Pond Boss Forums INTRO Questions & Observations Starting over, Completely

I have done it all three ways, sold first and bought later, bought first and sold later and had them happen at the same time. You haven't lived until you have had two house payments in a down turning market.
I gotta go with ML, the airport is a big deal, I am 8 hours by train from mine. Brettski's dad has been there and done that it sounds like, age is an important factor. Working for a living is also a big factor, cheaper to live in South Dakota or South Carolina but, the pay scale is lower also.
Eastland's work probably dictates where he can live so were I he, I would sell, then work out the rest, life is an adventure and selling and building anew is certainly an adventure. And as DD1 says, "it is not about the fish...

I know that it took almost two years to find my pond which is very unique compared to most.

You have to consider the "bird in hand" creedo.

Eastland, I have looked at a lot of places in Coleman county. Just be carefull, there are places in Coleman county where it is hard to find any water. But, I also have the same problem at Zephyr, south of Brownwood.

How tied to your job are you?

I quite a $70,000 a year job with union benifits and pension 5 years ago to live in the country and be my own boss. I don't make near what I used to, but I have more cash then I ever did. My expenses living in the city were very high, but now I'm debt free and I'm off more days than I work.

I would never, ever want to commute. You ony have one life, make is a good one. Driving to and from work isn't part of good livin.

I'd think your land will just continue to increase in value. You know what you have, you're happy with it and you are under no preasure to leave. If you can relocate your job to an area you'd rather be, then it makes sense. If not, wait until you retire and then you'll get allot more money for your land and you can live anyplace you like.

Eddie

Eastland, had a friend that moved to Burkett area and bought 200 acres. He decided on a home "site" and drilled 3 water wells in which 2 GPM was the best. Now has Rural water(at a small fortune) but some deer and a new pond site(2 acre). At times I have wished for a few more acres, but do not intend to move again. Home at Last!

I'd like to have more land but it's probably not going to happen. Don't want to risk selling my place for a profit and maybe not being able to find a good replacement. It took my wife & I several years to find land that met all the criteria on our punchlist ... larger than X number of acres, has a creek, either has a pond or location for a pond, more than 50% wooded, able to be hunted, good home building spot, etc.

It's one thing to not be able to afford more land, but we are also too close to Nashville and most acreage is sold in 5 acre or smaller plots. 10 years ago in this area land was practically being given away, but the developers are coming out this way and now everything is getting very expensive. If you want more than 5 acres you generally have to pay top price at an auction for multiple parcels. Every now and then a very hilly piece of ground or something that can't be divided comes up for sale. We could go another 30 miles farther out and get a large farm cheap. But it would be too far from my work to live on, and we want to build a house on our land and live on it. My wife is 29 and I'm in my early 30's and we have 4 young children. My wife is a homemaker and we want her and the kids to be able to enjoy the land every day. I grew up on a big farm in Kentucky and want the kids to enjoy all the things I did and have all the same unforgettable experiences and life lessons. We can go to Dad & Mom's farm any time we want, but it will really be special for the kids to live on our land.

The good thing is that due to the lay of the land it's unlikely that the land on either side or behind us will get developed. I may also eventually be able to buy part or all of the farm on one side of us. There is danger of the farm across the road being eventually developed. A couple developers were eyeing the farm across the road recently, and one of the neighbors bought the farm basically so it couldn't be developed.

Eric

OK Guys, I have been thinking about all the free advice and have decided upon my plan. First, one major factor involved : I must remain in the DFW Metroplex to achieve my retirement goals. I doubt any combination of my current Home and Acreage will exist when I finally buy and settle upon my "Retirement Property".

With that said, I'm in no hurry to make an immediate move, but there are incentives if the price is right. I'm in negotiations with several realtor's about commissions (a topic I don't recall reading about here). I'm going to set an asking price that will allow me to double my acreage (no taxation), and still leave enough gain after taxes to build a cabin (like the 20K models at Home Depot), buy a small tractor, and have bulldozing funds for a future pond.

If my price isn't met, I'm as happy as I was before, if it is, I'm starting over !

This board and everyone here helped me through my first pond building experience, thanks for all the advice and different ideas, it's appreciated.

Good logical decision based on the facts at hand with your goals in mind.
Re: commissions, in my experience there is room; a couple of things to keep in mind, trimming commissions some times trims incentive. If your property's asking price is based on recent sales, the commission was a part of those prices, and the realtor should take into consideration. If the "standard" is 6%, 5 is usually within reach. One other thing, there is a second time to deal with the commission, when you and the buyer are nearly at an agreement, you may be able to get a third of the difference each from the buyer and agent. Commissions are tax deductible. The market will soon let you know if you are on track. While a pond may add cash to the sales price it will also limit the number of buyers. Many sides to your coin, but with your attitude "If my price isn't met, I'm as happy as I was before, it it is, I'm starting over!" it will all workout in your favor, good luck. Coincidence, a guy just left on his way to talk to his wife about making an offer on my pond. Weird, probably nothing, but the timing was weird.

Eastland,

Sounds like you have a good plan and are in a strong position. It's a win-win for you either way. One thing to remember is the value of your land is increasing all the time. The more they build in the DFW area, the more people are willing to spend.

Every year, or even every six months, you need to raise your asking price. Keep it at the uppper limits of what it might get and keep it there. Also be sure to pull the listing for a month or so and then relist it. New listing generate allot of interest, while old listings tend to make people think your desperate, way overpriced or there is something wrong with the place.

I once had a car for sale at a very reasonable price just to move it. I wanted a quick sale and didn't care about what I got for it above my minimum price. I listed it just above that amount and figured it would sell in days. I didn't get a single call on it at that low price. I relisted it for $2,000 more and sold it within a week with all sorts of phone calls and people coming out to look at it. The lesson I learned is that I scared off buyers who thought it was too cheap and I was hiding something.

Out of state buyers are famous for paying way too much for a property. I've seen homes sell that they never even looked at in person. Just saw the internet add and then bought the home. I've personally sold two homes to out of state buyers who paid top dollar for them.

If you're gonna get an agent, be sure he advertises in California. People there are the worse about coming out here and overpaying for land and homes!!!!

Good luck,
Eddie

californication