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#457174 - 04/02/17 12:41 AM What woukd you do?
TimTim26 Offline
Junior Member

Registered: 04/02/17
Posts: 2
Loc: NY
Ok folks here's a unique one.
Two years ago I bought a 3 bedroom home with 70 wooded acres just north of Syracuse NY (30 minutes). In short I've accepted a job requiring us to move. To us there are several ways that we can turn a profit but honestly don't know what our best options "could" be to maximize. At this point we don't have any short or long term goals set. That's where I hope you guru's could shed some light. So here are the facts to consider.

I bought the house and property in "as is" condition with cash. I have NO mortgage.

I've renovated and restored the home to about 75% what I'd like it to be. We've been living in it and is more then livable just as it is. And if we weren't leaving for the job, we'd be staying.

Property is 2 parcels with road access on 2 sides.

location is good (in the country, 3 miles to interstate access), at the gateway to all things Adirondack. snowmobile trail access at the back of the property, outdoorsman paradise territory. water is good, power at the road, land can be developed and subdivided. According to a
forester I've had assess the property, there is a fair amount of marketable timber.

Our ideas.

Sell it all "as is"
Rent it out
Offer a rent to own option.
Flip
Subdivide selling lots.
Subdivide and build homes or a trailer park.
OR????....... other options I'm not thinking of.

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#457175 - 04/02/17 12:42 AM Re: What woukd you do? [Re: TimTim26]
TimTim26 Offline
Junior Member

Registered: 04/02/17
Posts: 2
Loc: NY
Tim

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#457176 - 04/02/17 12:54 AM Re: What woukd you do? [Re: TimTim26]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7864
Loc: Vermont's North-East Kingdom
Sounds like you don't have to sell in order to execute your move.

Maybe you should consider a Tax-Free 1031 Like-for-Like Exchange with someone (or a 3rd Party) in or near your destination location ?

I would NEVER consider becoming a absentee LandLord if the distances are greater than 50 miles; especially if there is a stand of marketable (and butcherable) timber on the premises.
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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#457177 - 04/02/17 12:59 AM Re: What woukd you do? [Re: TimTim26]
Bigtoe Offline
Major Contributor

Registered: 10/14/07
Posts: 2273
Loc: Outer Banks
Sell the house and keep the land.
turn it into a hunting camp
_________________________
Your Outer Banks real estate agent. Helping people buy and sell OBX real estate since 1989.

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#460945 - 03/19/18 02:15 PM Re: What woukd you do? [Re: TimTim26]
Matt Ventura Offline
Junior Member

Registered: 03/01/18
Posts: 1
Loc: Lake Forest, CA, United States
I would also consider a 1031 exchange through a DST.


Edited by doug (03/19/18 04:35 PM)
Edit Reason: url removed

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