Come Ride and Camp Here Anytime in VA

[OneWheelBiting]

Just outside of Huntington VA off of I-64 is 170 mountain property for sale. I say we, me and 99 other people get together form a LLC and buy the place. Each member can buy as many shares as he or she likes and each share gets you one vote at meeting concerning the properties use. We can make it a private hunting property/OHV park. So long as we are all owners in it there are no liablity issues to worry with. A share will be $1000 and will have a $65 a year maintance fee to cover taxes and basic upkeep. I am open to all ideas I am taking a purchase contract on the place as soon as I know the interest level of this idea. My lawyer thinks a easy way to do it is to form a club and have a membership to the club be your ticket to use the place and the club own the property. Drop me a email at (edited by Admin) if you got more ideas or want to know more yourself?

 

[unclemeat]

Great Idea. I am interested.

 

[OneWheelBiting]

Yeah so am I my buddy is a lawyer says this would be a simple LLC to setup it would be the writing of the by-laws that would take a couple of weeks. Like I said in the starter thread I will take the purchase contract on it as soon as I know there are at least 40 people interested.

 

[ExplorerSportNu]

Any pictures of description of the land ?

 

[slravene]

there is alot more to buying land than "selling shares of it". Now you are going down the right track with this, you WILL need to have a contract with very specific details regarding what can and cannot be done with that land. Selling a share to someone can be a good and bad thing. Once that person owns that share they can do whatever it is that they want with it, word of mouth by them saying that they will keep it open for a 4 wheeling park will not cut it...they can put a house on it if they so please (if the land is zoned for that) The point I am getting at is that you cannot just split up a tract of land and have 100 buyers. Real Estate doesnt work that way. You will need only a few buyers that then can split the land (resurvey) and share it out. However if say, you were to raise the money needed to purchase the property and then buy it in your name then that would work. Is your buddy a real estate lawyer? If not, then maybe you should seek the expertise of one. This would be a great project and could turn out awesome for the offroad community, but there are alot of things that need to be put into consideration that you may not be thinking about.

 

[Rick]

Sorry, but this is along the same lines of a group purchase. We no longer run group purchaces through this site due to past problems.

I'm closing the thread.