Just Inherited $2M Land

[GetShitDone]

Hey guys,

23 years old, I've inherited $2M of agricultural land overseas in India.

This land is based on a highway closely between 2 major cities.

Land prices are set to grow, as their economy is continually rapidly growing over the next 7 years with a 1B+ population.

I have no real estate experience at all, nor do I have any Indian business experience.

I'm a serial tech entrepreneur with business in Western countries.

Any advice on what I should do? (Hold and sell, build a certain business(es), etc)

 

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[458]

What is your cash situation?

I would seek out the best legal counsel you can afford and listen to them very carefully. Your 23 years old and chances are you have no idea what that land is really worth. I would be very careful and take time to weigh any options.

Also, in countries like India, the tax man is a completely different animal than it is in London or the US, you must be very careful to ensure the land is not seized for erroneous assessments. Again, hire the best legal counsel you can afford.

 

[Fox]

If it was me I would sell half and keep half...

- at least I cashed out and I know I can use that money to fund my other businesses (quicker than the cost of land will increase)
- I still have 50% which might go up in value

A million is enough in your pocket to fund your other businesses and keep you working hard.
A fast 2 million might have the opposite impact.

 

[LiveEntrepreneur]

Hey guys,

23 years old, I've inherited $2M of agricultural land overseas in India.

This land is based on a highway closely between 2 major cities.

Land prices are set to grow, as their economy is continually rapidly growing over the next 7 years with a 1B+ population.

I have no real estate experience at all, nor do I have any Indian business experience.

I'm a serial tech entrepreneur with business in Western countries.

Any advice on what I should do? (Hold and sell, build a certain business(es), etc)

Nice man. Why not get a few investment properties? You can pretty much have positive cash flow from day one with that kind of money, and you will retire at a young age.

 

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[ljean]

Seeing as you have no real estate experience, it looks like your two primary options would be to hold it for farm rental & value appreciation or sell it for cash. I would imagine ag land in a rapidly developing country would have a relatively high appreciation rate if it is located near an area of development. You will definitely want to talk with some local real estate experts about the property & the market. Get several opinions and be careful who you trust.

 

[jon.a]

What is your cash situation?

I would seek out the best legal counsel you can afford and listen to them very carefully. Your 23 years old and chances are you have no idea what that land is really worth. I would be very careful and take time to weigh any options.

Also, in countries like India, the tax man is a completely different animal than it is in London or the US, you must be very careful to ensure the land is not seized for erroneous assessments. Again, hire the best legal counsel you can afford.

This.
You need a good attorney and tax accountant immediately.
Rule #1, protect the asset.

 

[jon.a]

Taxes
Taxes
Taxes
Your #1 problem.
Income taxes
Inheritance taxes
Property taxes
Any taxes the man can think of.
You don't know what you don't know.

Take about 3 months to figure out exactly what you have. Protect it. Then figure out a plan to go forward.

 

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[ljean]

Just curious - how much land do you get in India for $2M?

 

[Red]

When you're consulting with an attorney, ask about leasing the land & if that's a thing there. Keep the asset, see if it can produce income for you.

 

[MidwestLandlord]

I personally would not be inclined to hold land in an area I knew very little about.

Liabilities, litigation, taxes, squatters "rights", imminent domain, etc...

I would lawyer up and get any personal liabilities out of the way, including taxes. Don't forget about taxes you'll likely owe in whatever country you hold residency in.

Then I would sell it. Again, lawyer up (accountant too), and minimize your tax consequences.

Doesn't @GlobalWealth deal with real estate worldwide?

Don't trust the first attorney you hire either, get a second opinion on all legal matters.

I see very little upside to keeping it. (depending on your current situation, you might have to sell it to fund your tax payments anyway...)

Downside's to selling it for sure, but at least you know what those downsides are, which may not be the case with keeping it.

Just my .02

 

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