Jockey Hollow For Sale
- Thread starter Schu72
- Start date
- 39,122
- 274
As an exercise in arithmetic, let's assume 25 people pull together on this.
20% down on $2.3M = $460,000
$460,000/25 = $18,400 per person out-of-pocket for the down payment
Let's say the legal structure is tax-exempt as a "conservation organization", which allows us to borrow at 3.25% and we can get 30-years since it's real estate and we put a healthy chunk down. Annual sum of payments on the debt service is $101,643.60. A reasonable expectation for real estate taxes assuming no CAUV or other savings/exemptions as levearge, and a $2M appraised value, is $38K. Add in a reasonable need for maintaince, etc, we can assume an annual operating expense of $175K per year, split 25 ways, is an annual lease fee of $7K. Make that 50 guys and it's more complex, but it's more feasible cost-wise.
20% down on $2.3M = $460,000
$460,000/25 = $18,400 per person out-of-pocket for the down payment
Let's say the legal structure is tax-exempt as a "conservation organization", which allows us to borrow at 3.25% and we can get 30-years since it's real estate and we put a healthy chunk down. Annual sum of payments on the debt service is $101,643.60. A reasonable expectation for real estate taxes assuming no CAUV or other savings/exemptions as levearge, and a $2M appraised value, is $38K. Add in a reasonable need for maintaince, etc, we can assume an annual operating expense of $175K per year, split 25 ways, is an annual lease fee of $7K. Make that 50 guys and it's more complex, but it's more feasible cost-wise.
Last edited:
Now, let's make this a more likely scenario. 350-acres with a barn and a farmhouse somewhere south of I-70 in Ohio. Chances are, it will run you $1M. We decided that TheOhioOutdoors, LLC is going to own and operate the property with 20 members governing the property.
$10K per member buy-in.
As a "for-profit", we need to borrow at a higher rate and a shorter term. The annual sum of payments on the debt service will be $63,724. Add in reasonable taxes of $18K and necessary op costs, we can assume annual operating expenses of $100,000.00.
$5K per member, per year to enjoy all said property has to offer.
Some of you see that and say "no problem". Others say "no way". If we made it 50 members, the buy-in is $4K and the annual lease rate is $2K, but can 50 guys reasonably enjoy 350 acres without pissing one another off? To @Fletch's earlier point, I doubt it.
I haven't given up on this dream and it's more likely we search for a lease that can morph into a lease-to-own, but this is a TON of work that neither Joe nor I can undertake at this point in time.
$10K per member buy-in.
As a "for-profit", we need to borrow at a higher rate and a shorter term. The annual sum of payments on the debt service will be $63,724. Add in reasonable taxes of $18K and necessary op costs, we can assume annual operating expenses of $100,000.00.
$5K per member, per year to enjoy all said property has to offer.
Some of you see that and say "no problem". Others say "no way". If we made it 50 members, the buy-in is $4K and the annual lease rate is $2K, but can 50 guys reasonably enjoy 350 acres without pissing one another off? To @Fletch's earlier point, I doubt it.
I haven't given up on this dream and it's more likely we search for a lease that can morph into a lease-to-own, but this is a TON of work that neither Joe nor I can undertake at this point in time.
It's former a stripmine that resembles AEP. Several ponds, open areas in native grasses, and tons of invasives to manage. The timber regrowth is decent because it was mined in the late 50s and 60s, so there's likely some mast production. There's potential to grow good deer, but with the generally poor soil, it won't live up to the potential of the unmined areas in that portion of the state.
at1010
*Supporting Member*
- 5,263
- 159
Harrison county area grows some big deer, I have seen some slammers come out of CADIZ over the years. When I lived in TX (small world) but a guy I became friends with owned 150 acres in Harrison county, he had a very high DPSM (20+ does in pictures at a time) and plenty of solid bucks (150+).
Like anywhere in Ohio, every parcel is different but overall the oppurtunity for a good deer surely exists in that region.
You could stage a Jocky/Sturgis thingy bring bikers in from all over - JOCKIS - or JOCKITCH - make big $$$$$
triple_duece
Ragin Cajun.
- 9,586
- 159
Shares are for sale all the time. There is a reason for it. No one in their right mind wants to put up w others ideas. You can buy a place of your own. Leases are great until the wrong people make the rules. Some buy more shares as members sell and the views or direct changes. In the beginning it’s great, after some years it becomes a timeshare property problem.
Bigcountry40
Member
- 4,754
- 137
This sounds like every hunt club I have ever hunted on in SC and NC lol
cspot
Member
I would agree with that. You spend all that money and you are probably just as well off to go hunt public land. I had thought about trying to go in with a bunch of people but glad I decided to buy 13 acres of my own and then just hunt the public land when I want. Can do whatever I want on the 13 acres. I would consider leasing some ground if it was the right situation though.