Anybody here ever bought old farmhouse and fixed it up?

[Dargo]

Well, I'm still sitting up here on this fence about this matter. One day I think, "stupid, it adjoins other property you have and it is a great investment". The next day I'm thinking "stupid, you have plenty of things to do without fixing up an 80 something year old farmhouse".

I am going to go make another pass through the place today with a friend of mine who is a retired building inspector for our city. I just need to make sure he knows that I'm pretty well neutral on this deal and to speak freely. I know this thread is getting a bit long and I haven't purchased anything yet, but any last minute thoughts about things I may look for this last time through before I decide?

 

[riptides]

I have a suggestion.

Record or remember the first thing that comes to your mind when you visit the place.

I remember mine, I saw it and said to myself "this is going to be a lot of work...".

If your thought is really negative, then be fore warned.
What about the land without the house? is that worth it to you?

Good luck!

 

[Dargo]

What about the land without the house? is that worth it to you?

Good luck!

Actually, that is a real consideration. That is what seems to make the decision a bit harder. At current real estate prices, I'm almost getting the house free in the deal. Otherwise, I most likely would have walked a long time ago. Now I still ponder...

 

[two_bit_score]

Actually, that is a real consideration. That is what seems to make the decision a bit harder. At current real estate prices, I'm almost getting the house free in the deal. Otherwise, I most likely would have walked a long time ago. Now I still ponder...

Well, I'm throwing my .02 in here.

Anything can be fixed and it sounds like this deal may be worth fixing because the land value is worth the whole deal notwithstanding the house.

The reason I would buy it ( and this probably only pertains to me ) is that family land is priceless. Land that has been in your family for generations is just something that cannot be replaced. Just make sure the mineral rights, etc have not been sold off.

 

[CurlyDave]

The reason I would buy it ( and this probably only pertains to me ) is that family land is priceless. Land that has been in your family for generations is just something that cannot be replaced. Just make sure the mineral rights, etc have not been sold off.

You are right about family land. The problem I see is that this piece comes with a bunch of in-laws & other relatives who are going to think they still own it. Or at least have rights to whatever future profit might come from it.

I would be inclined to tell my wife to make the decision, it is her family...

 

[Dargo]

I would be inclined to tell my wife to make the decision, it is her family...

Good golly, I'm looking for your hidden microphone! That's almost exactly what I did. What is surprising me is that the little lady who has always let her big brother run all over her has sprouted a spine. Well, maybe that doesn't sound right. I would be wrong to infer my wife is spineless. Just when it comes to family, she generally gives in and they know that fact. They've used that against her all her life. Now that she sees exactly how dirty her brother is willing to treat her, her attitude seems to have changed. Her last comment this afternoon was "Let's go ahead and buy it next week. When and if her brother comes up with enough money to get our attention, we'll agree to listen to what he has to offer; no promises.

Being the cynical type, I'm relatively certain that her brother has a buyer on the hook who is willing to pay him a handsome profit right away. Knowing that is a very real possibility, I have to agree with my wife's take on the matter. Go ahead and buy it. Just start clearing out some of the assorted out buildings that housed goats, cows, chickens, etc. and clean up the outside in general for the first month. If her brother hasn't come up with a cash offer by the time we've finished cleaning up the outside, make the decision at that time whether to fix it to rent or just tear it down. The two contractors and the one building inspector told me that it is worth saving. Also, if any of my kids decide to go to college here in town, it would make for a great place for them to 'rent' with some roommates. There again, maybe I'll already have it rented by then. One of the contractors has a long time employee who is going through a divorce and has asked to speak with me about a reduced rent amount if he works off the missing part of the rent by renovating the home. Normally I'd be extremely apprehensive about a deal like that, but this is the renter who found the sagging floor and this is an employee who has worked for him continuously for the last 9 years. My friend, his employer, seems to think his employee would hold up his end of the bargain.

I can't recall if I've mentioned it before, but I'm relatively certain it needs a new septic tank and field bed. Clearly I have plenty room. Would a 1000 gallon tank be a normal sized tank? I put in a 'huge' 2000 gallon tank when I built my home, but I have a total (including half baths) of 8 toilets feeding that tank and field bed. This older farmhouse only has one bath. I haven't even started pricing them, but I'm wondering if a 500 gallon tank would be sufficient. This part is where I asked in another thread about purchasing a compact excavator. As long as I have it inspected at the appropriate times during construction, my contractor friend would sign off on doing the job and mostly just supervise me as a trade off for giving him a year old computer system out of my office.

 

[Dargo]

Hey, if I get it, is there any interest in me posting a bunch of pictures of what I bought? I plan to do a lot of "before and after" pictures anyway.

 

[EddieWalker]

Hey, if I get it, is there any interest in me posting a bunch of pictures of what I bought? I plan to do a lot of "before and after" pictures anyway.

You're kidding?

Of course, speaking for myself, I'd love to see pictures of the place. Before and after pics are great, but s are the before, during and what the heck am I doing? pics.

Eddie

 

[riptides]

Hey, if I get it, is there any interest in me posting a bunch of pictures of what I bought? I plan to do a lot of "before and after" pictures anyway.

We got lots of pictures of five years worth of work on our place.

It is someone elses life. You cannot imagine where you have been unless you have a record of it.

I have a digi-cam. I don't use it. I should have. Pictures never seem to capture the entire atmosphere. If you have a digi-cam, I'd strongly recommend it. Do a few walk throughs with it.

In a few years from now, when it is said and done, you'll come back to your posts here on TBN, and your pictures and video..... and you will smile.

Good luck!

 

[MarkV]

Drago you better check code on the septic system. Here a 1000 gal is the smallest allowed and that is for a 2 bedroom house. A 3 bedroom house requires a 1500 gal tank. Septic systems vary by area more than most aspects of the construction codes. Also in our area you have to get the septic permit from the health department before the building department will issue a building permit.

Sure sounds like having an in house carpenter could be a win win situation. Even doing most of the work yourself there are some things that require an extra pair of hands and extra experienced hands are even better.

MarkV