400K land group buy?

[longbow]

Zoning is one home per acre-as long as enough land for a septic system plus a back up area for a second septic field.

I know of several primative camp grounds in the area, and the woods and hills could be set up for that purpose. I don't see the county going into a panic over a camp ground in the hills. The pasture and farmland would remain as an income source.

Land trust with share holders would be the best option. We'd want it to look like one owner.

It would work with these numbers ....the 400 at 1k was just an example.

40 @10K
10 @ 40K

after that, I'm out....doesn't make a difference to me...just pointing out the fact a group of people could purchase a large plot of land with mininal expense. It almost could be self maintaining after purchase and give the owners some space they don't have now.....

 

[theweakerbrother]

I wish I had the money for something like this... especially if we had 50 residents in our "town" to be.

 

[rlspach]

I would think to make this workable for the sort of folks that hang here, we wouldn't want more than 8 people - that would break down to an even 20 acres each. I'd think anything more would be, well, too close. At 400k that would be $50k per.

On another note, I took at look at the google location. I think I've already looked at this property (from the road) in the past. Looks like a nice place.

 

[hoosier44]

I am interested. I lived on 82 acres before moving to IN 5 years ago. As previous folks stated, you can't raise cows and such and not live there. Planting corn, Etc. is somewhat "easy" but takes many thousands in equpiment. tractor, plows, discs, planting machines, fertilizer, weed killer, FUEL..... on and on..not to mention what cows involve. I have done that too.. not trying to kill the party here, but Ive been there. This takes large machinery. stuff that cant be hauled around in a truck. It has to stay on site or be trailered. Anyway... I live up near South Bend, I love to talk guns,play with tractors and such, and I once had a pheasant hatchery......anybody thinkin maybe ...game bird preserve????? So count me in as an interested investor. It is always great to have a "community" spot to socialize, shoot our guns, and have fun. Is there plenty of parking??? do we need to bring in gravel? Sorry to ramble on hope we can make it work

 

[Deadly Z Driver]

I would like to do something like this but I think this may be a little much i'm thinking 10 to 15 people on 5-10 acres pretty much just for shooting, hunting ect. no real building maybe just camp sites or something like that.

 

[Bigum1969]

What would be a next step?

 

[JR50]

Buying the property would be like buying a boat....the biggest expenses lie ahead. 400k is a toe in the water.

 

[hornadylnl]

How would you collect money for taxes? What happens when someone doesn't pay their share of taxes?

 

[rlspach]

same way they collect/enforce homeowner association dues. Shareholders have to be prepared to "foreclose".

Alternatively, I'd guess several INGO members might "have ways to make you pay"

 

[longbow]

its Owen county

Taxes are low. My tax bill was $1,300 for a four bedroom, 3 bath home with two outbuildings and land.

 

[T712]

Im in up to $5,000

 

[hornadylnl]

Liability insurance for something like this would have to be astronomical as well considering how many people would be using it for a range. I pay roughly $20 a year for $1 million liability insurance for my insurance but I don't think an insurance company would take too kindly to charge that then find out that this is being used as a co-op range for hundreds of people when a claim is made.

Also, how would you limit access? What if owner number 327 told his 6th cousin Jim Bob he could camp out there for a couple of weeks?

I'm not trying to rain on anyones parade here but give you guys something to think about. Reading the OP, I got the impression this was wishful thinking but it seems there are several here who are interested.

 

[oldfb]

Liability insurance for something like this would have to be astronomical as well considering how many people would be using it for a range. I pay roughly $20 a year for $1 million liability insurance for my insurance but I don't think an insurance company would take too kindly to charge that then find out that this is being used as a co-op range for hundreds of people when a claim is made.

Also, how would you limit access? What if owner number 327 told his 6th cousin Jim Bob he could camp out there for a couple of weeks?

I'm not trying to rain on anyones parade here but give you guys something to think about. Reading the OP, I got the impression this was wishful thinking but it seems there are several here who are interested.

Hornady those are
all valid points and we know how some members feel about co-op's and comunes, now we need to hear some ideas about how this could actually work.
Like a constitution or by-laws based agreement where people actually give a damm about not mucking it up for everyone. The price of buy in is not the only consideration or factor.
There would need to be a selection board to weed out the 'different strokes' who would decide to try and buy in just to store therir old jalopies or build a meth lab or herb field.
If a group of like minded individuals want to work together to actually create something then there should be more emphasis on how to work things out rather than all the what ifs against the idea.
This country needs more doers than naysayers IMHO.

You seem to know a lot about the pitfalls so your input and others about how to find a solution could be very valuable.

One idea could be to limit buildings to a certain size or construction. like say metal pole barns of minimum and maximum dimensions before any personal property could be stored there and only inside. Then people could go in together on construction or rent space inside. Some may be more enterprising or capable financially and the others could barter for use.

 

[Eddie]

Liability insurance for something like this would have to be astronomical as well considering how many people would be using it for a range. I pay roughly $20 a year for $1 million liability insurance for my insurance but I don't think an insurance company would take too kindly to charge that then find out that this is being used as a co-op range for hundreds of people when a claim is made.

Also, how would you limit access? What if owner number 327 told his 6th cousin Jim Bob he could camp out there for a couple of weeks?

I'm not trying to rain on anyones parade here but give you guys something to think about. Reading the OP, I got the impression this was wishful thinking but it seems there are several here who are interested.

Hornady has brought up a lot of good points. We have some ground here in Vermillion that is family owned. One problem is the one mentioned above; who can give who permission to go on the land? If I tell my buddy its ok for him to hunt there and then he brings his friend and then his friend brings his cousin we have a mess on our hands. We finally had to get strict after too much vandalism and beer parties (we didn't get invited to the parties, we just found the trash the next day). Now everyone who has permission has to have a form signed by my dad.

To make something like this work you are going to need to have the equivalent of a homeowner's association complete with bylaws and dues. You could maybe call it a "social club" and get status as a nonprofit. Its an interesting idea nonetheless.

 

[longbow]

It would be a farm. Insurance companies know farmers shoot guns. This is the way it would be submitted to an insurance company:

corporation ownes the property
one contact for the insurance company to call
some camping sites up in the hills for use by shareholders
some outbuildings
a rental home
cattle
will sometimes store properties of others with waiver of liablity

Now if it is just a shooting range, different story.

If owners think this is a place to store junk, abuse the land with an ATV, or have weekend drunken parties it will fail.

Just pointing out, that a group could own a large piece of land with minimal up front cost for each member.

I also agree a small group of owners, with larger shares would make it work. However, when 400 armed INGO members would be at the site, it would be a safe place to be!

 

[evansvillethompsongunner]

Incorporate it as an S-Corp or LLC with by-laws regarding land usage, property rights, permission of trespass, who may visit, rules, regulations, that sort of thing... I think it'd work out decently well. As for proof of ownership (so you know that it's actually someone who owns a chunk of land and not just a trespasser), why not make challenge coins?

Challenge coin - Wikipedia, the free encyclopedia

 

[Eddie]

Another thought: if you make it a social club, you could be eligible to get a social club permit and serve alcoholic beverages to earn money to pay the taxes.

 

[longbow]

INGO lawyers? I'm guessing about 200 bucks to form an LLC? The share holders would then vote on the rules

If the interest exists, this would be a cash paymentfor the property. That could make the price go down. But $400,000 should be the target.

To those with farming concerns, you can share crop the land and give some to the person doing the work, but you keep at least half of the crops and hay.

 

[hornadylnl]

I'm going through property deeding now and it's much like a car title. If there is a singular corporation that owns it, it would seem to me that majority rules. 51% of the ownership would dictate what goes on. If every individual's name were on the deed, nothing could be done without every swinging richard's ok. In that case, it would be near impossible to get anything done. I'm thinking from the standpoint of 51% saying that they want a house or other structure built on the property and the 49% unwilling being asked to pay for it as well.

There would have to be very strict usage rights in place. You'd have to have it set up so that no one could put a lean on their interest, etc. My brother and I got some land and I was very adament that we would not co own it together. If I went to do something and found out that he had borrowed against it, I'd probably kill him.

 

[Eddie]

INGO lawyers? I'm guessing about 200 bucks to form an LLC? The share holders would then vote on the rules

If the interest exists, this would be a cash paymentfor the property. That could make the price go down. But $400,000 should be the target.

To those with farming concerns, you can share crop the land and give some to the person doing the work, but you keep at least half of the crops and hay.

L.L.C., Corporation or Non-Profit Corporation is just a form that you fill out and file with the secretary of state. I think they are all less then $100 to file. The real work is in the by-laws and articles of dissolution; the nuts and bolts of how you would run your entity and what you would do if you had to dissolve it. You can find tons of examples online, you will just need to find a format that your investors will agree to.