Anyone Bought Land With Others... LLC or Partnership?

With timber companies leaving Georgia and leases getting very scarce -- and valuable -- buying land for hunting and investment is a hot issue. I'm looking for folks who've had experiences, good or bad, when going in together with friends to buy land. Just send me a PM. Thanks.

Be interested in what you find out. I've tried, many times. When it came time to commit to cash, all fell silent.
Finally had to go do what little I could on my own.
It's a great idea and more outdoorsman should do it.
Hunt/fish safely,
Phil

Been there both as a participant and as the attorney for the group. It can work if the group is all fairly like minded and there is a very well defined set of rights and rules. Otherwise, it can be a very bad experience.

OK here's a bad one for ya

I will never go into a land deal with a friend or anyone else without first seeing a financial statement from them , I went into a land deal with a "buddy " it was supposed to be all good , buy the land , clear it doze out a house spot put in water , elec , and sewer and sell , my Buddys sister is a realtor and promised a quick sale which she did , But the stickler was my Buddy didn't have nearly the funds he claimed , he was a friend and I took him at his word but after we closed on the deal he started on the excuses , to make a long story short I footed 90% of the capital alot of which was supposed to be phyisical work done by my bud ! The friendship ended after we sold and bitterly too be was set to sue me over the fact that he wanted the proceeds split 50/50 , like that was going to happen , I paid him his due and told him if he could afford a lawyer I'd see him in court ------------ never again

Send THunter a pm or email. He and a couple buddies formed a corporation and bought some land a couple years ago as a hunting haven. He'll steer you in the right direction.

Either way works. I've several tracts in partnership with others. I had some awful experiences(my brother and I) but most are great. My group shares the same visions and are on par financially and none of us are anal control freaks...avoid those like the plague.

By yourself is best for obvious reasons, but partnering can and does work...just remember some people change when money is involved...imo mostly they get scared and panic.

works both ways

Back in 89 bought a 93 acre tract with a friend an then 3 years later got the tract nex to us so we now have 171 ac in hancock cty it has worked well although somtimes I would like to do more, thats why I went out an bought a 85 acre tract 3 years ago in hancock about 20 min away from the other But I will tell you this buy it now because the price has doubled just in the past few years. GOOD LUCK .

I have worked as a consultant for several partnerships. The most successful had 3 to 5 partners with a very well thought-out plan & written business partnership document. Addressing the hard or ugly parts in writing first can make things MUCH easier if a "bad" situation arises. There were clauses for sharing of payments on the land, sharing of operating expenses (& agricultural or timber profits), for what to do if someone wanted out, for what happens in the case of death or divorce of a co-owner (buyout options...).

I would form a LLC, work out buy out options{price} make a layout for future property division in the event the partnership goes bad.

Pick your partners wisely, also consider whats in the shadows, like the heirs of your partner, in event of death you will have to deal with them.