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.
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