boilermaker75

The last year the farm contract was for $265 per acre and there was a $20 per acre bonus received because of the yield/price obtained for the crops. The farm manager says the land is worth $10k per acre. Yield is only 2.85%, but over the last 30 years the land appreciation had been 6% per year. Not great, but not bad, as an investment. If that was all there was too it I would suggest selling and get rid of the headache of those six 1/12 owners. But the land is along Interstate 70 right by an exit. Industry has been going in in the area, like Nucor, and it is less than 50 miles to downtown Indianapolis. In fact some of the land was annexed to put in a road for Nucor. So we will probably hold on when inherited. We also could buy out all the other tenants to prevent a judicial sale.

gfp, Grafter, CorpRaider, Thanks for all your comments, very helpful. This farm is just east of Crawfordsville, IN, so less than 50 miles from GFP’s! It has been in my wife’s family for around 150 years. It was jointly owned by my wife’s mother and her brother. Now owned by my wife’s mother and aunt after her uncle died. My wife will own 1/4, as will her sister. There are 6 cousins on the other side with each owning 1/12. One of the cousins is pushing for this LLC. My wife went into the LLC meeting with the farm attorney and accountant thinking the goal was to keep it as a family farm even though no one in the family has farmed it since 1954. She felt that this one cousin was turning it into two sides, the sisters versus the cousins and he did not want the sisters to ever be able to get control. If one of the cousins decided to sell only the other five cousins would be allowed to buy, 10 year purchase at Fed Funds rate (he actually was pushing for 20 years), voting for anything required >67% to pass, etc. I’m not sure what the rule is if my wife wanted to sell and none of the other partners wanted to buy. I will find out more when we get the draft document. I’m thinking we should just leave it as is rather than rush into this LLC. Thanks, Mike

thanks @CorpRaider

Does anyone have experience with turning a farm owned my multiple family members into an LLC? We spoke with a real estate attorney yesterday and we were not happy with the suggestions. For example, if you want to sell your piece it would be set up where the other members would have 10 years, or even 20 years, to buy you out. I would prefer if some other member wanted to buy my piece they have to come up with all the cash now and I was told it is not done that way. Any suggestions to where I could go to educate myself on what options there are? TIA, Mike

I also don't think it is a long shot. It likely may be the way this ends. Those Russian gangsters are as ruthless as Putin. And if someone takes him out what would everyone else in the room do. Probably just move on.

I wonder if he checks his food with a Geiger counter?

I collected a few Mont Blanc pens, but many didn’t feel very substantial and accidently dropping one usually caused damage. Then I discovered Retro 51 pens. They are extremely well built and many have interesting themes. Retro 51 does several for the Smithsonian. For instance there is a Vega after the red Vega plane Amelia Earhart flew over the Atlantic that is at the Smithsonian. I guess it became a hobby/obsession. I have about 50. They ranged in price for me from $35 to $55. They do special editions that are numbered and they only produce a couple hundred to maybe 2,000 depending on the expected popularity. They often sell out in an hour. I just bought the red dragon, which they only made 300, and I know I got one of the last ones. https://www.purepens.co.uk/products/retro-51-pure-pen-exclusive-the-red-dragon

He is definitely paranoid about something,

I think if you asked Putin, "When will the world end," his response would be, "With my death." That is why this is scary. If it gets to the point there is no way out for him he will try to take everyone out.

My first car was a 1968 Firebird.

Wrote a couple of MSGE 65-strike March 18 puts for $0.90 per share. I have limit orders in for more at higher prices. I echo GFP with thanks to Gregmal for calling our attention to EBAY. One I also haven't thought about for a while.

You don't think there are a lot of ruthless people around Putin who he is causing much angst?

@ERICOPOLY That is something I have always wanted to do. Maybe someday.

I wrote some 310-strike and 312.5-strike March 4 expiration puts on BRKB. Nice premiums and not a terrible price to pay for BRKB if I get put to.

Since Buffett took control of BRK, there has never been a day when SPY was a better buy and today certainly is not that day.

@gfp Happy Mardi Gras!

Wrote some FB 187.5 strike, Feb 25 expiration puts.

@DooDiligence I don't play anything, I just listen. Crazy is a great song and I did not know WIllie Nelson wrote it. But now that I know that it does sound like something he would write.

@DooDiligence I look forward to listening!

@Spekulatius I did not know that about Ritchie Blackmore.

You'll never see another nation give up nukes after this.

If you do some Doors' songs, you should post a recording. I'd like to hear it. The Doors had that unique combination of a classically-trained pianist, a jazz-trained drummer, a flamenco-trained guitarist, and a non-musically trained lead singer!

If you are using TurboTax and need to download data from Schwab it works not. From talking with Turbotax and Schwab it was not clear whose problem it was, but I was finally able to do it yesterday.

The Doors didn't have a bass player, well not in concert. Ray Manzarek provided bass for the doors on his organ, but he did it with his left hand. On some songs on their albums they would have a bass player overdub Ray's bass. On the album LA Women, Elvis Presley's bass player was on all the tracks.

"Buy when there's blood in the streets, even if the blood is your own," Baron Rothschild.