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What would you do..

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Jump to page : 		Last activity 2016-03-18 2:05 PM
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ndiehl
Reg. Feb 2011
Posted 2016-03-18 12:52 PM
Subject: What would you do..



Can You Hear Me Now?


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Location: When you hit the middle of nowhere .. Keep driving		I apologize in advance I'm on a new tablet and I'm still getting used to it and its auto changes.

Anyways I am trying to figure out which way to invest my money (lol), its long with lots of extras. I own the farm; 405 acres that I grew up on now after my father passed. I have a very small mortgage that covered the estate expenses I incurred to keep the farm and to do some much needed maitience and renovations. I plan on renting out the house ... Short of it to help me heal completely i need to get out and away for a bit. Its final, i have heard the horror stories about renting and I've given it almost 2 years here but I'm restless and need a change i am not running away and i do intend to come back eventually. I want to gain some work experience in a more civilized area so that i can qualify for the better paying jobs locally which are few and far between and even though i have the education i lack experience. I also want to be in an area where i can grow and learn in thr horse industry more . I cant leave it dorment, the insurance wont cover things and its easier to pay bills with the extra income from renting. The land is already spoken for so its just the house. Now for my money problem (lol) I am also doing some selective logging of the hardwood and i want to clear the 40 acres of poplar ( its getting made into additional hay fields, i have someone destumping and leveling it out). I got a quote for a 70 by 100 foot building that i wanted to put up on the property but if i leave i dont know if i should. I can use the 65,000 (canadian) for something else like a down payment on another place. Or i can go ahead and put the building up and take the increase in equity as additional collateral for a new place. I would still have a down payment but not as big plus i dont know if or where i want to go so i was thinking of renting. The farm is not for sale (ive been asked and told to sell numerous times but it still means way too much to me and the building would be used as hay storage for the renter of the fields so it would help generate more rent until whivh time I come back (and i know that can change but it would make the property that much more valuable and easy to sell)

Sorry for the long jumbled mess should i build or save the money in short is what im looking for opinions on

Edited by ndiehl 2016-03-18 1:03 PM
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RunNitroRun
Reg. Oct 2011
Posted 2016-03-18 1:11 PM
Subject: RE: What would you do..



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Posts: 678
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Location: Canada		Why don't you tuck the money away for a bit. You don't need a hay shed right away so why don't you tuck it into a savings account and leave it alone until you're ready to come back after a time away. You may find after a couple years you may want to spend that money differently so it won't hurt to tuck it away if you don't need it right now. The only difference would be if the cost of the building increased the value of your property by at least as much as it cost to put up.

As for renting - do a lot of homework on the person you are planning to rent it out to. You may get someone who is fantastic but be picky on who you rent it to. Also talk to the insurance company about having it as a rental property. Because it's not your main place of residence you want to make sure it's fully covered in the event of an unfortunate accident.

Good luck with your future plans!


Edited by RunNitroRun 2016-03-18 1:13 PM
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BS Hauler
Reg. Jan 2012
Posted 2016-03-18 2:05 PM
Subject: RE: What would you do..


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Posts: 1314
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Location: North Central Iowa Land of white frozen grass		I would not put up the building.
1. You will lose half the value of the building if you sell.
2. If you sell the new owner will have different thoughts on what they would have done differently with the building or if they even would want it.
3. After you are gone for 2 or 3 years your thoughts might change and you might not want to go back and they you would be able to put the funds into your new lifestyle.
4. If you come  back in 2 or 3 years your thoughts on what you want for a building might be alltoghter different from what you would build today.
5. A building or a capital investment like this should be done by someone that is going to use it, Not just a place to park money.
 
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