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Updated about 5 years ago,
Too many options for a newbie! What to do?
So from strictly scavenging information from here and YouTube I was able to obtain a property on contract (owner finance) and have finally come to the point where I have to make decisions about what to do with the property next. The original goal was to BRRR and obtain more rentals but since this time the church next door to the property has shown interest in purchasing the property. I have yet to have the property appraised and the pastor of the church asked what did I want for the property. I have not responded to their inquiry but from the assessors information alone the value of the home is $145k (2300 sqft) and did I forget to mention it's on 19 acres and has access to a beautiful creek. The value from the assessor does not include the value of the 19 acres. The church did say that they have no interest in the house and will doze all structures on the property, the house is in "roughish" shape but structurally solid. 7k for new windows, 3k to repair Sheetrock, minor plumbing and electrical. Will need cabinets, and appliances so overall I've estimated about 20k to make the place livable. But here's the thing the property the owner of the adjacent land also needs to purchase and easement to access his property that he purchased from the same owner. He will now have to wait until our transaction is complete and pay me for access, but now the church is knocking my door to purchase the property and control who their neighbors are. I know that I'm in the drivers seat but not sure how to drive this boat any suggestions?
FYI: The property is Rural, the purchase price was less the 50k is all I will say, it may be hard to get renters in the place because of the location but it is less than 5 minutes from a riverfront resort do I was even thinking possibly Airbnb or hunting lodge? I just know the equity is there for sure but how to best leverage it with these different options and scenarios is driving me crazy!! Help!!!! Please!!! Help me!! Lol