Family Farm - A Question

[jlgurr]

First would like to say that I appreciate the experience and insight learned from all of you in the past year or so regarding many things, not just tractors. Because of your broad backgrounds and the camaraderie here I want to post a scenario and get your opinions. There's no right or wrong answer, just looking for pros and cons, and even your 'f��eelings' as this may really become more of gut feel than a justifiable decision.

My great-great-grandfather was the first private owner of 40 acres in a northern state some 150 years ago. It's been in the family ever since but the current owner (my uncle) has no male descendants. He's curious if I would be interested in keeping it in the family. Of course, my first instinctive response was HECK YES! All of my childhood and up through my teen years we would vacation on this property and there are many fond memories. Being an avid genealogical researcher of my family heritage this seemed to be an opportunity of a lifetime, I think. You see things are never quite that simple are they?

My predicament comes in that after college I moved several times with my employer and have finally settled in North Carolina 700 miles from home and nearly 900 miles from the 40 acre family property. So, without relocating my family and giving up my job we would own this land remotely. Yes, many people do that and I encourage your comments based on personal experience if you have them and would like to share.

We could, after retirement, move north and take my southern bred wife into some beautiful country. Realistically speaking, by then her ties to family here would be much thinner although our children will likely have numerous children. Who can leave grandbabies behind? LOL.

So, should we own this land remotely (not sure when it would be 'available' anyway) and vacation there once or twice a year until retirement or just simply let it go the way of history? There is a house on the property with probably a few out buildings of sorts.


Sincerely,
Jeff

P.S. We own a decent sized home on 5± acres currently.

 

[KiotiKowboy]

My gut reaction is the property is just too far away. Are you willing to make those long drives to properly care for the structures and land? Will you want to tow the necessary equipment, or leave it stored on site?

I would hate to miss such an opportunity - but - it sounds like any visits would simply turn into working vacations.

Please deposit 2 cents

 

[brin]

My gut reaction is the property is just too far away. Are you willing to make those long drives to properly care for the structures and land? Will you want to tow the necessary equipment, or leave it stored on site?

I would hate to miss such an opportunity - but - it sounds like any visits would simply turn into working vacations.

Please deposit 2 cents

I agree...We have a farm just 5 miles away from our home and we have to contend with poachers , hunting & fishing without permission, other trespassers and even some who have come and dug up some trees...cedars, pecans etc....You answered it for yourself...by the time you get ready to retire you will have so many ties to NC that you can't leave....family, friends etc....We would love to live on the coast of GA but we have family right next door...we would not move away from our kids and grandkids...I bet you wouldn't either....Let the property go and cherish the memories...:2cents:

 

[dave1949]

Based on what you have said so far my reaction is no, don't keep it.

I make a 1000 mile drive to get "home" and it's a killer. Waste two days or be wasted when you get there seem to be the driving choices. If there are no direct flights to anywhere nearby, then flying is time consuming, often iffy with the weather, and expensive. Once on the ground, you have no transportation except rentals.

If it was bare land then that would make things a lot easier. Having a remote house is no fun really unless cost isn't a parameter. The condition of the house and what portion of the property value it represents are factors to consider. The best case is it is great, productive farm land and the house is not worth a lot.

Besides your fond memories, does the property have something unique about it that would be difficult to replace?

Which northern state is this? Lots of people in northern states drift south at the age when you would have time to visit north. :laughing:

All things considered, it would be fewer headaches and less expensive to take your wife on a trip north and stay in B&B's or similar.

 

[smstonypoint]

We could, after retirement, move north and take my southern bred wife into some beautiful country. Realistically speaking, by then her ties to family here would be much thinner although our children will likely have numerous children. Who can leave grandbabies behind? LOL.

Some words of wisdom from one of my former department heads. He had served as a department head in Virginia, Washington, and South Carolina. Talking about hiring new faculty members, he said that in his experience "You can't take the South out of Southern women and you can't take the West out of Western men." Southern belles and Western lads get homesick when they move far from their origins and will jump at the opportunity to return.

Are you sure that your wife would be happy if you moved?

Steve

 

[dodge man]

The trick to make this work is to have someone local take care of the place. This means if the house is livable, rent it out. Is any of the land tillable? If so, cash rent it out. Its not as good as you living there but if the renters are people that can be trusted, it will work out.

 

[randy41]

is your uncle leaving it to you in his will or is he selling it to you? why doesn't he leave it to his daughter(s)?

 

[jlgurr]

is your uncle leaving it to you in his will or is he selling it to you? why doesn't he leave it to his daughter(s)?

I'd suspect it would be willed but didn't ask. If not, we would purchase if it was the decision to keep it in the family.

He has no children.

 

[ustmd]

I hate to add to the crusher of dreams on this one, but I agree with the other comments on not taking on this property--especially with the idea you would move there in retirement.

My wife's parents have a very similar situation except the "Farm" is from her grandparents (now deceased). It is 70 acres outside of Memphis and we are in Central Tx. The in laws were holding on to the property and would go visit it 2-3 time a year, talk about us going to visit, etc. However, there was always constant worry about what was going on with the property (had there been a break in, had someone set up a meth lab, etc) . My in laws tried renting it, but with no luck. Finally, they have a friend of the family's son (with his wife and small child) living there rent free just to make sure nothing happens.

My wife (an only child) and I final got the in laws to understand that we were not going to move to the farm and that while the in laws are still in good health (late 60s, early 70s), once they started needing our help, we could not help them much if we lived in TX and they lived in TN. Also, if there started having health problems, they were not going to be able to keep up 70 acres.

The in laws finally agreed and have put the property up for sale.

 

[bigtiller]

If the farm can make a profit, hire a farm management company. They can do everything that is necessary to keep it running and make a profit. All you have to do is cash the check they send you at the end of the year. But, that yearly check may not be worth the hassle because there will probably be something to read or sign on a regular basis.

The check won't be very big either. With 5 dollar corn and 12 dollar beans on 40 acres, your share may be in the neighborhood $4000 on an average year, more or less depending on the market.