GMP

[Raisinhead]

Well, made a verbal offer last night, now it's a waiting game.

Whoop whoop!!

[Mortalis5509]

Had my wife look at everything over the weekend. To get 300 acres per the site, it would have to be covered over the 9 parcels she owns.

Land value or income approach would be the lending value. She could not do the income approach without financial records. If it's in the red as you say, they will probably only lend on land value and comps sold around that.

Sent from my SM-N960U using Tapatalk

[Trailabite]

Well, made a verbal offer last night, now it's a waiting game.

Whoop whoop!!

Like I said earlier, I don't think it will go anywhere. I basically just told her where I would need to be, which is not close to her $850k asking price.

Her $850k asking price is not bad considering the appraisal value is $1.4M. Even with this much equity banks are leery on giving out loans for land and most of them want at least 30% down, some are 50%. Then on top of that most banks will only go 15 yrs, which is probably not a bad deal if you can afford the payments.

[Trailabite]

Here's the survey map. I outlined the border in yellow for clarity.

[Mortalis5509]

Well, made a verbal offer last night, now it's a waiting game.

Whoop whoop!!

Like I said earlier, I don't think it will go anywhere. I basically just told her where I would need to be, which is not close to her $850k asking price.

Her $850k asking price is not bad considering the appraisal value is $1.4M. Even with this much equity banks are leery on giving out loans for land and most of them want at least 30% down, some are 50%. Then on top of that most banks will only go 15 yrs, which is probably not a bad deal if you can afford the payments.

My wife through a quick $1 million as land value with improvements from an aerial view. Said that was a ballpark number though.

Sent from my SM-N960U using Tapatalk

[Trailabite]

Well, made a verbal offer last night, now it's a waiting game.

Whoop whoop!!

Like I said earlier, I don't think it will go anywhere. I basically just told her where I would need to be, which is not close to her $850k asking price.

Her $850k asking price is not bad considering the appraisal value is $1.4M. Even with this much equity banks are leery on giving out loans for land and most of them want at least 30% down, some are 50%. Then on top of that most banks will only go 15 yrs, which is probably not a bad deal if you can afford the payments.

My wife through a quick $1 million as land value with improvements from an aerial view. Said that was a ballpark number though.

Sent from my SM-N960U using Tapatalk

She was spot on! Land = $1,051,423 and Buildings = $371,208.

[BigPrince]

3k+ per ac in the middle of nowhere TN... guess I'll wait for the next recession before I buy more land

[Trailabite]

3k+ per ac in the middle of nowhere TN... guess I'll wait for the next recession before I buy more land

What if it was half that?

[Trailabite]

Looks like there's a new potentially 7000 acre OHV being developed in Grundy County TN, not too far from GMP. It's being developed on state property. Looks like 1300 to 1400 acres have already been purchased and they have just recently hired an engineer to start laying out the park (see below). I'm sure it will take a few years to fully develop, but I would think this could a huge negative effect on GMP. What do y'all think?

"Coalmont OHV Park Logo Contest
Background: The city of Coalmont, Tennessee purchased 1,330 acres of land in October 2017 using Federal Recreational Trail Program (RTP), motorized trail funds for an Off-Highway Vehicle Park located in southeast Grundy County. The intent and purpose for purchasing these tracts was for natural resource protection and the development of an off-highway vehicle park with a sustainable trail system.
. In January 2019 the City receiver an RTP construction grant to build the park. They are currently contracting an Engineering firm to design the trail head, obtain required permits, build a bath house and septic system. The parking area, most of the utility work, camping areas, the pavilion and trail construction will be done by SFWDA volunteers. We hope to start construction this summer. If you would like to see the exact location of the park enter “Coalmont OHV” into google maps."


Coalmont is 1 hour away from Sparta and 45 minutes from AOP!

[TravisMac]

Found this when looking for info on Coalmont. Page 93 includes their financial analysis - may be some assumptions in there that help you make a decision http://farmermorgan.com/wp-content/uploads/2012/12/Coalmont_TN_OHV-Park_Business-Plan.pdf

[Trailabite]

Found this when looking for info on Coalmont. Page 93 includes their financial analysis - may be some assumptions in there that help you make a decision http://farmermorgan.com/wp-content/uploads/2012/12/Coalmont_TN_OHV-Park_Business-Plan.pdf

Yep, I already copied for reference lol. 10k permits @ $16 a day. I can't imagine 10,000 rigs annually. I would say they are dreaming but I did talk with Brandon (owner of SMORR's) and he claims to have averaged 50k rigs coming through his gates for the past 3 years. SMORR's is also 2k acres.

[Blue J]

I would think that more places to go is better. Morris and Chocco are in close proximity and both get used.