Family Matters - Property Rich, Cash Poor

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How have you guys approached potential deals within family or other close relationship structures? I have desperate family member who is frantically trying to sell property that has been in the family a few years post slavery, over the years we’ve gone from over 400 acres to now a measly 15 acres including the family cemetery and in danger of losing even that, it’s common practice for big Ag farmers to offer elder or struggling members of the community pennies on the dollar for land and successfully grow and grow their expanses. I’m not looking for sympathy here as I know many here tactically target such communities but wondering if anyone could offer any advice on how to approach the matter or have experience in such a situation? Very new to the real estate deal making process but wanting could anyone lend any suggestion or point me to a helpful thread. Any response would be greatly appreciated, thanks in advance!

Originally posted by @Corey Key :

How have you guys approached potential deals within family or other close relationship structures? I have desperate family member who is frantically trying to sell property that has been in the family a few years post slavery, over the years we’ve gone from over 400 acres to now a measly 15 acres including the family cemetery and in danger of losing even that, it’s common practice for big Ag farmers to offer elder or struggling members of the community pennies on the dollar for land and successfully grow and grow their expanses. I’m not looking for sympathy here as I know many here tactically target such communities but wondering if anyone could offer any advice on how to approach the matter or have experience in such a situation? Very new to the real estate deal making process but wanting could anyone lend any suggestion or point me to a helpful thread. Any response would be greatly appreciated, thanks in advance!

Need to know the numbers before I can offer any detailed perspective. You need to figure out how much the property is worth and how much if anything is owed on it. If it was "free & clear" at one point but now has a loan against it,that would imply it's going to be difficult for any small farmer to make a living at it.

Land is treated very differently than a parcel with a house on it. Banks are more likely to lend on a parcel with a house. 

Location is important too. 

The best solution may be for a family member to buy the property and let the other member stay.  If it's a property tax issue, for sure pay the property tax.

Need to know how much the property is worth, if there is a house on it and the condition, need to know why you are "in danger of losing" it. Is it a mortgage that is in arrears, is it past due property taxes, is it a zoning change, is it unpaid IRS taxes?