FTLB Episode: Tips for Buying Your First Farm With Phil Tuttle

The Land Podcast - The Pursuit of Land Ownership and Investing

Phil Tuttle shares his journey of purchasing land for the first time, providing valuable insights and advice for aspiring buyers. The importance of proximity, price, and potential in choosing a hunting property is emphasized. Additionally, the hosts discuss the financial and emotional aspects of investing in recreational ground, highlighting the changing landscape of land contracts and interest rates. They also stress the significance of having a supportive partner and diversifying investment portfolios. The hosts further explore the rewarding and future-oriented decision of investing in land, emphasizing the value of specific goals and the financial benefits it can bring. Overall, this episode provides an in-depth understanding of the process and considerations involved in buying land for hunting purposes.

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• Phil always dreamt of owning his land for hunting and outdoor activities.

• Phil's calculated approach and the guidance of a buyer's agent made the process easier than expected.

• Assessing the price per acre and comparing it to the market value helps determine the deal's worth.

• Choosing a mortgage type and lender that align with your goals and offers flexibility is key for a successful land investment.

• The potential of implementing CRP (Conservation Reserve Program) and creating hidden standing ag plots.

• Emotions can take over during negotiation, leading to impulsive decisions.

• An attorney review period can provide crucial time for both parties to reassess the deal and potentially renegotiate.

• Phil's desire to own a piece of land dates back to high school when he first got serious about hunting.

• With low interest rates, land contracts can offer financial benefits and allow for diversification.

• Having a supportive spouse who understands and encourages your passion for investing in land is crucial.

• Seek wise counsel from trusted individuals who can provide valuable advice and help vet ideas.

• Investing in land can provide enjoyment for yourself and your children and potential inheritance benefits.

• The deal fell through due to an attorney review, giving the buyers another chance to make an offer.

• Leveraging their position as the only interested party, they made a competitive offer and secured the land.

• Community and camaraderie played a significant role in Phil's decision-making process, ultimately leading to the purchase of his dream property.

• The advice from seasoned land buyers and experts to seize the opportunity when finding the right property resonated with Phil, prompting him to take action.

• Knowing the area and understanding the hunting pressure helps set realistic expectations.

• Having a supportive spouse who encourages and understands the importance of pursuing passions can make the process even more enjoyable.

• Keep a loose grip on buying land for hunting purposes.

• Consider proximity to neighbors and roads when planning for privacy and safety for the deer.

• Land had been on the market for a long time before the hosts submitted an offer.

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