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Anyone want a 30 acre farm for $350????? Options
williamsson
#1 Posted : Wednesday, July 09, 2003 4:03:25 PM
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OOPS, didn''t realize the "catch". . . the $350 fee looks to be a non-refundable entry fee for the drawing. . . at first I couldn''t believe this guy''s charity, but I guess he''ll be doing quite well if he gets the 2,500 applicants he''s hoping for; my apologies for posting this without reading all the way through!
lunailoniafaer
#2 Posted : Friday, July 11, 2003 5:47:58 AM
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Well hey, if you''ve got money to throw around, I''m sure not many people are gonna go for that deal, it might be a nie investment if you entered the drawing!
hunter63
#3 Posted : Saturday, July 12, 2003 2:41:12 AM
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Well if you win, it''s taxable, have to sell it to pay the taxes. They did this at fundrasings for sports groups, 40 acres, a cabin( kit ). took a while to figure out that you can''t keep it if you don''t have the cash.
If you had the cash ,just by what you want.
No free lunch here.
williamsson
#4 Posted : Monday, July 21, 2003 11:06:32 AM
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true, but wouldn''t you just be paying tax at your investment cost, the 350$; likewise, wouldn''t your property taxes be based (theoretically, at least) on the amount you payed for the place?
skruzich
#5 Posted : Monday, July 21, 2003 11:44:52 AM
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Hi williamsson, nope, they will make you pay the tax based on the appraised value of fair market value at the time you possess the property. Now i don''t remember ever having to pay a sales tax on property at least here in georgia. I think property is sales tax exempt except in states like tennessee.
Not sure anywhere else. But definately property in Georgia is exempt from sales tax.
I rechecked the site, and found that all his equipment and other property that is not considered real property, which is taxable by advelorem is being thrown in there too. It will be subject to sales tax also. Not sure if it will be subject to the sales tax on 350.00 or if the appraisers will be out and taxing to the limit.
I am sure though that the state of south carolina will be there with their hands out.
But realistically, heres what you get. A chance out of 2500 chances to win a 30 acre workable farm, accounts with 4 markets to sell in, equipment, barns, houses, vehicles.
If i had the 350 to spare i would take a chance.
1 in 2500 odds of winning. Better than lotto. Better than scratch n sniff. Better than filing your 1040. Technically you could write off the 350 if you lose as gambling losses.

steve
skruzich
#6 Posted : Monday, July 21, 2003 11:52:34 AM
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Posts: 134,494
If he gets his 2500 applicants fees, he will make 875,000 dollars for that farm. Not too shabby for a 11 year investment.
Lets see, I''ll bet the tax will be somewhere around 10k a year.
Steve
Penagashea
#7 Posted : Tuesday, July 22, 2003 10:31:13 PM
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Posts: 134,494
Charity my aunt fanny! The man has already made $336,785! for a 30 acre farm! In Ohio, I know of a farm that can be purchesed with 2 houses,100 ac and equipment for 100,000. In W.V there are working farms with over 200 acres and a luxury houses that be bought for about 200,000 Land prices in SC are pretty reasonable as well. This man knew that he could never sell his place for anything near 875,000! He''s no philanthropist just a very clever farmer! LOL! My hat''s off to the guy! ROFLMAO!
williamsson
#8 Posted : Tuesday, July 22, 2003 10:31:13 PM
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Posts: 134,494
check out:

http://www.newfarm.org/features/0703/farm_giveaway/index.shtml
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