Would you buy this land?

[Edgoat]

Would you buy this piece of property as a place to get started growing hay or cattle? It is the only affordable property I have been able to find in quite some time.

Features: 32 acres of cutover upland forest with 9 years of regrowth; no mineral rights; property is cut in half by a highway; asking price of $1400/acre; dimensions are supposedly 528'x2600', but it looks smaller; there is a power line that runs through the less desirable half; taxes should be very low

Location: North Louisiana; 31 miles from my suburban home (35 to 40 minute drive); 35 miles from my workplace and that of my wife; 25 miles from the most outlying developments of the metro area; 1/2 mile from a town of 1500 residents that are mostly poor; community water may be available; schools would be poor; relocating to this location would be questionable as employment would only be found in the metro area

Would it be wiser to hold out for a smaller parcel at a higher price that is closer to town and has better potential for use as my residence? Or, take a gamble with my "nest egg" and buy the land, clean it up, and be a weekend rancher with the risk of theft and such while I am away?

 

[Beefy]

i vote for keep browsing. it just doesnt sound very appealing.

 

[Alice]

Would you buy this piece of property as a place to get started growing hay or cattle? It is the only affordable property I have been able to find in quite some time.

Features: 32 acres of cutover upland forest with 9 years of regrowth; no mineral rights; property is cut in half by a highway; asking price of $1400/acre; dimensions are supposedly 528'x2600', but it looks smaller; there is a power line that runs through the less desirable half; taxes should be very low

Location: North Louisiana; 31 miles from my suburban home (35 to 40 minute drive); 35 miles from my workplace and that of my wife; 25 miles from the most outlying developments of the metro area; 1/2 mile from a town of 1500 residents that are mostly poor; community water may be available; schools would be poor; relocating to this location would be questionable as employment would only be found in the metro area

Would it be wiser to hold out for a smaller parcel at a higher price that is closer to town and has better potential for use as my residence? Or, take a gamble with my "nest egg" and buy the land, clean it up, and be a weekend rancher with the risk of theft and such while I am away?

Reread what you've written...I think you answered your own question. ;-)

Alice

 

[Aero]

distance would rule it out for me.

 

[msscamp]

Location: North Louisiana; 31 miles from my suburban home (35 to 40 minute drive);

No, I wouldn't.

 

[Edgoat]

I am really surprised at the responses, but certainly appreciate them. I have gone back and forth on this and need a reality check.

If this property was 10 miles closer, it would be in one of the state's best school districts, but the land would be at least 5000 per acre. If it were 15 to 20 miles closer it would be 10,000 per acre.

If it were anywhere I would actually want to live, I would buy it in a heartbeat. The topography of the land is really nice.

Thanks for your input.

 

[arkcowman]

Don't buy that land. It is obvious you already have many doubts. Land is a beautiful thing that they are not making anymore. Buy a piece of property that you have confidence in and you are proud of. It seems that you would always be second guessing yourself on this piece.

Good Luck !

 

[Hasbeen]

no mineral rights

I stopped as soon as I read this part. In my neck of the woods this is a huge problem. You could work years building your place up just the way you want it and the coal company that owns the mineral rights could come in and destroy it. Now, in that area there may be no coal under the surface and it may not be a problem, but here it would be a deal breaker for me. I have to assume since someone at sometime bought the mineral rights, there has to be something under the surface.

 

[sidney411]

The distance doesn't bother me, we run cattle on land all over. We have 5 different places and they are several hours drive apart. What bothers me is the other things you said.

1. the road running through it. What happens when the highway dept decided to widen that road? You either have nothing left or maybe a couple acres on either side?

2. you don't sound like it would be a place you would want to live.

3. no mineral rights, as discussed in previous post.

Keep looking, you'll find something you love.

 

[dun]

Every item you mentioned other then price are all reasons enough to pass. The 9 years growth on cutover timber would turn into a money pit trying to straighten that out and make it productive unless you want to grow a tree farm

dun

 

[3MR]

no mineral rights

I stopped as soon as I read this part. In my neck of the woods this is a huge problem. You could work years building your place up just the way you want it and the coal company that owns the mineral rights could come in and destroy it. Now, in that area there may be no coal under the surface and it may not be a problem, but here it would be a deal breaker for me. I have to assume since someone at sometime bought the mineral rights, there has to be something under the surface.

No mineral rights doesnt seem like a big deal to me.....

.....then I read the entire post. They can do that in WV. Thats terrible. In Oklahoma the land owner is protected, at least to some extent.

Your also going to be very hard pressed to find land with mineral right still attached in my area. I own a very small section of mineral rights in Oklahoma. Every year I get a higher offer to buy it. Everyone around me sold out long ago.

 

[Hasbeen]

No mineral rights doesnt seem like a big deal to me.....

.....then I read the entire post. They can do that in WV. Thats terrible. In Oklahoma the land owner is protected, at least to some extent.

Your also going to be very hard pressed to find land with mineral right still attached in my area. I own a very small section of mineral rights in Oklahoma. Every year I get a higher offer to buy it. Everyone around me sold out long ago.

Big problem here in the mountains of Ky and WV. Every so often you see a news story about some little ol' grandma standing in front of a bulldozer with her shotgun trying to protect her home from some company that bought the mineral rights to her land 60-70 years ago from a long dead relative.

I'm very fortunate that the people who owned my land had the same philosophy that I have. If a company wants to mine it, we can work out a deal. But it has to be now. I will not sell the mineral rights for the future. I must control the time and the location. I recently signed a lease for oil/gas exploration. The company has two years to sink a well in a location I approve or the contract is void.

 

[Anonymous]

NW Louisiana - is the land close to Toledo Bend?

 

[LibertyIIE]

IF IN DOUBT---DON'T

 

[backhoeboogie]

take a gamble with my "nest egg" and buy the land, clean it up, and be a weekend rancher with the risk of theft and such while I am away?

32 acres is not going to make very many nickels, from a farming perspective. I certainly wouldn't risk a "nest egg" on it. Why not lease something that suits your needs? I keep my investments seperate from my employment and from my part time endeavors. Otherwise you are throwing all of your eggs into one basket and 32 acres is a very tiny basket for everything you have.

 

[Fred]

I would look at it as an investment. What is comparable property selling for in the area? It sounds like you have highway frontage on both sides which may be valuable. I would look into the mineral rights because I think in Louisiana the minerals return to the owner if there is no oil production after 10 years. You would have to look into that. With nine years of tree growth I would consider just keeping the trees,hold it as an investment and not try to turn it into a mini-ranch. Also if you like to hunt you could manage it for hunting.

 

[Edgoat]

No, the land is not close to Toledo Bend. It is North East of that area. There is coal in LA, and I didn't think of that. The main mineral issues are oil/gas. The oil/gas companies must buy your surface rights if they want to drill on YOUR place. Of course, coal would be different. Also, if there is no mineral production in like 16 years, the rights revert to the current land owner.

Interestingly, today my wife learned of a job opportunity within 2 miles of my office. She is a teacher and my daughter could go to school with her and my son's daycare is across the street. There are issues with the permenancy of the job, but thats another topic. My thought is, we could all commute together if we bought this land and eventually built. Furthermore, my kids could continue in the good school system if we did move. The commute would be virtually all rural and suburban with low traffic volume.

I have been looking at the other rural areas and land prices/factors today. All other the other directions would involve going through the local metro area. For the same distance, you would tack on at least 20 minutes.

Fortunately, there is no hurry. I also now have a different outlook on the mineral rights issue. Thanks

 

[Emgen]

I've found it best to always consider the pool of prospective buyers when you are ready to sell the property. If property has mass appeal - you'll be able to command a higher price to from a wider audience. Less attractive features of the property will not put you in a position of strength when it is time to sell. Regards

 

[3MR]

did you get the link I sent you for some property in Bossier Parish at 1000 an acre.

 

[Edgoat]

Yes, I am going to call on that land. I suspect it is a poorly drained area, but I'll find out for sure. Thanks