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.