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Updated almost 12 years ago,
house + land newbie help needed
I didn't set out to become a landlord but am now renting two houses. It's the 2nd that's giving me trouble. I inherited the family farm. We live over 3 hours away. The farmhouse is 3 bdr/1 1/2 bath and sits way off the road (driveway is 2/10 mile long).
I rented the farmhouse with a local property management company for 675/month. Renter has been there since Sept. An insurance agent coming to inspect the property found renters with a pit bull. No landlord insurance for me now. They wrote a "fire policy" from the state operated pool instead. No liability and it's more expensive. Dogs were [b]not [b] allowed on the lease.
PM has talked to the renter. Renter wanted to move out instead of getting rid of the dog. He is moving April 30.
I want to update the place some so we can maybe get a better class of renter. PM was not for this before last renter, but now agrees that we should do a little. Maybe flooring. Any advice? House was built in 1960. It's has a stone exterior. Solid, my mom just didn't like to redecorate.
Also the pasture surrounded the house is rented separately to a local cattle farmer. He rented long before I inherited. His lease is annually renewed in Feb. He is over 80 years old and not doing a great job. I am wondering if it might be possible to rent house and land together.
PM says they often have interest from folks who want extra land and rent smaller properties, but have never dealt with this much (It's around 90 acres of pasture). Altogether there is a barn and 7 outbuildings. The annual pasture lease is $2250 so less than $200 additional house rent per month would earn as much as the pasture does now.
However the deal with the pasture lease is the renter maintains the fences and grass (mowing hay, repairs etc.) It's pretty important that this is done.
Any ideas if together is better than separate? Any ideas about how to find someone to lease pasture.