#174 - First Time Land Buyer Series: The Complexities of Buying Land From a Corporation with Mike Kuhlkin
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Welcome to the land podcast, a platform for people looking to educate themselves in the world of land ownership, land investing, staying up to date with current land trends in the Midwest, and hearing from industry experts and professionals.
On today's episode, we are back in the studio to talk with Mike Kuhlkin. We discuss:
Mike shares his journey to land ownership
He’s a pastor in Perry, NY, with a passion for hunting
After years of borrowing and leasing, he bought property
Family dynamics influenced his desire for land ownership
They leased property for 10 years while getting finances in order
A move to the Southern Tier changed their financial situation
They sold their home, gaining $50,000 profit
They followed Dave Ramsey's financial principles
In 2017, they found a 20-acre property listed for 10 years
They made a lowball offer of $50,000, which was accepted at $57,000
The property had a history as a gas consolidation site
Closing took several months due to legal and environmental issues
They financed the property with a 15-year adjustable-rate mortgage
The challenges of building on landlocked property
They’ve started habitat management and farming on their land
The experience has exceeded their initial hunting-only expectations
And so much more!
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