Lonoke, AR 路 Member since 2017 路 43 posts 路 16 votes
So I found a property that have 3.5 acres of land. The house is great, I guess the 3.4 acres turn off a lot of investors.
Would you buy it? Asking price is $48k. Can rent for $650. Need $5k cosmetic work.
What I worry about is what I do with the 3.5 acres of land? I have to cut it with lawn mower? Buy tenant a big fancy lawn mower and ask them to cut it? Raise two goats and let鈥檚 them eat the grass? Or just walk away?
I am interested in this topic as well. Just took a picture of a house with some property that was considering cold calling. It has land and lots of grass. Our main house has land but its all trees, little grass. Better suited for tenants I would think.
@Jack Ni . Any chance you are near a conservation area? Perhaps you can contact a local land trust to see if you can setup a conservation easement for the extra land you don't want and reap the tax benefits.
@Jon Crosby appreciated the info, don鈥檛 really care about the tax on it, since I live in Arkansas, land tax is dirt cheap. All I worry about is the grass. That鈥檚 it.
@Zach Quick I have not, been really really lazy. Glad you remind me of it, will do it right now.
This is assuming that you are not required to keep the grass cut by the city. Consider putting up a small picket fence around a decent sized yard. For rental purposes, you show them the yard that is now surrounded by the fence and mention nothing about the remaining 3+ acres of land that are behind it. The tenant has no idea it belongs to you and thinks you have no control over the maintenance of it.
You could cut out the house and have a couple of house or mobile home lots to sell/rent. Check with local zoning if any including health department for onsite sewage regs. Too much land is always a good problem to have.馃憤
In my experience, large lots or additional acreage do not increase the price a property will rent for. It may make it more appealing for someone that wants to have some poultry or goats or something. How's it zoned A/R?
In most cases, unless it's in a town, I'd just make the "yard" a lot smaller and let the rest grow up natural.
I wouldn't pay more than what the property would be worth with a standard size lot unless it's a fast growing area and a lot could be split off for someone to build on.
So I found a property that have 3.5 acres of land. The house is great, I guess the 3.4 acres turn off a lot of investors.
Would you buy it? Asking price is $48k. Can rent for $650. Need $5k cosmetic work.
What I worry about is what I do with the 3.5 acres of land? I have to cut it with lawn mower? Buy tenant a big fancy lawn mower and ask them to cut it? Raise two goats and let鈥檚 them eat the grass? Or just walk away?
You lucky guys down south. Sounds like a fun project. Could you even parcel off and sell of the excess portion to someone else? More money in your pockets...Anyone experienced with land want to jump in here?
You could say that is tenant responsibility, but you would probably want to contract it out.