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post #1 of 42 (permalink) Old 08-22-2012, 03:05 AM Thread Starter
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Buying a camp as a group

How do you go about purchasing a camp as a group? My brother in law and I have a camp we are interested in. A place to go with our boys and enjoy camp life even though we live right in Gods Country anyway. My question is about the loan that would be needed. How does that work? I guess you couldn't do a normal Mortgage loan through my credit union because only half would be paid by me or can we both get a loan for half somehow. Maybe a dumb question, maybe you just have to do personal loans for this type of thing. Either way I'm curious how this would work. Wish it was about $15,000 cheaper I'd just get it myself.
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post #2 of 42 (permalink) Old 08-22-2012, 12:33 PM
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Re: Buying a camp as a group

I know when the group of guys bought our camp they created a legal organization and we have by laws and a structure. We have yearly meetings, president, vice president etc. It's a good way to protect all involved I guess. Each of the original 10 members brought cash to the table and they bought the property with cash split even amongst the 10 people.

Not sure that helps with your scenario at all but maybe it's something to look into.
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post #3 of 42 (permalink) Old 08-22-2012, 01:14 PM
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Re: Buying a camp as a group

What Soup said, plus don't forget to include a process for an orderly dissolution if things turn sour. Better to plan for that possibility now than to argue it out in the courts later.

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post #4 of 42 (permalink) Old 08-22-2012, 01:34 PM
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Re: Buying a camp as a group

What Soup said. One twist that another group did, is that at its yearly meeting, they establish the buyout value for every member. That prevents the ex-wife or widow from forcing a sale to get"her share" of market value. the value is kept fairly low.
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post #5 of 42 (permalink) Old 08-22-2012, 01:35 PM
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Re: Buying a camp as a group

I jointly own a couple parcels with my high school friend. Not that I would recommend it but we don't have any paperwork between us. Our names are obviously on the deeds, but there isn't a partnership agreement, bylaws, etc. I make all the management decisions and he writes me a check a couple times a year for his half of the expenses. Once in awhile I show him the list of expenses but he doesn't pay much attention. We've been doing this for 22 years and it works for us. And it's 400+ acres so the problems could be big if they occur.
For each purchase we had to come to the table with cash in hand. How we each got the cash is our issue. There are no liens on the land. Our gentleman's agreement is that there is no financial incentive to sell. If someone wants out they get their investment back. If that person sells the land down the road then they owe the other guy his share of the gains. Obviously, this is set up with a long term ownership intent.
No agreement is going to be able to anticipate all of the situations that will arise. It's more important to ensure that you are buying land with someone who has common values, goals, and approaches to life. Paper with signatures won't avoid problems that arise if your fundamental views are different.
I could give you hours of discussion on this topic. You will get lots of input from others that say to go it alone, or not at all. That other people only cause problems. Sometimes the other person may be the one in the mirror.

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post #6 of 42 (permalink) Old 08-22-2012, 01:39 PM
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Re: Buying a camp as a group

Quote:
Originally Posted by Pa-Plinker
What Soup said, plus don't forget to include a process for an orderly dissolution if things turn sour. Better to plan for that possibility now than to argue it out in the courts later.
Quote:
Originally Posted by Farflung
What Soup said. One twist that another group did, is that at its yearly meeting, they establish the buyout value for every member. That prevents the ex-wife or widow from forcing a sale to get"her share" of market value. the value is kept fairly low.
We also have that included in our bylaws as well as the process if one member leaves or others join.
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post #7 of 42 (permalink) Old 08-22-2012, 01:56 PM
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Re: Buying a camp as a group

there are sometimes(very few) where i wish i had some members but you know when u say"man id really like a pavillion out there, or i want to put a new roof on" you know i just do it, my way. no sitting around talking about issues with doin it, colers, and waiting for somebody to throw in their 20.00. now there are always 10 or so of us at camp. all close friends, they bring maybe 5 gallons each of fuel oil and a couple nice steaks and their time is paid for. and if it hits the fan, i can say you and you- go home. then there is nobody sayin "well i own half of this or i do my share.. hey huntin clubs are a great thing. really like the but if u can swing the extra money, me personally id do it yourself. just me now. im sure this will turn up some feathers, but seriously i respect hunt clubs and unserstand the idea and think its cool to have "members" just as long as they are all on page. yes i guess theres legal things and bylaws that are done, but i really dont know the process. another thing, when i wanna go to my camp, i go. when you mix friends and especially family(even worst, her side) there is always, maybe not now, but always a complication. i just dont like headaches and hard feelings.

Crazy J camp, Potter County
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post #8 of 42 (permalink) Old 08-22-2012, 02:07 PM Thread Starter
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Re: Buying a camp as a group

Is 2 members really a hunting club? I guess it would be. Is creating a club the only way to get the loan?
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post #9 of 42 (permalink) Old 08-22-2012, 02:10 PM
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Re: Buying a camp as a group

heck ya its a club. whatever you guys wanna make it.(iguess) im not sure about how the loan thing works with others involved. im sure you could get your answer on here. great info out there. im gonna step away and let someone that actually knows fill ya in. good luck, camps are really cool. just make sure i's are dotted when closing. enjoy it, main thing.

Crazy J camp, Potter County
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post #10 of 42 (permalink) Old 08-22-2012, 02:19 PM
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Re: Buying a camp as a group

Quote:
Originally Posted by pottercountyman
Is 2 members really a hunting club? I guess it would be. Is creating a club the only way to get the loan?
creating a club wont get you a loan but it will help protect the members of the club should something happen between members. It will also provide a good structure should you choose to expand and allow other members to join the 'club'
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