Saturday, October 20, 2012
Rendering of the Farmhouse
Friday, October 19, 2012
Family Farm
All,
My bottom line is in agreement with Robert's. Before talk of barns, orchards, docks, or possible projects (I.e. pie in the sky) we need to 1. Assess what state the farm is currently in A. Legally B. Equipment/structures (fences, dam) C. Current expenditures. I suggest if this is to be a serious discussion then talk of barns and split rails need to give way for these more pressing issues. I propose a sit down consultation with an attorney and for a record of assets and liabilities be taken (as mentioned above) before we continue.
Love,
Russ
My bottom line is in agreement with Robert's. Before talk of barns, orchards, docks, or possible projects (I.e. pie in the sky) we need to 1. Assess what state the farm is currently in A. Legally B. Equipment/structures (fences, dam) C. Current expenditures. I suggest if this is to be a serious discussion then talk of barns and split rails need to give way for these more pressing issues. I propose a sit down consultation with an attorney and for a record of assets and liabilities be taken (as mentioned above) before we continue.
Love,
Russ
Thursday, October 18, 2012
Tuesday, October 16, 2012
building wealth
Through the United Order, the Saints under Brigham Young created a large amount of wealth for the Church and some of the Saints. By owning the property in "common" you are living part of the Law of the Celestial Kingdom, where we are to become "joint hiers with Christ", sharing in all that our Heavenly Father has....worlds without end.
Ten sticks bound together as one are impossible to break, while one stick or two sticks can easily be broken. I think it was a big mistake for the Tilton Hal Hinds farm to be sold, especially after he lived as a poor man his entire life to secure the property for the next generation. He could have sold it at one time for $800,000 to a $1,000,000. and had no debt on the property. He could have taken that money and purchased a new truck, a new pull behind travel trailer and spent his winters in Arizona like his sister Jean and her late husband Rex. This is how his cousins have used their earnings as well. Yet, he opted to stay on the farm, fight the cold and snow, and maintain his self with a calf crop and social security.
Great amounts of wealth take generations to build if you are doing it by yourself. Working together, you can each contribute small amounts and make improvements that will add value to the 75 acres. My goal is to finish paying off the 5 acres and give that to mom, who will then give it to you. Once paid for, it can continue to be used for rental income which can be used to maintain and improve your holdings.
It would not take long to have a debt free dairy barn, with debt free dairy cows, generating revenue. I would like to be able to contribute a debt free milk barn on your 35 acres on the land between the circle drive, just south of where the trash bin is located. This may or may not be possible, depending on my future earning capacity. I did get offered a full time premanent job as the meat manager at the Little Rock Air Force Base today and I believe I can once again reach a six figure income prior to the end of my work life...probably age 73. I am eager to plow extra earnings back into the farm to pay off the mortgage on the 5 acres and continue to make improvements.
Existing assets are the large number of rocks, timber and water. Not to mention the potential from a pecan harvest. There are about 6 acres of tillable land where the pumpkin patch was last year and this year combined...I want to sow this back to clover this fall and then harvest a hay crop in the spring and then plant corn on all of that. With corn at $8.00 a bushel, six acres unfertilized can yeild 50 to 70 bushel an acre or $4,000 to $6,000 gross revenue. Rex and Eva are starting to see the return on their cows with three cows and four heifer calves...in a couple more years they will have a nice calf crop to sell or put back into an enlarged dairy. The farm will carry 20 pairs in normal weather.
I am not sure that is a goal for Rex and Eva. It is good to get everyone talking and making choices on the direction for the place. Land around you will eventually come up for sale. It would be wise to consider if this is something needed, wanted or to be ignored, prior to then.
The best advice is to keep the property debt free, this will secure it from banks and government. Greed cannot be a part of the Celestial Law of joint ownership. Selflessness must rule the day. Your system of ownership must have rules, regulations, communication processes and standards. Properly done it will be a great example for your children to follow and everyone of them can feel enriched with knowing they have ownership in property of great worth.
I think the destruction of the chain saw and today's job offer, may be my queue to move on to a new adventure. I am ready to work one job and maybe find a good barbershop quartet looking for a change of lead.
Ten sticks bound together as one are impossible to break, while one stick or two sticks can easily be broken. I think it was a big mistake for the Tilton Hal Hinds farm to be sold, especially after he lived as a poor man his entire life to secure the property for the next generation. He could have sold it at one time for $800,000 to a $1,000,000. and had no debt on the property. He could have taken that money and purchased a new truck, a new pull behind travel trailer and spent his winters in Arizona like his sister Jean and her late husband Rex. This is how his cousins have used their earnings as well. Yet, he opted to stay on the farm, fight the cold and snow, and maintain his self with a calf crop and social security.
Great amounts of wealth take generations to build if you are doing it by yourself. Working together, you can each contribute small amounts and make improvements that will add value to the 75 acres. My goal is to finish paying off the 5 acres and give that to mom, who will then give it to you. Once paid for, it can continue to be used for rental income which can be used to maintain and improve your holdings.
It would not take long to have a debt free dairy barn, with debt free dairy cows, generating revenue. I would like to be able to contribute a debt free milk barn on your 35 acres on the land between the circle drive, just south of where the trash bin is located. This may or may not be possible, depending on my future earning capacity. I did get offered a full time premanent job as the meat manager at the Little Rock Air Force Base today and I believe I can once again reach a six figure income prior to the end of my work life...probably age 73. I am eager to plow extra earnings back into the farm to pay off the mortgage on the 5 acres and continue to make improvements.
Existing assets are the large number of rocks, timber and water. Not to mention the potential from a pecan harvest. There are about 6 acres of tillable land where the pumpkin patch was last year and this year combined...I want to sow this back to clover this fall and then harvest a hay crop in the spring and then plant corn on all of that. With corn at $8.00 a bushel, six acres unfertilized can yeild 50 to 70 bushel an acre or $4,000 to $6,000 gross revenue. Rex and Eva are starting to see the return on their cows with three cows and four heifer calves...in a couple more years they will have a nice calf crop to sell or put back into an enlarged dairy. The farm will carry 20 pairs in normal weather.
I am not sure that is a goal for Rex and Eva. It is good to get everyone talking and making choices on the direction for the place. Land around you will eventually come up for sale. It would be wise to consider if this is something needed, wanted or to be ignored, prior to then.
The best advice is to keep the property debt free, this will secure it from banks and government. Greed cannot be a part of the Celestial Law of joint ownership. Selflessness must rule the day. Your system of ownership must have rules, regulations, communication processes and standards. Properly done it will be a great example for your children to follow and everyone of them can feel enriched with knowing they have ownership in property of great worth.
I think the destruction of the chain saw and today's job offer, may be my queue to move on to a new adventure. I am ready to work one job and maybe find a good barbershop quartet looking for a change of lead.
Monday, October 15, 2012
I like the framework. I think you would be the best choice for Executor of this whole thing.
Back 40:
I've thought about the back 40 with all the brush and "forest" grown up back there. Instead of bulldozing it down, the lumber back there could be harvested and used. There's a lot of hegde back there and hickory, good quality wood. My buddies and I were planning on cutting down some hedge this fall and winter and making some money from that. One of them has 200 acres, and we could also get some hedge off the back 40, and if Dad wants to get some for his rail fence, he can. Also, there's a neat tool called an Alaskan Chain Saw Mill, which can turn logs into beams. Costs around $300.
That lumber can be used for fence posts as well. The fence around the farm is in poor condition. A new fence is needed. So if we have any desire for cattle or any livestock, we would need to invest in a new perimeter fence (horse high, bull strong, and hog tight). This was one of my plans, to start repairing the fence, and making it hog proof so that I could purchase more hogs and letting them feed on walnuts and roots, instead of feeding them crack corn. This would be a relief once completed. The days of chasing cows cross country would be a thing of the past, instead of a constant worry. That would cost a lot of money all in itself. But if we can use strictly wood posts, and re-use the old bobbed wire, that could cut the cost significantly, tho it would not be hog proof. I would have to save up money to purchase hogwire to put in later on.
A tractor is also a needed tool on the Farm. Old Farmalls cost around $2500 - $5000, unlike the new ones that can cost up to $500,000. They are old tractors, but they get the job done. We could save up and purchase a nice, restored Farmall M in perfect condition. Those are big and powerful tractors. They would suit the purpose of anything we need on that size land. We could use it for hay rides, mowing, plowing, harvesting hay, getting the truck or any vehicle out of a perdicament, and taking it down the Arts and Crafts Parade.
A Lodge would be an awesome idea. I was drawing up designs for it today. I remember you mentioned to me that you wanted to build it ontop of the ravine, above the Pecan Grove, and the hill that the lodge would be built on would be leveled, with a retaining wall around it. Since we know that the future is not going to get any better, we could build that lodge strategically. It could be used as a fortification. The retaining wall could have a dual purpose; keep in the dirt and provide a defence. At the entrance could be a good sturdy gate. The lodge itself could act as a "castle", sort of like a mote and bailey. If the retaining wall is only 3' high, sandbags could be stacked on top of it to raise the wall. The ravine is pretty steep, so who ever would try to storm it would have a fight alone just getting up the hill. And if the retaining wall followed the road leading up to the lodge, that would create a bottle neck for whoever is trying to get in by the entrance. The wall would surround the entire lodge. Just an idea.
A barn would be a good investment. We could store all the equipment in there, with everything to it's proper place; tractor, hay bailer, 4 wheelers, fishing poles, life jackets, fishing boat, tools, hay, purhaps a place for livestock (horses maybe), and whatever else. A timber barn would be awesome. Not quite sure where to build it. My previous plan was to build one where the Old Barn used to stand, tear it down, sure up the foundation, and build on that. But if there's a more strategic location then lets find one. I had also thought on building a hay barn on the back 40 once all the trees were cleared. It would be strictly used for hay. This would make hauling the hay from the field an easy job, instead of traveling all the way up to the front 40, then back. If we wanted to transfer hay from this barn to the all-purpose barn, then we could.
I've been looking and prayer to get a job. Once I start getting a steady income, I will be able to donate to a family trust. I talked to the financial aid at church and he said for me to call him this week. From what I hear, UPS is hiring. Reed and I will be applying at Sub-way tomorrow, and I went back to Wendy's to see if they were still looking to hire. They said yes. So I'll try again to apply there. I'm eager to assist in the development of the Farm.
I cant think of anything else right now. Maybe with more discussion things will start coming to me. Hope to hear what you all think about these ideas.
~Riley
Traditional Exterior design by Denver Architect MQ Architecture & Design, LLC
This is a picture that I found on the way home from Kansas. Thought this would be a neat style to consider when doing some kind of clubhouse, or gathering place. This is definitely something for down the line. I think the first projects that should be completed are the basics. I agree with Robert that we need to find out legally what needs to happen before we sink money into this.
This is a picture that I found on the way home from Kansas. Thought this would be a neat style to consider when doing some kind of clubhouse, or gathering place. This is definitely something for down the line. I think the first projects that should be completed are the basics. I agree with Robert that we need to find out legally what needs to happen before we sink money into this.
As Dad has told us many times, “the farm is going to you kids”. What a blessing and a pain that statement has made. Hopes, responsibilities, commitment, family, work, discouragement, are all words that pop into my head. This has been a subject of recent discussion as all of us but Russ were at the Farm this last week. The Farm is a subject of discussion every year, and gaining any positive ground, well besides temporary excitement, has not happened. We will be having the same discussion 10 years from now if we don’t do something that is productive. We need to have a plan, set goals, and meet our own expectations. This year a few of us were making valid points and had great ideas. Some of the ideas did not have a chance to be heard though, over crying babies, card games, TV, private conversations, etc. Everyone gets excited about possibilities, and then the topic is never revisited throughout the year. We are all very busy in our private lives. I know we all want to do something but we never get a chance to discuss things but once a year, unless, we start NOW, right here.
The house and duplex, sit on 5 acres with a mortgage. The front, or East rather 35 acres, is currently in all our names as I understand things, and includes the lake, bandstand, and barn. The back 40 or West 40 is in mom’s name. These 2 pieces of land have no mortgage attached to them, meaning they are paid off. The purpose of this email is to start a dialog that will continue into action leading us to a common goal for our future and our kid’s future as it involves the farm. We could move this to a blog or elsewhere if it is easier. This will not be an easy subject to tackle. All of us have ideas and this has led to some frustration among us. Some of us have mentioned not even wanting to be a part of it as it has been too hard to find common ground. All of have dreams and visions for where our future will take us.
Speaking for me...this week at the farm was a great time. My kids enjoyed playing with their cousins which I believe is very important. Relationships of friendship and love with family have been strengthened and some new ones began (Calvin/Jaxon....so funny!). It is such a shame that with our young families and budgets we cannot do things like this more often. The Farm has always been a cherished memory of mine as I know it has been for you. Some of you are still living there are still benefiting from the properties unique majesty. I don't want to speak emotionally to you all, or pie in the sky either... as us Hinds have been known to do. I want to form a plan of action that will preserve the farm for Future posterity. I want it to be an exciting place to come to even if your not a Hinds.
A piece of advice that has helped me is that decisions are not well made when they are 100% emotional and on the flip side of that coin, they are not well made when they are 100 % logical. The important decisions we make are somewhere in the middle. Since we are a Family of Faith, we can add to the mixture of our decisions, faith and prayer. Think about this for a minute, Marriage, car purchase, having kids, career, home purchase, and now Farms future. We all have emotion tied to the farm as it is a part of our past and present. We must make logical decisions knowing that some emotion will play a part of that decision. Will the Farm play a role in our future?
The Farm can go away! Dad has been juggling the plates he has chosen to juggle for many years. Dad has great intentions and dreams like all of us. He wants to provide a future for his posterity. The reality is that the plates are going to start falling, crashing into a million pieces if they are not picked up by us kids. Dad will not be able to continue at his pace forever. The back 40 is over grown, the brush and trees are growing into the back of the dam, the dam washed out in the pond. Make no mistake, this plate is about to shatter. These problems, if not addressed, will cause bigger financial losses for us later if not dealt with soon. The roots growing into the dam will cause it to burst; the brush will need a bulldozer instead of a simple mow to get it back to a hayfield.
Do we want to catch the plates? If so, WE need to start figuring things out. What do we want the farm to be? How will it play a role in our family’s lives now, and in the years to come? Do we care if it is sold to a stranger? Do we care if it is given to one person in the family? These are all questions we need to ask ourselves and each other. Let me lay down some frame work for what needs to happen if we are all on board. On board meaning we all want to be a part of the farm and its future.
1. WE need to make sure the land is in all our names to begin with. The Title will specify this. The Title will need to be held by a responsible party. A Title gives you the right to the land. The bank that holds your mortgage will hold the title until the land is paid for. Once it is all paid off the bank will send the title out to the title holder. In our case, all 7 kids are the title holders. Who will hold the title?
2. WE need to get a lawyer. A Family wills trusts, estate, and possibly an LLC lawyer. This can get expensive. I spoke to a good friend of mine who was cop and is now a lawyer. I explained our situation the best I could. He told me that we should seek a consultation from a Kansas lawyer. Every state is different when it comes to this. Some consultations are free which is what we should seek. The reason we need to set this up is to cover all our bases. A disgruntled Sibling, spouse, or even a death in the family could make things very hard. Do we want to set it up as a business, a living trust, a combination of both? My friend said that community properties are very hard to work wilt. It might be best for Dad to set up the LLC and Estate then gift it over to us kids making one of us an Executor of the estate. The questions I have and want to ask an attorney is...
A. What happens to the property if I die?
B What happens to the property if I get divorced?
C What happens to the property if I get sued?
D Will my kids be owners of the property?
E What if it was run like a business or time share?
I'm sure you all can think of many other questions. Please write them down here. We will want to ask an attorney these questions. These questions need to be answered. We all need to agree on the answers the best we can. I would take comfort knowing we all had our questions answered legally and they were "in paper" as the saying goes. Once this is done I will feel good about moving forward with "projects".
3. Cost for the lawyer is unknown. I asked my friend to give a ball park figure on what things would cost. He said fees can range from 350 - 750 per hour. A flat rate may be an option as well. 7k-10k was a rough quote of what we might expect to pay for this. He said that you don't want cheap lawyer or one that doesn't have very much experience in the specialized area. What we are trying to do gang is very complex, and we don’t need some rookie bum! We are talking about a Kansas lawyer with an expertise in Will, Trusts, Estates, Business. My friend can help me get a good lawyer and we won’t be wasting it on some ambulance chaser, or someone who just wants our money giving us subpar work.
4. How do we pay for lawyer? Who will visit the lawyer? When will we do all this?
A. Here is a suggestion: we all contribute monetarily to a monthly fund. If all 7 siblings contributed $80.00 a month, for 12 months, we would be close to paying this fee. We may be able to find a quality lawyer for less than the $7,000. Every sibling would come up with $1,000 in the next 12 months. This would give us 7k to get this “law business” settled. When all of us converge at Mom and Dad’s next October, we could have this step done!!!! This could be one of the goals of the trip. Can everyone afford for this?
Everyone needs to understand that the money you sink into the farm will not be coming back to you. This is not an investment for monetary gain. It is money you will never see again. It is money that will be used to build something together. It will be used to build something wonderful for our kids. In time we will see the efforts of our labor. I will never be able to afford some million dollar ranch on a farm by myself. It’s possible I could, but not very likely. If we do this together we could have something together that none of us thought possible to have on our own.
So basically number 1 is the title and 2, 3, &4 is all the legal stuff. I think this is a great goal for October 2013. The dam, back 40, and general maintenance of the farm may suffer for one more year, unless one of you boys living on or near the farm can do something about it. I want to hear all your ideas of improvements to the farm. Do we want cows, an orchard, lodge /clubhouse, tractor, 4 wheelers or barn? And what is our time frame for each project? How do we prioritize these projects? How do we pay for each project? Please post your thoughts, ideas, and post pictures. Let’s all have fun with this and get involved for the children.
I will volunteer my time to work out the legal side of this. I will involve all of you throughout this process. I will also volunteer to be the executor of the trust if everyone is ok with that. I promise to be fair and honest with you all.
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