Mods, please forgive the post location if this isn't appropriate.

I have recently come across a good deal on land in central Illinois. Problem is, I'm not sure if I can afford 2 mortgages myself and am asking for advise.

Here's the deal:

40 acres, mostly timber, a few acres of food plot, with a stocked pond and a creek on the property. Also has a 10 year old single story 2 bedroom 1 bath house. Asking price is $120
Thats only $3000/acre with a free house the way I look at it.

So, should I go in total debt for a 2nd house which I don't need? Or try to find 10 other guys to each come up with 10K and start a "Bow Only" club. Or - try to lease the land for a couple of weeks a year at an outrageous price?

Does anyone here have experience with this sort of thing?

Buy the land, rent the house, let someone else pay for most of the mortgage!!!

Sounds good if it will work. Price sounds unbelieveable good for IL or IA where farmland and more importantly TIMBER is going sky high. Keep it for yourself; a bunch of guys would be hard to all get along with IMO. Maybe do a little outfitting and make $ charging nonresidents to bowhunt. Keep the guns out though.

I had the same thought as HCH will the rent cover the mortgage or come close?Does the house need any investment in it other than cosmetic to make it available to rent?Do your diligence and move fast if it is good ground.40 acres is not that big a piece for multiple hunters.How about buying it subdividing the house off of it and possibly selling the house,you could have the land for next to nothing.Or buy it,rent the house out and have a logger selectively cut,and sell the timber.You may not be in a negative cash flow position.
And remember if any of these ideas help you,I have always wanted to archery hunt in that part of the country!
Good luck!

buy it and make it rentable to hunters. or split cost with trustworthy friends

Deal.....or.....No Deal?


DEAL!

Buy it and rent it. Be selectice on who you rent to and keep a room in the house for yourself.

Dangit Mike... if you'd only found this deal four years from now... I could go in halves with you!

40acres, and a house...40acres is not that much land, but then you only need 5 acres to have a great hunting spot, so if it is all great land and the house is in decent condition. I would buy it and rent it out. heck if it dosent work out you can always do a llittle work to the house and flip it off

If you can't afford it DON'T BUY IT.Never go into investments with friends,if you want them to remain friends.What if one of them files bancrupcy or one of their kids has a wreck and kills someone.Then they get sued.The property willnot have a clean title.


If you have to try and SQUEEZE the payment in,you are inviting murphy into your life.[:'(]NEVER DEPEND on rent.What if you go 4 months with it empty,you might lose it all.


I have an idea,eliminate all your dept that you have now and then go buy something like it.It is possible,believe it or not.I am half way there(excluding my house) and I have only been at it about 15 months.


Borrower is slaved to the lender.