Land Poor: Owning land, often too much land, but poor, or lacking ready, available money, because of property taxes on the land, no cash flow, maintenance, low yield, etc.
My telephone rang this week and I answered cheerfully (as I always try to do) “Good morning, this is Bobby!” and a tiny little voice on the other end didn’t even bother to say “HELLO” or “Hi,” she just asked weakly:
“Do you buy land?”
“Yes Mam. I do.” I answered. “May I ask what your name is?”
“Mamie” she responded so faintly that I could barely hear her.
“Well, I am “Land Poor” Mamie said, “and I need to sell some!”
I listened as she explained that she owned land but needed additional income to make some much needed repairs on her 75 year old house and her land was not “making her any money.”
I had heard the term “Land Poor” many times before as a young boy growing up, several members of my family were farmers (and members of ”The Greatest Generation”) My grandfather described it a little differently. “He claimed he was land rich and cash poor”.
Several years ago, Mamie made the same mistake that many land owners that are hurting for money make: she sold her timber!
Mamie did not have enough cash flow from her land to meet the property’s expenses much less provide cash flow for her to live on. Yes, she got a little bit of money – not nearly what she had hoped for – which she quickly spent.
But, look at what her land looked like after the logging company left. They made a huge mess!
Mamie’s land was actually a liability and not an asset.
Are You “Land Poor”?
Is your land making you money or costing you money?
Have you been holding on to a piece of land for years with no concrete plans of what you are going to do with it?
Would you like to learn how to go from being “Land Poor” to finding a permanent solution like Mamie did?
Turn off the television, grab a beverage, put your feet up, dial my number and say: “I’m Land Poor ” and find out what we can do for you!
Call me at 843-564-8438 .
Would love to hear your voice.
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