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Old 06-28-2006 | 01:21 PM
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Fieldmouse
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Joined: Jan 2004
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Default RE: Need advice on land purchase

Residential hunting is my favorite subject.

Well if your in the position to buy 5 acres why not buy all of it and rent the house. Your loan would before only 20 years max. I would hope you could break even on the land, IE rent covers the the bank note (FYI the bank feels break even is note = to 75% of the note payment). If you don't break even now, can you look at your out of pocket expense as justification for great hunting? The reason why I say this is a good option to look into is for retirement. You'll have rental income when you retire. A place to hunt regardless of who lives there. Great tax shelter. The last one ties in with my first comment is the fact of retirement. The goverment limits you on how much you cam contribute to an IRA or 401k. They don't limit how many rentals you can have. All three are great for making retirement easy.

I learned the hard way, never sell property always rent it!!!!!!!
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