|
west central Iowa | A friend that is older than you recently passed on family land after his mom passed. The will stated he could buy out other heirs on contract at Farm Credit interest rate. That would have made a $540/acre payment for interest alone to buy out the other three, rent was $275. You haven't talked about whether or not it makes economic sense.
I'm not sure of the timeline, but around 10 years ago an 80 sold that bordered on me. I had approval to go to $5000, it brought $8500. I brought it up on this site and some people talked about selling while it was high. One person commented that if you sold land then and paid capital gains, you'd never be able to buy any land again with what was left over. He was wrong, the very same land sold again after about 5 years for $5250.
I'm not saying that will happen again, but you never know. | |
|
"Sunset" years of life
