Losing the Family Farm

[Thegreatwapiti]

I found out yesterday that my dad (and hunting mentor) listed the family farm with a real estate agent and there is a "For Sale" sign in the front yard. The farm is located in North-Central Minnesota and has been in the family since 1980. I shot my first buck that year at age 13.

Over the past 42 years, I estimate that my older brother and I have spent over 1,000 nights there each. Mowing grass, planting food plots, building deer stands, mending fences and pouring my blood, sweat, and tears into making it an amazing property and and true gem! We have transformed the property into a real hunting paradise. Our family and friends have harvested over 100 whitetail deer, 20+ black bear, several turkeys, and untold numbers of ducks, geese, and grouse. My 13 year old son shot his first buck there last fall.

The property is 160 acres, has 4 food plots, trails throughout, and 4 or 5 ponds. The property is basically "landlocked" to the point that I have never seen an outside hunter in over 40 years.

I'm posting this in hopes that I can draw on all of your collective knowledge and experience. HOW DO I KEEP THE FARM IN THE FAMILY?

My parents are both in their 80's with declining health. They need the money to afford long-term care and I totally understand that those things are way more important. Unfortunately, I live 1,000 miles away in Colorado. My boy and I travel to Minnesota every summer for a couple of weeks to do chores, chop wood, build treestands, etc. We then travel a second time during hunting season. Last year I spent 20 nights in the farmhouse.

Any brainstorming? What do you think about finding a few investors to own "a part" of a hunting lodge with hunting rights? Sell leases?Some kind of partnership? I believe the property is listed at 400k and my brother and I can scrape together about 75 each. There is probably an additional 10k in annual expenses. The farmhouse is 45 years old, has foundation problems, and probably needs 10k in improvements over the next year or two. The house is nothing special and ultimately may need to be replaced. The real value is the HUNTING LAND!!

ANY THOUGHTS?

 

[Hit Man]

Sell 5 shares at $80 K each.

 

[Dsnow9]

I found out yesterday that my dad (and hunting mentor) listed the family farm with a real estate agent and there is a "For Sale" sign in the front yard. The farm is located in North-Central Minnesota and has been in the family since 1980. I shot my first buck that year at age 13.

Over the past 42 years, I estimate that my older brother and I have spent over 1,000 nights there each. Mowing grass, planting food plots, building deer stands, mending fences and pouring my blood, sweat, and tears into making it an amazing property and and true gem! We have transformed the property into a real hunting paradise. Our family and friends have harvested over 100 whitetail deer, 20+ black bear, several turkeys, and untold numbers of ducks, geese, and grouse. My 13 year old son shot his first buck there last fall.

The property is 160 acres, has 4 food plots, trails throughout, and 4 or 5 ponds. The property is basically "landlocked" to the point that I have never seen an outside hunter in over 40 years.

I'm posting this in hopes that I can draw on all of your collective knowledge and experience. HOW DO I KEEP THE FARM IN THE FAMILY?

My parents are both in their 80's with declining health. They need the money to afford long-term care and I totally understand that those things are way more important. Unfortunately, I live 1,000 miles away in Colorado. My boy and I travel to Minnesota every summer for a couple of weeks to do chores, chop wood, build treestands, etc. We then travel a second time during hunting season. Last year I spent 20 nights in the farmhouse.

Any brainstorming? What do you think about finding a few investors to own "a part" of a hunting lodge with hunting rights? Sell leases?Some kind of partnership? I believe the property is listed at 400k and my brother and I can scrape together about 75 each. There is probably an additional 10k in annual expenses. The farmhouse is 45 years old, has foundation problems, and probably needs 10k in improvements over the next year or two. The house is nothing special and ultimately may need to be replaced. The real value is the HUNTING LAND!!

ANY THOUGHTS?

That’s brutal. Have you talked to you dad and asked him to sell it to you and your brother. Maybe like the initial amount you can scrape together then a monthly amount after that. Then if you absolutely need to lease out a hunt or two you could. I would be very hesitant finding another investor but that’s just me.

 

[brymoore]

If you each have $75k, $150k is a decent down payment.

I assume it has ag fields?

Can you buy it and rent the fields to a farmer for income? Rent might cover your mortgage/expenses.

 

[wtrfwlhunter]

150 k down on a 400 k property should be enough to put down correct? Or close to it? Maybe work in somebody else you trust if it isn’t, but it sounds like you must be close.

 

[Southern Elk]

Man, sorry to hear this. That’s got to hurt. If you and your brother can put $150k down, you should be able to get a loan and buy it. You could probably secure the loan with $100k and use the $50k for the recurring expenses.

 

[gonhunting247]

It sure seems like you could find some partners to go in with you! Sounds like an amazing place. I hope it works out for you guys.

 

[Southern Elk]

Let me add that I would not go outside of the family(you and your brother) unless I had to.

 

[jlong17]

Man, such a bummer!
If you guys are able to get $150k to spend, maybe see if your pops will take the listing down and offer pay for the long term care that they need? I know out here in California long term health care is pretty expensive, but I would imagine it's much cheaper in Minnesota?

 

[Deleted member 16014]

A conservation easement might be able to add a good chunk to your cash in hand? Not sure what land trusts might be like out there.

 

[Dougfirtree]

Some good advice here. I'll add in the possibility of the house becoming a short term rental, if you and your brother buy it. Find someone local to do the cleaning? Where in north-central MN?

 

[Thegreatwapiti]

One small ag-ready field but mostly forest and food plots. Property is full of birch, poplar, pine, and some oak. I could sell off some lumber.
Problem with the down payment/mortgage is another 10k in annual mortgage payments. Keep the ideas coming....my mind is racing right now!

 

[Straight Arrow]

Number 1: reopen line of communication with your parents. No disrespect, but sounds like you are out of touch with their important decisions. Clearly express your concerns. They may have ideas not known to you.

Number 2: Like any property issue, respect who invested, bought it, worked it, and whose name is on the title.

 

[Thegreatwapiti]

North of Mille Lacs

 

[Nick87]

That sucks, there's worse ways to lose the family farm than selling it, trust me.

 

[gonhunting247]

That’s brutal. Have you talked to you dad and asked him to sell it to you and your brother. Maybe like the initial amount you can scrape together then a monthly amount after that. Then if you absolutely need to lease out a hunt or two you could. I would be very hesitant finding another investor but that’s just me.

This seems like a great plan to get started. Then the monthly payments would be a great income for your parents to use for the long term care. I agree that if you can keep it just you and your brother, it would be much better. Maybe you could lease an opportunity to hunt here and there if you end up needing some supplemental income to the farming, without messing up the family hunts too much. Again, good luck I sure hope you can hang on to it!

 

[Dougfirtree]

North of Mille Lacs

So there's some reason to think it could function as a vacation rental. I suppose it would be easier to do that if it were on a lake, though... Worth some thought, anyway.

 

[Pucky Freak]

Problem with the down payment/mortgage is another 10k in annual mortgage payments.

That seems a small price to pay for what you get in return. Maybe the real problem is figuring out how to increase your monthly income by $800. Personally, I know I could easily clear that by working 2 Saturdays a month.

 

[CRJR45]

Not to sound like a dick , but maybe it's time you started finding your own piece of land to hunt . Sounds like you've been relying on your parents for too long to me . Let your parents do whats right for them and you move on . Hunt public land or go west . The world will keep turning no matter what happens to the farm . My parents did the same thing when they got old , so did my grandparents , circle of life , IMO . Just my two cents .

 

[Hunting Wife]

A lot of people sell conservation easements to fund property acquisitions. With your brother and yourself putting up the 150k, plus proceeds from an easement and perhaps a few creative rental options (weddings? Small events?) you could make up the remainder.

I’ve worked with lots of folks that have leveraged easements to help pay for property acquisitions. USFWS, DU, Pheasants Forever could be options, along with any local land trusts.

Edit: quick 5 minute search shows me your DNR, Soil and Water Board, MN Land Trust, Audubon Minnesota, County SWCDs, NRCS, all have some easement programs.