I think I have lost my damned mind - I acquired MORE land

Seriously, I think I last my damned mind (and wife isn’t shy about sharing her feelings in the topic either).

So right now I have 40 acres and an older home that belonged to dads family last couple of generations. It came to me like this - 5 years ago when my parents decided they needed a smaller, 1 floor home that was newer and not in the middle of nowhere - they came to me and my sister and asked how we wanted to divide things up. I suggested we each just take half - that no no one ever claims they got “the short end” of the deal….of course my sister ever the contrarian said no…she wanted acreage nearest to her modular and small parcel of land. (Previously gifted by my parents a few years ago) - so I mean hey…it’s all free to me and I’m getting the plot with a useable house I could rent - so sure, take what you want.

6 months later - sisters divorcing and needs a place to stay…said stay at the house for the winter. No big deal - until you figure stuff out. That was 5 years ago and guess whose still living there rent free…I mean part of it’s on me - but not wanting to create issues with family I just keep my mouth shut.

So this weekend I go back home - and talk handling if moms estate. The house is in mine and my sisters name…I have no interest in keeping it, markets decent - but still kinda a depressed area. I know my sister is lucky if she has $8 to her name - so I just said look - if you want out, I’ll buy you out - but only on condition you use the money towards a house or place it into a retirement - I’m not handing you a wad of cash to blow through while living rent free.

Of course then she comes back - why don’t I buy you out for that number…ok - well you got CASH and not Monopoly money. I mean I’m willing to take the cash - but not an IOU. So of course it’s - well, no - but I guess I could sell the land…and I just said why not swap. It’s simple - gives me more land on directly connected to my place and that way if I ever sell - it’s just more attractive to a buyer. Plus the small section she set a modular on is a ready made home site - actually it’s nice enough for 2 big lots of 3/4 acre or so each if I wanted to sell eventually or ever return and build.

So she agreed - I’m walking away from a near 6 figure payday - but getting back a house I can rent, 2 nice lots I can rent or resell and a nice chunk of timber and pasture.

Wife thinks I’m nuts - I’m lucky to mow our lawn as is - doubling my acreage is gonna mean finding someone to clean it up and work it. Still a good feeling - we are financially ok - retirement eggs filled and both work. And I get to keep the place in the family name and all together.

It was my grandfathers and later my fathers little corner of this earth…I’ll probably never live there until I’m done working - but good to know it’s available to me.

 

Freakin A! I think you made a great decision!

 

Sounds like you made the right call. You didn't say it outright, but sounds like an estate settlement. I've been through two of them. The first was my wife's grandmother, one of her sisters and all of her cousins got to squabbling. She asked me for an opinion and I said if someone has to die for me to get something, I don't want it. The second was my mother, my brother ripped me off for 250K. Based on the first, I said f it.
You got some land and opportunities, your sister got a place to live. A really good outcome in my opinion.
Except the property maintenance, that kind of sucks.
Curiosity question, where are you that the property values are depressed?

 

Land is always good, and the way the gov't keeps printing money, 6 figures might get you a Happy Meal at McDonalds in the coming years...

 

Couldn't be more true. More times than not it's a good investment.

 

Yea - it’s an estate close out.

Honestly - I am beginning to HATE being administrator of this freaking estate - all it has became is a few people constantly looking for $$ - me personally guaranteeing and paying for things with promise of payback “once the courts approve” and my trying to get a few small things to close friends and family - while others are more concerned with holding a damned yard sale on FB marketplace behind my back with moms stuff.

Seriously - I mean we “planned” for this a while back - all the big assets were out of her name a few years back - problem is I n ver thought people could be so petty. Things like small kitchen appliances, old furniture and the like - it’s just kinda like “wait - I gave you 25k and you freaking have to sneak in behind my back and sell a toaster for 5 bucks”.

More than anything - it allows me to ditch a set of household bills - and focus on just 2 - and get back control of where my sister is staying now - be having 2 houses I can do nothing with - I’ve got 1 I can control.

I want to rent - but wife isn’t so sure…and I kinda get it. Just scares me leaving an older house empty - is it worse renting to a friend and risking them running over you with late/non paid rents or renting to some stranger and risking them tearing the place up or having a place set empty - racking up maintenance cost and issues being unattended. I mean if it were a “newer” house I think I’d worry less about it sitting…but being a hundred or so years old - there are bound to be problems.

Land though - it’s relatively maintenance free, is always a good buy - when the economy is hot it rises in value as people seek vacation/building lots - bad times - it’s a hedge against inflation and bumpy stock markets. What I’ve got needs some attention - fences and clearing. Relatively “simple” work but labor intensive - and not being able to just DIY sucks.

Still if I can find the right person/group wanting pasture and contribute the cost of materials - could work out well for both of us. A couple of goats and it could easily support 50 or so head of cattle or 10-15 horses year round. Plus the fact there are a few nice natural springs and a small stocked pond and 40 acres of woods.

Just need to get someone started on those woods - clearing the leftover brush from last time they timbered (didn’t clean up well - left a lot of tops and crap laying around) - chip those up and make trails - then establish some food plots and areas of cover for small game. I’m not a hunter - but it could be really nice for those that are. My goal has always been conservancy and maintaining things as dad/grandad would have liked it to be kept - both in good order and as farm/hunting grounds - not an open field of thorny crap everywhere unused. I just want to ensure it can sustain these goals on its own - without me having to throw money at it every month.

 

Being the executor of an estate is a hassle for sure. I'm still dealing with one 2.5 years later because of a timeshare I can't give away.

 

A couple of ideas for the land parts (not the yards of existing houses): 1. Let it grow wild, even planting a few more hardwood trees to encourage it. or 2. Allow a local farmer to farm it, even for free. The front ~8 acres or so of our new land is a field that has been farmed up til now. We're going to continue that. It would all have to be mowed if it weren't farmed. And at several times during the crops' life cycle, it looks even more attractive than a field of Zoysia.

 

The super rich by only one thing, land / property. They didn't get dumb to get all that money.

 

Find a group of hunters to lease the land during the season. They will do little maintenance on their own and you will have income for only a couple months of use. I would love 40 acres attached to my property. I would rent the house but not to a friend that way if someone comes up short on payment it doesn't ruin a friendship nor does someone try to take advantage of your kindness.