Issue link: https://viewer.e-digitaledition.com/i/1465773
35 Agree to agree. The great thing about Brandon and Sean is that they have a shared trust of one another, which is super important when you're buying property together. Scott Sandstrom, Consumer Loan Officer at Farm Credit Services of America, says it's really important to agree up front what your goals are for the land so you can avoid problems later. There are many decisions that need to be made along the way — and without trust, shared goals, and the willingness to compromise, those decisions are only going to get tougher. The first agreement was easy. The property would be split evenly. To do this, they — at the urging of their friend and Rural 1 st Loan Officer Rylee Alcorn — had the property in Ohio County, Kentucky, surveyed and split into four tracts. Rural 1 st Loan Officers live in and value rural communities. They don't just talk the lifestyle; they live it too. They'll not only walk you through the lending process but also walk the property you're looking to purchase and share their expert advice. After speaking to Rylee, they had to decide who would be the owner of each tract. This is where it gets more difficult, but Brandon had a plan. He wanted each tract to have all of the benefits of the property as a whole. So, he split the land, so the acreage was even, with each having road frontage, utilities, crop ground, and woods. Then, in a stroke of brilliance, he let Sean pick which side he wanted. This eliminated the idea of one of them getting "the better side." Then there were the expenses and revenue. They agreed — since the property would be treated as a whole — to evenly split the expenses. So, even though the house was on Brandon's side, Sean would still pay half the utilities. As for revenue from crops and rental income — that would be split evenly, as well. They even have a "gentlemen's agreement" that when they decide to sell the property, they will split the proceeds 50/50. That way nobody needed to worry about who got what side. Pro tips. If you're considering buying property with friends, there's a few things you can do to help smooth out the process. First, talk to a lender like Rural 1 st who is familiar with the many funding options available and is one of the few lenders that offer financing specific to the purchase of bare land. Then, make sure you get pre-approved — because once you find the land you want, you'll need to move quickly. Using experienced loan officers, like Rylee and Scott, can help make this process less complicated. And finally, look to Brandon and Sean as an example of how to set ground rules for how the property will be divided, used, and eventually sold. And happy hunting! Rural 1 st helps people like Brandon and Sean live out their hobbies on their own land while making meaningful memories. Whether that's deer hunting or hobby farming, Rural 1 st helps bring you Closer to What Matters. Rylee Alcor, Rural 1 st Loan Officer At first, they would lease land to hunt on and talk about the "money they were spending" and dreams about what "could be" if they had their own land. / / / / To learn more about Rural 1 st , visit www.Rural1st.com/Whitetail. Rural 1 st is a trade name and Rural 1 st , the Rolling Hills Window icon, Rural Logic, and Closer to What Matters are exclusive trademarks of Farm Credit Mid-America, NMLS 407249. Rural 1 st products are available to consumers within the territories of participating Farm Credit System Associations.