So I'm closing on a fixer this weekend. 3bed/3bath sitting on 10 acres. About 2 miles from my house. I'll be doing some major renovation, and plan to re-fence the pasture for horses. I'm thinking it might be a good niche around here. I would put about $3000 on the fence. And probably get $100-$200 more per month on rent. Do you think it's worth investing on fencing?
I never though about buying rental property in the country (even though I live on a farm). But after finding this property on MLS, I keep thinking it might be a good niche. I remember I looked all over for a house to rent in the country before we bought ours. I would also think that tenants that bring horses will tend to stay longer, since you don't have many/almost none rentals with pasture, even though it may take longer to find tenants. I'm about 1 hour from Charlotte, NC, and 20-30 minutes from 4 smaller but growing cities.
Anybody out there with experience on country rentals? Any tips are much appreciated.
you should repost in a different forum. This forum is for questions by tenants about their landlords/lease.
Thanks @Rob Beland . I just did.
I am not a expert by no means on buying and renting homes in the country. I do know that it seems like more people are trending to small organic hobby farms. I too have been looking into this type of investing in Michigan. I have found depending on the size and make up of the property there is other added value. A couple examples are if the property is wooded you can do a select cut and make some money off the wood and it will improve the health of the rest of the trees. If has a area of plowed fields you can rend the house and lease the field to a local farmer. I now that in the south there seems to be more hunting leases as well so that would be another option when buying a home with land. As far as the fencing goes if the current fence is not functional I would replace it. I would consider it curb appeal for the country.
I spent about 15 years in the country in WA, and not only is it hard to find rentals, but to find rentals that have pasture with fencing? Yes, I think it's a great idea.
Heck, you could even rent out the pastures separately from the house, if you got a tenant who didn't want to use the pasture. I think you'd recoup your money, no problem. You might want to put in your lease that the tenant is responsible for fence repairs.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Join the Largest Real Estate Investing Community
Basic membership is free, forever.