section have significant value over another? It could get tricky.

When multiple families buy property or homes together, they have (or should have) the ownership percentange drawn up clearly and documented. That way there is no ambiguity when they decide to sell, or if there is a falling out of any kind.
peteyg is offline  
post #6 of (permalink) Old 10-02-2006, 08:20 PM
 
Join Date: Feb 2003
Posts: 556
Thanks: 0
Thanked 0 Times in 0 Posts
 
Re: Semi O/T ...group buy on land question

If you understand Leve's comment do it. And I agree with him 100% BUT IF and OH WHY NOT

Check on insurance for hunting accidents or people on the land that are not authorized to be there and get shot or hurt.

Go to the county and ask if you are allowed to do what you intend for the land: AND GET THEIR REPLY IN WRITING

Get the land surveyed for possible use of: A cabin, septic system, well, this is for future needs that may mature. Check neighboring land and what is used for.

Check state regulations for your land/corporation.

In a joint contract make it share and share alike.. In use, cost, lawsuits, injury claims.

Who ever is in the purchase group, can you understand that you may never speak to some of them again.

Make all rules are a vote of the majority and only have a odd number of people as owners.

Hire a Lawyer to draw up a written contract that everyone must sign. WEll worth every dollar.
tincan is offline  
post #7 of (permalink) Old 10-03-2006, 01:07 PM
 
Join Date: Nov 2000
Posts: 2,687
Thanks: 0
Thanked 0 Times in 0 Posts
 
Re: Semi O/T ...group buy on land question

I have a friend who is a part owner of some hunting land. They have a joint use agreement registered against title and signed by all original owners setting out the rules and the restriction on transfer to new owners without consent of the existing owners. Binds new owners as its on title. They registered themselves on title as "each as to an undivided 1/5 interest", that way if one dies, it stays in the family. With the right bunch of guys, it could work. I've forgotten how they set value should a new guy want to buy someone elses share. Perhaps a first option to purchase by the existing members of the group? They split the taxes and share the cost of maintaining a modest hunting shack. Around here you can post it as no trespassing, and its yours alone to hunt on. There should be no liability issues unless you have some hazards on the property like a dugout, open well or abandoned mineshaft. If there were any liability issues, I'm sure insurance would be cheap as the risk for occupiers liability has got to be low.
TiminMb is offline  
post #8 of (permalink) Old 10-04-2006, 12:21 PM
I Might Just Know What I'm Talking About
 
GoldToyBox's Avatar
 
Join Date: May 2002
Location: Selma,CA in the middle of the vineyards, Central California
Posts: 1,654
Thanks: 0
Thanked 0 Times in 0 Posts
 
Re: Semi O/T ...group buy on land question

Just one thing to add. Most of the clubs that I know of with a small landowning memberships call themselves "Land & Cattle Companys". Land investment and one member runs a few head of cattle or lease to a local cattleman for a few head during the off season. Helps keep an eye on the place when hunting season is closed. Tax breaks galore for agriculture & real estate vs 'hunting club'. Wish you happy huntin!
GoldToyBox is offline  
post #9 of (permalink) Old 10-04-2006, 03:10 PM
Addict
 
westville's Avatar
 
Join Date: Apr 2001
Location: South Jersey
Posts: 410
Thanks: 0
Thanked 0 Times in 0 Posts
 
Re: Semi O/T ...group buy on land question

Went through similar situation with a shore house and a bunch of friends.

Got ugly to the point that we just sold it.

Land is one thing, use of any structure would be a potential rough spot.

Do what I do, have a father in law who owns a few hundred acres and hunt there.
westville is offline  
post #10 of (permalink) Old 10-05-2006, 10:40 AM
Moderator
 
Jim_Lou's Avatar
 
Join Date: Dec 2001
Location: Belleville, Illinois
Posts: 11,485
Thanks: 15
Thanked 22 Times in 17 Posts
         
Re: Semi O/T ...group buy on land question

This was in the newspaper yesterday.
Attached Images
File Type: jpg 1542324-temp1.jpg (310.1 KB, 24 views)
Jim_Lou is offline  
Sponsored Links
Advertisement
 
Reply

Quick Reply
Message:
Options

Register Now



In order to be able to post messages on the Off-Road Forums & Discussion Groups forums, you must first register.
Please enter your desired user name, your email address and other required details in the form below.

User Name:
Password
Please enter a password for your user account. Note that passwords are case-sensitive.

Password:


Confirm Password:
Email Address
Please enter a valid email address for yourself.

Email Address:
OR

Log-in










Thread Tools
Show Printable Version Show Printable Version
Email this Page Email this Page
Display Modes
Linear Mode Linear Mode



Posting Rules  
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On

 
For the best viewing experience please update your browser to Google Chrome