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Esteemed Advisor
Kay/NC
Posts: 9,881
Registered: ‎05-13-2010
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Re: $20,000.00

We don't buy land at auctions, but, I have done quite a bit of auction buying for antiques and vintage items for our home, at estate sales. 

 

My rule is not to fall in love with anything.  As I said below, s,art buyers never fall in love with a house.  Emotions will get you skint. 

 

There are a couple of related rules for bidding to buy.  I can afford more than an antiques dealer - similar to an investment-only buyer for farmland.  I don't have to have a margin for the next buyer to decide to jump on a piece, whereas a dealer does. 

 

If there is an item that really makes a functional differnce in my surroundings, and it is unique, then like that piece of land, I will pay whatever I feel I want to spare for it.  If I needed some more land application  space, to allow an expansion in animal units, that woud mean more income.  That sort fo a purchase is logical, not emotional. 

 

I read what the wife told Jeff, though...her husband had "always wanted" that land.  

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