Author Topic: Property Advice?  (Read 3560 times)

tojnom

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Property Advice?
« on: February 22, 2015, 09:06:41 AM »
Back in 2008, I picked up a trailer & pole barn in rural part of  Ohio for $38k.  I was in my late 20's & wanted a place to unwind from work/city & get outdoors.  Over the past 7 years my g/f & I had some great memories, but I'm at a crossroads now. 

Unfortunately, my g/f & I went our separate ways & I'm just not sure what I should do with this  place.  The trailer & pole barn are from 1990 on 1.5 acres.  Obviously, the trailer is depreciating asset so if I sell, I'm going to take a hit.  Been thinking about cleaning it up a little bit (new flooring & paint) and renting it out for $500 or so.  The place is paid off & taxes are really low since it's in a rural setting & it's a trailer. There's also a small community college up the road, maybe 5 miles so I could target student rentals possibly.

If I sell the place, I'd probably net 30k & I could utilize the funds for my side business, safety net, & some investments.

I do love having the place for leisure, but I feel it's time for me to make better use of the land - i.e. sell it or rent it. 

Would love to hear some of your thoughts...Thanks in advance.
« Last Edit: February 22, 2015, 09:13:12 AM by tojnom »

Chrissy

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Re: Property Advice?
« Reply #1 on: February 22, 2015, 01:29:12 PM »
If you rent it to college students, it will become a haven for parties and underage drinking.  Just be aware.  You'd need good liability insurance.

I'd sell it.  Put the $30k to better use.

arebelspy

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Re: Property Advice?
« Reply #2 on: February 28, 2015, 08:31:41 AM »
I'd rather net 30k than take on a depreciating (versus most rentals that appreciate) hassle for a possible $500/mo. when it's rented.  Sell.
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tojnom

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Re: Property Advice?
« Reply #3 on: March 03, 2015, 11:30:48 PM »
This sucks...I might have to pony up & let it go this year.  I could certainly make better use of the funds, but I might lose some of my sanity not being able to "get away" as often.

wtjbatman

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Re: Property Advice?
« Reply #4 on: March 04, 2015, 06:20:24 AM »
This sucks...I might have to pony up & let it go this year.  I could certainly make better use of the funds, but I might lose some of my sanity not being able to "get away" as often.

... so then keep it, and use it to get away. Doesn't sound like it's too heavy of a burden on you or your finances.

Not sure what your gf and you breaking up has to do with it either. You own it, not her, correct? Do you plan to be single for the rest of your life? Only date women who have no interest in the outdoors, and so won't want to spend time there with you?

It sounds to me like maybe you're making this decision while still feeling the effects of a breakup of a long-term relationship. Maybe give it some time and think things over further?

Chrissy

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Re: Property Advice?
« Reply #5 on: March 04, 2015, 08:20:20 AM »
My fiance has a vacation house on a lake all paid off.  It sucks some money away each month, but it's his hobby and leisure activity.  He's optimized in all other areas, and can totally afford it, so he's keeping it, and not renting it out.

If you still get enjoyment from the place, and are on a good track financially, you don't HAVE to sell or rent.  From your original post, it sounded like you weren't using it anymore.

Lis

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Re: Property Advice?
« Reply #6 on: March 04, 2015, 08:30:21 AM »
If your only options are rent or sell, I'd say sell. But if you have the option to keep it, then keep it. Sounds like a wonderful little place for you to escape to, maybe live in permanently when you can leave the city behind. If you're thinking about getting rid of it because of those memories that involve your girlfriend, eventually the sadness will fade over time and you'll only remember the great things. If anything, hold onto it and wait a few months before making any major decisions... you don't want to do anything you'll regret because you're upset about a break up. Hang in there!

tojnom

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Re: Property Advice?
« Reply #7 on: March 04, 2015, 06:13:40 PM »
My fiance has a vacation house on a lake all paid off.  It sucks some money away each month, but it's his hobby and leisure activity.  He's optimized in all other areas, and can totally afford it, so he's keeping it, and not renting it out.

If you still get enjoyment from the place, and are on a good track financially, you don't HAVE to sell or rent.  From your original post, it sounded like you weren't using it anymore.

I definitely get enjoyment from it & spend many weekends in the spring/summer/fall there...then shut it down for the winter.  I'm in good shape financially, so there's no urgency to do anything with it.

wtjbatman made some valid points...I need to give it some time & let the dust settle. 

I know once the weather breaks, I'll be thankful I still have a place to bike/fish/hike/etc.  If anything, I like having the yard work & side projects to keep me busy.

tojnom

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Re: Property Advice?
« Reply #8 on: March 04, 2015, 06:21:35 PM »
If your only options are rent or sell, I'd say sell. But if you have the option to keep it, then keep it. Sounds like a wonderful little place for you to escape to, maybe live in permanently when you can leave the city behind. If you're thinking about getting rid of it because of those memories that involve your girlfriend, eventually the sadness will fade over time and you'll only remember the great things. If anything, hold onto it and wait a few months before making any major decisions... you don't want to do anything you'll regret because you're upset about a break up. Hang in there!

Thanks Lis, this breakup has been brutal...much harder than I ever could have imagined/anticipated.  The property definitely is an escape for me...I'm going to keep it for now & see how I feel in a few months.