Might go in with a friend on a ranch deal

Discussion in 'Homeowner Assistance Forum' started by MowingInAZ, Aug 27, 2005.

  1. MowingInAZ

    MowingInAZ LawnSite Member
    Posts: 79

    One of my closer friends who lives in Chandler brought this to my attention earlier this week. He likes working and living in the city, but he has always wanted a vacation retreat to unwind. He doesn't have all the money for this place, so he was wondering if I wanted to go in on it with him.

    The price would only be around $550,000 total/ $275,000 each. It's nearly a 1000 acre ranch in a scenic area of Montana. Has anybody been up here or near there?

    http://www.montana-ranches.com/hurleyranch.htm

    Here's the property, if we would venture into this proposition, we would need to build a new house. What do you think I should do?
     
  2. jaybird

    jaybird LawnSite Senior Member
    Posts: 272

    i would hold off.
     
  3. Restrorob

    Restrorob LawnSite Fanatic
    Posts: 11,022

    That is alot of money, Should you two have a falling out (which I've seen many times) Both of you could loose not only a friendship but alot of money.

    Been there done that.
     
  4. freddyc

    freddyc LawnSite Senior Member
    Posts: 578

    About 20 years ago I went to Florida with a friend. After too many beers we ran into a timeshare salesman and ended up with a nice unit after we beat him down to about $6k. So for 3k each we had a good vacation spot that we rented out in the off years.

    Long story short,,,, it was good at first but then friends aren't friends anymore. If you want something like that, buy it yourself,,,,alone.

    Do you really need a 1,000 acres for a vacation???

    Buy 100 acres yourself and spend $100K....then build the place YOU want.

    just my $0.02.
     
  5. jeffack1

    jeffack1 LawnSite Member
    from SC
    Posts: 16

    Looks like a nice place!

    A 1,000 acres is a lot of property to take care of though.

    If you do this, discuss how the property is going to be cared for. Are you going to share the maintenance and upkeep or hire somebody to do this for you?

    Also, you should consider if you do purchase the 1,000 acres together you could form a partnership to buy the 1,000 acres and then you could subdivide it into two 500 acre tracts and then each one of you could buy your 500 acre tract from the partnership. This would keep things nice and clean and both of you would own your property and more than likely remain friends.

    Jeff
     

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