Eldon: Would you and your wife borrow/spend the same amount of money to go out and buy other land??? I think not. So the emotional issue becomes because it has been in their family for a long time.
Here is the real issue/gamble:
1) The relationship between your wife and her siblings. They will care down the road. You can make book on it. So it is a very poor gamble that they will be happy with what happens. Truthfully it should be all of the kids or none of them doing this "buy out".
2) Are you really thinking your going to get the land for 1/3 to 1/2 its actual value. Deep down is this a major motivation to do the deal??? IF it is then it is GREED driving this not a good deed for your in-laws. Nothing wrong with a profit or good deal on something but it is going to be at your wife's family's expense. The odds are it will make for hard feelings.
3) The gamble is going to be IF your in-laws stay in good health for 5 years. IF they do your going to get a deal for 1/3 to 1/2 its value but if they do go into a home YOUR going to have to Pay the full market price for the land/house. IF you think paying the low price is going to stretch you wait until you have to pay the balance. You have stated that your Father-in-law is a poor money manager. Do really think he is going to all of a sudden switch at his age???
The fact you are living many miles away would make it a no go for me. Being an absentee landlord is not good business. It rarely works out.
I think your going to make a bad mess even worse. Possibly causing you financial problems for land you really will not get much good out of.
We sell tractor parts! We have the parts you need to repair your tractor - the right parts. Our low prices and years of research make us your best choice when you need parts. Shop Online Today. [ About Us ]
Today's Featured Article - Chores - by Frank Young. The ceaseless passing of time! It is at once our friend and our enemy. It measures our progress and it makes us old. Like most features of our life, few things are all good or all bad, and most such judgments depend on our own perspective or viewpoint. In our particular hobby, we enjoy the nostalgic return to the days of our youth as we recreate many of the scenes that took place on the family farm that served as the stage for the first few acts of the play that is our live
... [Read Article]
Latest Ad:
one 8n and one 9n tractor. totaly restored,pretty much everything is new. one 6ft blade good shape.
[More Ads]
All Rights Reserved. Reproduction of any part of this website, including design and content, without written permission is strictly prohibited. Trade Marks and Trade Names contained and used in this Website are those of others, and are used in this Website in a descriptive sense to refer to the products of others. Use of this Web site constitutes acceptance of our User Agreement and Privacy Policy
TRADEMARK DISCLAIMER: Tradenames and Trademarks referred to within Yesterday's Tractor Co. products and within the Yesterday's Tractor Co. websites are the property of their respective trademark holders. None of these trademark holders are affiliated with Yesterday's Tractor Co., our products, or our website nor are we sponsored by them. John Deere and its logos are the registered trademarks of the John Deere Corporation. Agco, Agco Allis, White, Massey Ferguson and their logos are the registered trademarks of AGCO Corporation. Case, Case-IH, Farmall, International Harvester, New Holland and their logos are registered trademarks of CNH Global N.V.
