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SW Ohio | I have the opportunity to buy a farm from a family member, I have been renting the crop land for several years so if I don't buy I will lose those acres. The timing isn't ideal because of still paying on another farm. The appeal is that it is being offered to me for under market value and there is some sentimental attachment that it probably making me be less objective than I should be as this was my grandparents farm.
The farm has 2 houses on it, one is a 3 or 4 bedroom 2 bath farmhouse that has been added onto a couple times but has been pretty well kept up. The other house is a newer small one bedroom.
To make the purchase have any chance of cash flowing I will have to rent out both houses. I have no experience with rentals other than renting in the city while in school.
How much of a headache am I looking at to find good tenants? Is using a property management service or realtor a good option?
This area is rural and overall one of the more poor counties in the state so I have that going against me.
Trying to decide if it's worth pursuing at all, I would like to own it to keep it in the family and it's a nice 100 acre farm that I would immediately have equity in but I also don't need to put myself in a stressful position. I don't know how wise it is to depend on rental income to make at least half the payment.
Looking for those with experience with rental houses and if it's a reliable source of income or if I'm looking for a headache. | |
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Tell me about renting out a house.
