Farm land opportunity?
I have the opportunity to purchase 400 acres of prime farm ground in a very desirable area of Maryland. The family is super old-school and just want to sell and be done with the process. The property is not on the market and will not be unless the family and I can't come to a mutually beneficial deal. These are wonderful people and I want to be fair to all involved.
The acreage is divided in to six parcels with 13 buildable lots approved. They just had it appraised at just over $3.3 million but are willing to sell to me for what they paid for it back in 2005 ($2.1 million). I am attempting to go into this with my head and not my heart. I have never done anything like this before, but my gut (along with a few envious friends) tells me that I may have a real opportunity here. I can come up with some of the down-payment and have approached a few potential investors who are interested, but I'd like to keep the deal as uncomplicated as possible.
I have much more information available, but am looking for words of wisdom here initially. Any and all insight as to how to structure a deal is very much appreciated. Thanks in advance.
Andy