What to do

[jwal10]

I bought up cheap pieces of land in the 70's, held on to it and payed the taxes. I have sold some of them off but have 8 left, besides the 4 we are using right now. They are all less than 2 acres. In the last 10 years everyone wanted big houses but now it seems everyone around here wants small getaway type places. Prices are high on buildable land. I put water and septics on all of them and they are rented to people with their own mobile homes. I keep up fences and outbuildings. Decision time. I am getting older and don't want to take care of these properties any more. I am thinking of retiring soon (3 years) Do I sell them as the renters want to buy? Get rid of the renters and build these small getaway homes? Or just let the kids do as they want whan the time comes? I don't need the money. The kids are set up in their own places now, like they want them. All are close to where we all live so not really "getaway properties". These would be rentals for them to deal with (they don't want to). Sweetie tells me I need to slow down but I have to do something. In the past I have enjoyed recycling materials and see what I can do without spending money, just labor (labor of love). I have some time (if God allows), no hasty decisions, just food for thought. I don't need any more places to get away. We have our cabin, the "little" cabin at the "farm", a cabin at the beach, and another in the mountains 50 miles away. What say you....James

[ksfarmer]

I can't answer your questions , but, one you might look into is that Capitol Gains Tax will hit much harder after this year if you are thinking of selling.

[kirkmcquest]

I say sell whatever you have no use for. Simplify your life, save the money and leave it to the kids "when the time comes" hopefully not for a long time.

[jacqueg]

So you don't need a lump sum of money. Why not see if you can find folks who are looking for homesteading land and sell it to them with land sales contracts? Minimal risk for you, and improving your neighborhood with like-minded folks. Invest the additional income in whatever makes sense to you.

With the extra income = freedom from someone else's schedule, you can work on the other part of your question - "I have to do something" - volunteer on projects around the world, teaching the skills you have gained, taking on some WWOOFers, etc. There's plenty to do!

[wwubben]

I would think about selling one a year.I would give a good renter the opportunity to buy.Just a thought.

[jwal10]

The ones I have sold has been to renters, that became friends. I sell on contract, I got the properties at a good price so I sell at a good price and make the interest. I have given my kids the maximum each year for years, They are 24 and 22 and have no worries. I am still getting farm payments and have lent money to good friends as farm operating loans. Taxes are a big concern any time they change the rules. All good advice, keep the ideas coming. Thanks....James

[chewie]

i rather envy your dilema!!

for a quick answer, i would offer it to the current renters, if you like them. i've been in those shoes and having a chance to buy what i've enjoyed living on would be a real great thing.

[Joshie]

I think you answered your own question. If you don't want these properties, sell them. I wouldn't build homes on them. There's risk in that. If you have 8 properties or so you might speak with a realtor about developing the land.... but there's risk in that.

[blufford]

Contract with a reliable real estate firm to manage your rentals for you. Let them take care of the rent collections and maintinence of the properties.

[rancher1913]

if you are planning to leave the money to the kids--ask them what they want, money or the land.

[Michael W. Smith]

Originally Posted by blufford

Contract with a reliable real estate firm to manage your rentals for you. Let them take care of the rent collections and maintinence of the properties.

I agree with blufford. Let a real estate firm manage it. They take a percentage, you still own them, but you still have income coming in, but no muss or fuss with them. Once you are gone, the kids can just continue as is and get monthly income.

[watchamakalit]

Sounds to me like maybe you need to sit down with the family and discuss the issue. Personally I feel that everything I own doesn't belong to just be, but also to my children and when it comes to major decisions there opinions count too.

[jwal10]

The kids want us to "Live it up". So we are. We gave each a property when they turned 18. They messed with them for a while but ended up selling them and put the money in trusts. They have their own places and lives and are busy. They realise the time will come that they will need to step up but for now they just say " It is yours and Moms to do what you want with them" They are set for life. They are frugal for their generation and don't live lavish lifestyles either. Daughter lives in the "Family home". and is a special education teacher, makes good money and has good health insurance. She loves kids and knew at 12 this is what she would do for the rest of her life. Son is building his dream "lodge" on his property. He is self employed in the computer industry and works from home. His work van is an Chevy SS HHR panel and his toys are 1968 and 2010 Camaros. He volunteers for the city library and the school district and sets up their computer labs. They tithe for God's work and donate to several causes and charities. Money isn't their life mission but realize it is important to give back to their community....James