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Re: Ideas on purchasing a farm
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Posted by paul on December 10, 2003 at 05:58:40 from (206.10.55.32):
In Reply to: Ideas on purchasing a farm posted by JohnDeereBMan on December 09, 2003 at 21:12:01:
It sounds like you have thought this through, and should do well with it. Don't buy too much land to begin with. You are in a difficult land situation, it is very difficult competing with developers, they will out bid you, and out-zone you to get you out of an area - hay will work, hogs will not in that situation. :) But watch what happens to your hay market - horse people great, dying dairy & beef customers being bought out - bad. As to the 1031, I understand that is a good deal, but a REAL legal nightmare, you need a very good land atterny to set that all up, long before your dad signs _anything_ to sell anything. With the $$$ amounts you are dealing with, certainly a good idea, but just way, way too complicated for internet advise to mean anything to you. My understanding is the land needs to pass through an un-interested party, holding both plots, for the swap to have the most benefits/ least govt hassles. Most average lawyers with a shingle on the street will foul it up; get a good land lawyer who has done this before. You might have to spend a few bucks to flesh this out & get in writting the benefits to you & your dad, start early so your dad doesn't jump the gun on you - depending on the working climate between you & your dad. :) --->Paul
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