Legacy Land - What types of land would you purchase to pass down?

[Pierre E.]

I am exploring the idea of buying land, with the plan to pass it down through family.  Has anyone done this? I know this may be an individual decision ultimately, but what types of land did you purchase, or what regions, or what characteristics and why?  

Farm Land? Lake Property? Mountain Property? Desert Land? Lots of Acres at lower cost?  Small lots in a prime location? Close to your primary residence?  Vacation areas? Areas that can be subdivided?  

[Bryant Brislin]

Land in the path of development that may seem a little far out, but your gut/intution and common sense from an urban planning perspective tells you that some day, whether it's in 10 years, 20 years, etc it will be a great long-term position for your family to have and hopefully sell at a signifcant multiple return compared to what you've paid for it. Land that is is between two MSA's is always good, as presumably those MSA's will continue to grow and everything else between them.

[Bryant Brislin]

Land in the path of development that may seem a little far out, but your gut/intution and common sense from an urban planning perspective tells you that some day, whether it's in 10 years, 20 years, etc it will be a great long-term position for your family to have and hopefully sell at a signifcant multiple return compared to what you've paid for it. Land that is is between two MSA's is always good, as presumably those MSA's will continue to grow and everything else between them.

[Matt Devincenzo]

What's the objective? A place that the family always thinks of and goes to for reunions or vacation? Possible income and wealth for future generations? A business/way of life to continue? 

Overall most of those may be overrated. My Mom's family grew up with two generations of the local family get togethers and knowing all the extended cousins, so did my wife's family. Now in the third generation most of us don't do it because there's a separation in what my immediate family values, and what the extended family values. We still see one another, but it's not the close family ties that once existed. I know people who currently have that, it started a generation ago and probably ends next generation, it's hard to maintain this more than a couple generations because the politics, religion and underlying values can't hold across hundreds of extended family members.

The same goes for business/way of life. Look at any farming family and most have left the industry...same for fishing, timber etc. 

Finally wealth creation, this I'd do it for. But not for future generations. Maybe they benefit and that's great, but a large part of valuing wealth and what it afford comes in the struggle to obtain it. My kids may end up receiving an inheritance assuming they already value it...and if they don't then they'll get a token amount. That remains to be seen, but none of my planning is to provide them anything more than initial opportunity.

[Jamie Hora]

Are you thinking about passing down land that you would want your family members to sell? Or for it to be a generational vacation spot?  Two very different thoughts there.  

Its a personal question.  I like the idea of possible farmland thats in proximity to either lakes/rivers with the idea of it being a possible vacation spot or homestead of a family member down the road.  I would be less concerned about trying to pick land based on future appreciation & selling. 

[Jay Hinrichs]

Quote from @Bryant Brislin:

Land in the path of development that may seem a little far out, but your gut/intution and common sense from an urban planning perspective tells you that some day, whether it's in 10 years, 20 years, etc it will be a great long-term position for your family to have and hopefully sell at a signifcant multiple return compared to what you've paid for it. Land that is is between two MSA's is always good, as presumably those MSA's will continue to grow and everything else between them.

YUP those are the parcels that change peoples lives.. Most of us that have been in development buy from those that have normally owned for decades

[Jay Hinrichs]

To me as mentioned path of progress cant go wrong.. unless the city dies.

the other land to buy would be timber land in the North west. Find something that was logged lets say 20 years ago but really well replanted.  Timber in the right area growth rates will equal about 12 to 14% return at todays prices if prices rise like they evidentially will then you can get rates of returns much higher.. U dont ever have to sell the land you log at about 70 years or so then replant and hand it down..