Need Advice For Problem

Discussion in 'Homesteading Questions' started by fixer1958, Sep 24, 2006.

  1. fixer1958

    fixer1958 None of the Above

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    About 6 years ago I was handed a lake house property at the Lake of the Ozarks in mid MO from my mom. They built this place in the mid 70's and my dad has since passed and my mom can't take care of it anymore. I have been involved with the property since day 1. Helped with the construction etc. I'm the only one in my family that has really given a rats grits about it out of 3 other siblings. That's why I got it. The lake has really become a hell-hole because of the popularity. It's very dangerous to get on the water. Someone will die on every major weekend because of boating accidents.

    I have spent most of my life there and I don't like it anymore. The attitude is to see who has the bigger d@#$. It's no fun anymore as it used to be.

    I have about 30k in this place now and a wondering if I should sell out. The question is, there are 2 docks that need new foam by next year at 3k each (min) because of changing lake regulations and probate questions because of how the the deed was registered in my parents name if I should sell. I probably won't recover what I have in it to pay my mom off, but it's been in the family for years and it's headache. To keep it is about $1500 a year so it's not a big deal, but upcoming cost are a problem and I don't like it. I go there to be amongest the jackasses because I live in the boondocks and it makes no sense to me. My kids haven't experienced the lake like I have when I was growing up, but I don't think they are missing much.
    I would appreciate some feedback on this because I get mixed ideas on this here at home. The property is not worth it to me but I don't want to short change my kids about the fun I have had there. It's not the same!
     
  2. bare

    bare Head Muderator

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    Get a property manager and rent it out.
     

  3. Drizler

    Drizler Well-Known Member

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    At least look into renting it out using a property manager and get a feel for how much it will bring in. Lake front property is always valuable. Remember just because you don't appreciate it due to the changes others will. There are scads of people most of which have lots of bucks who pay big bucks to escape the city in the summer. If not viable then check into doing the proper cosmetic fix ups and put it up for a big price. People are tossing huge sums of money freely these days because interest rates are low. Since you aren't paying much to keep it you can afford to sit on it for a while without causing yourself money problems.
     
  4. wvpeach1963

    wvpeach1963 WVPEACH (Paula)

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    ditto what rose said.


     
  5. fastbackpony

    fastbackpony Well-Known Member

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    I have recently heard that property on the water is $1000 / ft of shoreline. Not including how nice the house is etc.
    If you do sell, don't get taken advantage of - property goes way way higher than it really should. (start way high - you can always come down)

    My husband and I were just discussing this last week. His parents dream was to have a house on the lake, they had bought property(w/o house) etc, and they would go down and dream of retirement etc. this was in the 60's. If it were like that now, we would be taking our kids down there to play in the water and have fun weekends, but last time we went, we were disgusted by how crowded and commercilized it has become, even some of the campgrounds get packed out and uncomfortable.

    You would probably have a bit of income with rent - which would be great. Or you could purchase different property somewhere else more remote / and have fun with that. Renting can be a hassle, so if you go that way, same advice start high, very high.

    good luck
     
  6. Chas in Me

    Chas in Me Well-Known Member

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    Talk with a realtor to find out what cottages on that lake are selling for. After that research, you will have an easier time of deciding.
     
  7. tinknal

    tinknal Well-Known Member Supporter

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    Any chance of finding a place on a less popular lake and working out a swap?
     
  8. Hoop

    Hoop Well-Known Member

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    The things that make you dislike about the Lake of the Ozarks are things that give it value. Boating, fishing, jet ski, water skiing. Recreational property is skyrocketing in value.
    The fact that many people die in boating accidents (probably fueled by alcohol) has little effect on property values.

    Several have stated ANY water property is valuable with especially high demand driving values upward. I concur. Around here, they are buying up $350,000 homes on the water, tearing down the houses, and rebuilding them with $1,000,000+ homes. Even if your property has a building on it that may be modest by the standards of today, the land underneath is what is valuable.

    If you no longer enjoy the property, sell it. It should bring a handsome price. Invest the funds into a parcel of property that brings joy to you & your family. Life is short.
     
  9. Maura

    Maura Well-Known Member Supporter

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    Is it possible to build another cottage (plus well and septic if necessary) between the present house and the lake? If so, you can divide the property into two pieces and sell the house. You can then hold onto the lakefront until you really need the money down the road. In the meantime, you can picnic on your lake front property if you'd like.

    I wouldn't worry about fixing up the docks. Whoever buys the property will have enough money to fix it or to build new ones. The value is in the land, not the docks. Find out also if people are tearing down houses to build new ones. This again suggests that they are buying land, not houses and you would be wasting your money to fix up the house. People buying expensive summer homes do not think the way people do who are buying a permanent home.
     
  10. Shepherd

    Shepherd Well-Known Member

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    We had a place on a smaller lake and had the same problems on the holiday weekends; avoid the water! We preferred to go down there on the less popular dates and enjoy the beauty and serenity.

    If it's like our place, you cannot rent your place out due to the Bylaws. I was very happy to sell our place - we no longer "need" it since we have our beautiful homestead... and have since dug our own private pond. We don't have to worry about sharing it with anyone.

    Will you have problems with your siblings if you sell the place? Maybe you should offer it for sale to them first.... giving them the option to turn it down before you post it for sale. I'm sure it would sell fairly quickly, due to its location. Good luck!
     
  11. Wolf mom

    Wolf mom Well-Known Member

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    Methinks you need to get your ducks in order.

    If it still is in your Mom's name - she's the one that has to sell it - legally.

    If you rent, you need to know the tax consequences when you sell.

    If you can rent it for a couple of years, do all the fix up work & write the fix it stuff off as costs of doing business, then not rent it for however long your state says, then sell, you may come out way ahead. Although renting in a summer party area can be tricky - get a GOOD experienced realtor!

    Whatever you do, talk to an experienced realtor in the area to collect information.

    Really sounds like you'd just like to get rid of a headache....
     
  12. Al. Countryboy

    Al. Countryboy Well-Known Member

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    Like a couple of the other posts mentioned, my concern is that was the place in both your parents name? Does your fathers death cause a problem legally in selling? Since there are more children, do they agree with the sale? Many years ago my grand parents died leaving no will. One of their sons had died leaving a minor child. Leagal gardians had to be appointed for the minor. Losts of paper work with all living children in agreement. After all said and done lawers and courts got almost everything after the sale of the property. :Bawling:
     
  13. fixer1958

    fixer1958 None of the Above

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    It was said in my dads will that I was to get the property. My mom is in full agreement with that. My other porch monkeys (siblings) have no say in it and they know it. She said do with it what you want. I have my name on the title and my mom's name on it,everything but the house and it's a modular home (double wide in the 70's). It's unique as it doesn't look like one. Hard to explain. MO law titles it like a car. The way to get around that is to tear it down and build a conventional house and reap the profits or stay with it. It would all be in my name then and I could sell for a higher price. I'm not in a financial situation to do that now. Like I said before I had 30k in it for renovations over 6 years. Part of that are a dock and boats. It would easily go for 120k as it is doing nothing. The dilemma is that once it's sold it's a done deal. Renting is not an option. Been there since 1974. 2 docks, 3 boats and a jet ski that is very fast and GREAT crappie fishing (I've been nurturing these beds for years). There is alot of sentiment here and I don't know what to do.
    I thank you for the input. It helps. I think I will winterize everything after the leaves drop and dwell on it over the winter and come to a conclusion March 1st. Don't ask why then, that's my date.
    By the way, If just want to play in the water and get sunburned, there is a sizeable lake 5 mins from my home here. The lake house is 3 hours away. I'm also a melanoma victim 4 yrs and 5 months NED thank you very much! Go Figure!! Fun in the Sun takes on whole different meaning with me now.
    I can look like a Mexican in a matter of hours.
     
  14. legacy

    legacy Well-Known Member

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    property is growing more scarce everyday. Iit only goes up in value. I can understand not wanting to deal with the upkeep on the docks. On the otherhand, they, alone, (the permits grandfathered in, more than likely) are worth a lot to people. I wouldn't sell it unless it's a huge headache for you. It will only gain in value.

    You said renting the house is not an option (btw, I know what you mean about the doublewide not looking like a double wide). Would it help you to rent dock/slip space? I live in East Tennessee and a good dock/slip space around here can go for anywhere between $75 to $110 and up per month, last time I checked, for a runabout or pontoon.

    From what you've said, it's obvious that the lake and access to it is in very high demand.

    Finally, you mentioned your sibling "porch monkeys," and you mentioned your children. Unless your children are already really attached to the property, (Daddy please don't sell the house) I wouldn't worry about that at all with the exception of perhaps leaving them with an appreciating (and extremely low risk) asset/investment--i.e. estate planning.

    However, I'm just wondering if the sibling thing isn't the real fly in the ointment (been there, done that) because you think they'll resent it if you sell it and you'll have to deal with that.

    Oh, this kinda thing is a pita. Good luck with it.
     
  15. fixer1958

    fixer1958 None of the Above

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    Legacy, PITA is a correct assesment. I hope you are not my sister or her DH reading this. She lives in Tenn. somewhere I think. There is to much logic for that assumption though. She is the original Biatch. Kind of like Dracula.
    She is not the issue. I got the lake house and they divy up everything else.

    By the way, she told me to Eat Sh@% and Die because I didn't congradulate her on her 3rd marriage. I said I will at 10 yrs of marriage and the last time I will see you is at mom's funeral. She sells Amway and wants to control the US economy and gladfully would have nuked Russia during the Cold War if that says anything.
    Sorry, something hit a nerve with the sibling thing.
     
  16. Michael W. Smith

    Michael W. Smith Well-Known Member

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    The first thing you may want to do is either have your mother sign the entire property over to you, or make sure it is stated in HER will that you get the lake property. Just because your Dad's will said you get it doesn't mean much with him being dead and your name & mother's name on it. If something would happen to your mother and she doesn't have a will, you & your siblings will then own it. Even if she does have a will, sounds like your sister might possibly be mean enough to challenge it. Get the whole thing put into YOUR name.

    As for what to do with it - I can't help you there.
     
  17. SmartAZ

    SmartAZ Well-Known Member

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    We have a real estate bubble and it's bursting right now. you have maybe a couple of months to sell, and you likely will never get as much as you can tight now, assuming you can still get an offer.

    On the other hand, after the bubble pops there won't be so many jerks who can afford to come around any more, so maybe the place will be nicer for your kids than it is for you.