Who am I?
My name is Joe Godfrey. I have recently (July 2007) moved from Central Florida to Hendersonville , TN just outside of Nashville . I am 41 years old, married and have a 15 year old son and a 12 year old daughter. I have been a licensed real estate broker and building contractor in Florida since 1990. For the past 17 years I have been developing residential subdivisions and building homes. I have a BS degree in Construction Science. I am a member of the Homebuilders Association and Realtor Association. I have been an active member of First United Methodist in Clermont and served on the Board of Trustees. I have managed a hunt club in Georgia for the past three years. I enjoy bow hunting, turkey hunting, duck hunting, salt and fresh water fishing, and water skiing. I have all the experience necessary to put together a land partnership and get it developed.
What is the goal for the partnership?
My vision is to partner with 10-15 land partners and purchase around 1,000-1,500 acres of land to develop into a trophy hunting property. Each owner will have their own lot to build a cabin hopefully on a lake or having expansive views. The remaining acreage will be jointly owned and used by all owners. There will also be a camping area with full hookups. Amenities will include gated access, a walk in deer cooler, covered skinning racks, secure storage building, double box and ladder deer stands, food plots, tractor and equipment, dove field, stocked fishing ponds, etc. We can also look at building a covered pavilion or even a lodge. There will be a trophy deer and turkey management plan put together by a wildlife biologist. There will also be a timber management plan put together with a projection of cuts and payments.
Where is the land?
The land will be located in Western Kentucky . The Western Kentucky area is rapidly becoming the place to go for Boone and Crocket caliber bucks. It is one of the last areas you can buy quality land with timber on it for under $2,500 per acre. You won't believe how beautiful the land is for this price. It would be a great area to retire or live part of the year. The prices are steadily going up. I am looking in Hopkins, Butler (currently listed as the #5 county in the country for Boone and Crocket typical bucks killed since 2003), Logan, Todd, Trigg, Christian and Ohio counties. This area is within 1.5 hours of Nashville , TN.
Conceptual Layout
About the conceptual layout:
The layout shown above depicts the basic concept. Depending on the features of the land the lots may be located on a lake or hilltop. It will also depend where the utilities are available.
Why partner to buy hunting/timber land?
Hunting on only 100 acres all the time gets old and it is also impossible to manage the deer or timber on the property. I have hunted on property with a multi-owner setup in Louisiana and it works great. Having 1,000+ acres of private land to hunt, fish and roam makes all the difference in the world. I also plan to build a cabin on the property for a year round get away for me and my family which you likewise can do. The problem is for me just like many of you it is not feasible for one person to acquire this kind of acreage to be used for hunting. I also like having other like minded hunters to share in the enjoyment.
How will the land be purchased?
The number of partners depends on the acreage purchased. I would like to use a ratio of 1 partner per 100 acres of land. I feel this ratio keeps the property from getting overcrowded and overhunted. So a 1,000 acre parcel will have 10 partners. I will handle setting up an LLC to purchase the land with each partner owning one share in the LLC. I will also handle the development of the land and setting up the wildlife and timber management plans. Because of the exorbitant carrying costs to purchase a tract of land this size and then try to sell shares I want to get all interested partners together first and then close on the property. I will set up an LLC with each member owning one share in the property. Each share will be one voting member. I am currently looking for a parcel that will work. I plan to get an option on the land giving us time to get all the partners together, inspect the property and get all approvals before we close.
What will it cost?
Land in this area at current cost (February 2008) is around $1,800 - $2,400 per acre. Using a 1,000 acre parcel @ $2,000 per acre the land cost would be $2,000,000. The estimated development cost depending on how close water and power are and what kind of road system etc. is already on the property would be around $95,000. This brings the total cost to around $2,095,000. At 1,000 acres we would have 10 paying owners at $209,500 each . We will look at cutting some of the timber right away to help pay for some of the development costs, taxes, etc.
Can you sell your share?
Yes, each share is saleable and transferable. The value of the share will adjust with the market. There will be restrictions on the sale such as the order of which to whom the share will be available for purchase.
Can a share be owned by more than one person?
Yes, a share can be owned by a family, or split between two individuals. However, only one individual will
be listed as the voting member and the share will only count for one vote and allow access as one owner as per the regulations.
What are the regulations?
I am currently working on a set of regulations. These regulations will be adjusted and completed as per vote of the owners. There will be the general items you would typically find in any club with additional items for ownership. These regulations will include; membership and board of director details, hunter and guest restrictions, stand selection system, hunting restrictions as per the management program, property use, timber cutting plan, violations, etc. I will send a copy of the regulations to anyone interested in being a partner.
Can you finance your share?
Yes, I will be setting up financing through one lender so we can collectively use one lender to close on the property. The financing will be tied to only the 5 acre privately owned parcel and ownership interest. Typically you will need at least 20% down. I am working on these details and will forward all information to interested partners.
Can you buy more than one share?
Yes, you can buy as many as you would like. Each share will give you one vote, lot, and ownership rights and benefits.
When will the purchase take place ?
I would like to close on the property by spring of 2008. This will give us enough time to get the property ready for the fall hunting season.
Who should apply to be a partner?
I am looking for partners with the same vision as myself; a high quality trophy hunting property with a safe enjoyable family atmosphere. Anyone applying must be able to close on their share of the property in the $200,000 - $250,000 dollar range by June of 2008 or possibly sooner. As applicants are selected all selected applicants will be included in the subsequent applicant reviews.
Are you interested ?
If you are interested in being an owner in this partnership please click Apply Now below & fill out the application form and I will send you additional information as it becomes available.
I would like to know your comments, thoughts, ideas and concerns on this partnership concept. Any input would be appreciated.
Thank you and I look forward to hearing from you. If you have additional questions you can call me at 615-416-2416 or e-mail me at jpg3rd@comcast.net subject: Kentucky Land.
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