Kevin M,HowGan

The property is already partitioned/fenced out so we could certainly consider renting plots for farming, though not sure how much a couple acres of farmland rents for or if it's big enough for anyone to waste their time. Selling it down the road would be an option, but short term the expectation would be that...

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2 weeks ago 9

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  1. Blunt

    Make it a wedding venue

  2. tro

    some tenant farmer might make enough on the two acres to pay the rent
    same with you, you have ideas to use the property but since you are going to have to buy it to keep it in the famil this is your main consideration and then what to do with it is second
    as for schools that doesn't have to be material, things change and so does education
    examine your reasons for buying it, your situation to either to live on it or rent it out and what or how much you want to invest further to make it really yours

  3. curtisports2

    Hold on. When you inherit, you don't inherit debt. If property that is left to you is encumbered by debt, then you can sell the property and pocket the difference, or you can obtain your own financing if you want to keep the property.

    That is NOT the same things as ' we may only get a good discount'. That would be, instead of the property being given to you, you being offered the right of first refusal at a pre-determined price.

    As for if it makes sense to take the property (inherit) and then sell or mortgage, and do what fixing needs to be done, or to buy the property (second example) and mortgage it, and, and do what needs to be done, nobody here can answer. We don't know the local market, we don't know the work needed or the costs of it. We can't possibly know if ANY creative idea will result in a positive cash flow.

    One thing you need to know. If there's going to be any kind of mortgage, the lender will have a say in what you can and cannot do with the property. One of those things you may not (and probably will not) be able to do is rent the property. Most lenders require the mortgagor to occupy the property. You could try to get a commercial mortgage that would allow business use (including rentals), but that form of financing is quite a bit more expensive (more risk to the lender).

  4. luke

    Well first off I don't know much bear in mind I am 17yrs old, however depending on how much money you have you could restore and remodel it and then sell it. Unless she wants to keep it... Happy wife happy life.

  5. Casey Y

    Is it farmland??

    Sounds like your wife wants the property for a sentimental reason.

    Since you will be buying the property, not simply receiving it...why not make a fair market comparison to see if this is something you would ever actually do???

  6. Jack

    You sound hell-bent on keeping the property - - - even though it doesn't meet your needs.
    Try this:
    Imagine you had no "connection" to this property. Then the owner (whom you do not know in this scenario) puts the property on the market. Ask yourself if you would buy this property......
    If the answer is yes, then do what you must to keep the property.
    If the answer is no, then sell your share and move on.
    People get emotionally attached to "family" property, and end up making very, very poor financial decisions as a result. Don't be one of them.
    You are correct - - you will likely be unable to rent this property and cash flow $500 a month.

  7. Anonymous

    What are the property taxes? How is it zoned?

    You may be able to rent/lease the house and the property separately. There are special tax exemptions in some locations for property that is used for agricultural purposes. If there is a neighboring farmer who wants to lease the land to grow food...awesome. You can still rent out the house as a residence. Having a vineyard across the street is neither here nor there. Even if someone was interested in the commercial potential, tourists don't visit vineyards. They visit wineries. I live in a wine-heavy state and the wineries are often located nowhere near the vineyards.

    Boarding horses is not a good way to make money. It's very labor intensive, involves high liability, and with only five acres you'd have small capacity. You'd need to add some infrastructure such as manure compost system. You know with small acreage you can't just leave the poop...you have to scoop it. And a horse craps 50 pounds a day. Do you know how much it costs to feed a horse? A three tie bale is $24 in my neck of the woods. Can't imagine doing barn chores is very fun in your climate either. Plus, clients will want a place to ride or have lessons. Do you have a covered arena? What are you going to do when someone puts there horse there and just doesn't come back for it? It's now yours - and it may be lame, old, sick...

    If you want to live in the house, great. Saves you housing expense elsewhere. I'd try to find someone else to lease the land. Steady rental income for you...let them figure out how to make money from it.

  8. Gary B

    Take posession, then sell it outright.

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