How do I buy land to homestead with family and friends?

A big problem I see is the variety of skills and work ethic of each family. I see one or two people carrying the whole load while the others go hiking in the woods yet expect a cut when the pigs are sold.

Great video! You may have crushed a lot of dreams today BUT you also saved a lot of heartache in the future.

Great Video! Several of my siblings and I are looking into this!!! Thanks for additional topics to discuss!!

Even when you mix it up on us I still find it enjoyable/informative to watch...."I thought we were an autonomous collective"...

It might be better to get a few separate but connected pieces of land, family make the worst business partners sometimes, you need the freedom to make the right choices for you.

Set up an LLC or trust and set the rules for all the member managed responsibility. Discuss and outline the details.

Our family is considering doing exactly what was described in the video, and this provided outstanding advice for us to consider! Really appreciate the work and time that went into preparing it!

We are in the process of developing a family property in NC on 20 acres. You just summed up every conversation I’ve had for the past two years. Lol also you are correct about WV. In the process of leaving this state again for the last time. The “Man” in WV really doesn’t care about anything. Lol

Very well put. My grandparents had land with a main house and other small cabins for us to stay in and all gathered together in the main house. Have an awesome day and love your video's

This is really excellent. A great way to guide the discussion with all parties involved. Thank you!

Troy, you're a smart man. Thanks for the video and interesting details about land ownership.Built a house 38 years ago when I was 26. on my Father-in laws property on a hand shake. Boy, could I tell you a story bout my Father -in law, and his two daughters and two sons !

Well thought out points to ponder.

I don't think this is an issue at all! It just requires planning. If you are building a RV resort or making a housing development (buy a number of lots and make multiple houses), Trailer park, or even have a big piece of land that has zoning (it' called different things in different places, sometimes agriculture zoning in some places) it's the same thing. I know because I have been personally involved in this. You just need to speak to a developer and they can help you through the process and work with your local authorities. This will be most welcome by some rural communities if done right where the zoning is already in your favor. The host seems to be sincere, but he simply is incorrect. Yes, zoning and many other considerations come to play, but it's not as difficult at all, assuming you pick the right piece of land, ensure the correct zoning in that county, and have a good plan or planner. People have been doing this since the beginning of this country.

One of your BEST videos. This is not as exciting as "standing heat" but excellent advice regardless. Nice job. Thank you.

Yes. At one point my wife was pushing for a family commune of sort, a co-existing, happy-land fantasy on our 20 acres. One of the few times I put down my foot. I think it surprised her :D

Can I pose a different scenario? What about a family land trust ? With a single executor/fiduciary? Obviously purchased outright no bank. No split individual ownership of parcels more like the land belongs to the family. The sole executor also the purchaser of the land makes decisions. Thoughts?

You missed the option of a land trust, something I am looking into.

Very great video on sharing some good insights

Everybody better get a good contract/lawyer. This could go south quick. Human nature should not be left to feelings/handshake agreements. Lawyer up for this unfortunately.

Great points Troy and I too can say that from experience. My oldest son is experiencing alot of these issue on a homestead piece of land and cabin. He inherited a 33% share of it shared with 2 uncle's. Both uncle's have kids and they all want to be the boss in control. It's a real mess as they was a good bit of equipment that went with the inheritance. Before something happens to me I plan on getting my kids together to see want they want for my little homestead. They are great house sites for all of them even though it's only about 5 acres. So before I am gone that issue will be presettled.