UNIQUE USES TO GENERATE INCOME IN R.E.

[Karen Margrave]

We have a 4600 sq. ft. house with a 2100 sq. ft. guest house on 20 acres with a big seasonal pond, in Shasta County. It's within 15 minutes of Lake Shasta (365 miles of shoreline) Shasta Caverns, Whiskeytown Lake, Shasta Dam and Burney Falls.. We currently rent it to a couple that subleases rooms to ministry students, for $3800 per month.

We are in southern California, and the property is in far northern California (650 miles away) I go back and forth on what to do with the property. We have about $355,000 in equity. Value of the house is $1,25,000. The zoning allows for a multitude of income producing uses (B&B where I could convet the guest house to 4 rentable rooms, a wedding venue which would require adding a barn) Agri-trourism uses with roadside stand, Christmas tree farm/lot, Vineyard, Vacation Rental, etc. I can also rezone to commercial that would allow a larger country inn.

It's located within walking distance to a private college, and community college (drawing guests for a B&B for graduations, etc.) and a ministry school that draws people from around the world.

At Christmas when we lived there we put up over 1,000,000 lights (though on such a large property it's not as bright as you'd think) and it drew tens of thousands to stop by, etc. I could have made some good $ doing a Santa's Village!

With a barn it could rent out for $3500 each Saturday for 8 months out of the year!

Though I will probably just sell the property, and let someone else do something, I've gotta ask .... What would YOU do?