This discussion is for those already in a tribe... specifically those who have purchased land with a group. How do you make it work? Do you have a board who votes on everything? How do you you deal with rules and the day to day stuff? I am looking for ways that have worked for you and your group...not just speculation. I had never really considered buying a property as part of a group until today. I see how purchasing property as a group could be a huge benefit...or a complete crap show. Let me hear your thoughts.
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Buying land as a group is usually a huge problem. If you must, or choose to, do it then suggest holding the land in an LLC or in a Trust. Your Trust Agreement or LLC Operating Agreement can spell out every likely outcome. These agreements can run into 100 pages but more thorough is usually better.
Thank you, seems like very solid advice. It would not be my ideal situation but I am seeing more and more people looking at this type of situation. I see the benefits....but the negative aspect of it scares the crap out of me too. I am not a fan of drama and tend to cut it out of my life as much as possible.
The drama free option is to own your own land near your friends. Each can do as they please.
I agree with Tom. That's what I did. Aside from the obvious day to day issues of joint ownership, there are bigger issues that will come up that even if you have a written agreement to "live" by---folks will get upset and do things/act out in ways that will make no one happy. What happens, before the balloon goes up if someone gets sick, can't pay their share of the taxes upkeep, doesn't show up to help maintain the property, dies, divorces, must sell their interest etc. The last thing I would want as a partner is someones pissed off ex-wife. Even with the contract it would be a huge pain to deal with.
So going back about 10 years ago I decided to buy my own place and then work to create "community" around me. I bought my fifty acres of woods and bears eight years ago in the ADK mountain area and now have some solid friends nearby. And, despite our stupid gun laws, it's a beautiful day in CNY. Shabbat Shalom.