All Forum Posts by: Andy Wayne

Hello Everyone, I have a couple of questions in regards to some real estate that I purchased 2.5 years ago. First a little background...I bought about 25 acres of farmland adjacent to some lake property that is family owned. It was purchased with seller financing at 10% down and a 5% annual interest rate. I have since paid it down to where I'm at about a 45% equity position. The land itself is about 22 acres tillable split by a line of trees / brush (about 10 acres and 12 acres pieces). It's all currently as a single parcel of land. I'm interested in selling the 12 acre part of it so that I can free up the money for another real estate adventure (I want to keep the 10 acres for a future home site). The land is located in north eastern Indiana. So for my questions...how would I got about getting the land split? I have talked to the people I purchased the land from, they are okay with me splitting the land and selling part of it as long as they are paid back in full when the sale happens. Who would I contact to get it split? Would it need to be surveyed? Or could a previous survey be used? Cost to do something like this? I'm also wondering the best way to market 12 acres of land for sale...as it's pretty small for farmland. Any feedback would be greatly appreciated!! If anymore information is needed, please let me know! -Andy

Hello Everyone, I have a couple of questions in regards to some real estate that I purchased 2.5 years ago. First a little background...I bought about 25 acres of farmland adjacent to some lake property that is family owned. It was purchased with seller financing at 10% down and a 5% annual interest rate. I have since paid it down to where I'm at about a 45% equity position. The land itself is about 22 acres tillable split by a line of trees / brush (about 10 acres and 12 acres pieces). It's all currently as a single parcel of land. I'm interested in selling the 12 acre part of it so that I can free up the money for another real estate adventure (I want to keep the 10 acres for a future home site). The land is located in north eastern Indiana. So for my questions...how would I got about getting the land split? I have talked to the people I purchased the land from, they are okay with me splitting the land and selling part of it as long as they are paid back in full when the sale happens. Who would I contact to get it split? Would it need to be surveyed? Or could a previous survey be used? Cost to do something like this? I'm also wondering the best way to market 12 acres of land for sale...as it's pretty small for farmland. Any feedback would be greatly appreciated!! If anymore information is needed, please let me know! -Andy

Hey Everyone. So I bought 25 acres about a year ago and have been dropping $1200 a month into it (money from my J.O.B.). The problem is that I bought it to keep a developer from getting their hands on it and turning it into a neighborhood. (It's farmland currently on a lake directly next to a lake house my family owns). Anyone have any creative ideas on how I can turn this into something that cash flows without doing what the developer wanted to do?! I'm okay with building a house or two on it, I just don't want 60 houses next to my family's vacation home!

I do not include it. I will just think of it as a huge bonus for the year when I sell.

Thanks!

Hello everyone! I wanted to post on here a little bit about what I've got going on / what I've been debating doing....and get some feedback! I bought my first piece of property when I was 19 (Im currently 24). Since that time I have bought two more times (all adjoining parcels of raw land). This amounts to a total of about 30 acres of (mostly) tillable crop ground. The first and biggest piece I bought was paid for out of pocket, the subsequent two where purchased with seller carrying the mortgage at a rate of 3% (family friend, gave me a great deal!). I am currently cash renting it to a farmer as well as renting out hunting rights in the fall. This covers about 40% of my monthly payments and expenses. My next goal is to purchase a duplex (cost of ~$85,000, each side currently rented for $575 a month w/ stable renting history. I will be able to put 20% down on the duplex should I need to for obtaining a loan. I would then use some of the positive cashflow from the rented duplex to pay its expenses as well as cover expenses from my previously purchased farm land ($700 / monthly payment) - less 40%. $420 out of pocket each month. The payments on duplex would be $500/month mortgage. So...$1150 income - $920 mortgages, remaining cash flow of $230 per month. So down to my question. Cash renting farmland has basically zero expenses except for taxes. With a duplex, I have no idea. I can't seem to find solid numbers - seems to vary wildly. Would this be a worthwhile endeavor? I want to make another leap into real estate investing and this makes the most sense to me...any arguments agreeing or disagreeing?! Any feedback greatly welcomed!! Thanks!