If you inherited 5 acres of overgrown land with 2 houses that hadn't been touched in 16 yrs what would you do?

Question

assume selling is NOT an option. Overgrown forest with an original 1905 home and a second 1954 built home, 4 driveways, a large detached workshop (rat infested and hidden under the blackberry vines), a creek through the back of the property with a treehouse. This property would have been your childhood playground so you know how beautiful it once was. It is owned free and clear but living on it is not an option (it is located on the Oregon Coast). Renting it might be-once the structures are repaired. Remember that cost is a factor (need some form of a return) although the property is owned free and clear. But we don't want to put to much debt on the property. HELP! I don't know where to put money and how much to put into it.

Answer 1

sell some trees.

renting far away homes is not the best.

but if u must...

hire engineer, get engineer's report to assess the damage.

get a few estimates on repair and a few on demolish / rebuild.

if it was me, I'd sell about 10k worth of trees, take a month off and rebuild the '54 place.  Never hurts to own a home somewhere.

really need to see it to render an intelligent opinion...  using imagination has its limits here.

Answer 2

if you are going to put any money into anything I would put the money on repair of the 1905 house. There may be help for historic homes in your area(check both federal and state sources). If your plan is to rent the house after the repairs are complete the you should consult a tax consultant before doing anything as there are great tax advantages to this type of thing . have fun

Answer 3

Well I have no doubt that it is beautiful, I also live on the Oregon coast.  Look into the market value of your timber (selective cutting only) would be a great way to create some capital, along with lessening fire hazard without losing the beauty of the trees.There are Logging outfits that specialize in this, they only cut where you agree and they know what is marketable , they are sensitive to the aesthetic aspect along with enviromental impact,(no clear cuts)  they work on a percentage of value. It is not cheap, but it's not something most people can do themselves.If you are interested ,please do your homework, check out the companies, check references etc... As to the exsisting structures, again there are companies that specialize in restoration of vintage homes, they have estimators/ inspectors that inspect the properties, they can let you know what needs to be done to meet current OR.codes, habitability req,s and what is covered under the "Grandfathered" rights, aprox. costs associated etc... or if they  feel they are too far gone to rehab at a reasonable (cost-effective) cost.You could use that info to decide where best your money should be spent, oh yeah, they also are familiar with sources for funds to restore "Historical" structures, etc... One last thing, when/if you decide to rent strongly consider being a Long distance L/L, with a good list of reputable maint./repair companies etc... and tenants that you personally interview, screen, and feel very comfortable with. It sounds like a special place,  I personally would not put it in the hands of a "Business" that sees it only as income. They are great for investors who want to remain faceless, spend little to no money and make as much as they possibly can. Just my opinion based on things I have personally  witnessed. What ever you decide to do I wish you all the best in returning it to the place of your childhood memories, what  could be better!. p.s. I guess the value and awesome  beauty of the Oregon coastal region is a secret to those who have'nt had the privledge of seeing it themselves. BTW Oregon does not have "squatters rights" we call them trespassers"

Answer 4

Join the club.  No one else in the world would understand that this is a problem.  Free and clear land in Oregon.   I inherited land in Wisconsin that was purchased in 1967 and is almost unsellable today.  I was offered $8,000 by a neighbor.  Own something 40 years and sell it for $8,000.  So we grit our teeth and pay the taxes every year.  But we don't get any enjoyment out of the land.  And it would be a nightmare to keep a tenant happy in a 1905 home.  Maybe the Unabomber might rent it but no normal family.  Keep it unrented.  But you have to protect your investment.  If someone uses any portion of your land for 5-10 years, they own the part they have used.  You must visit the land to make sure that doesn't happen.

My land is unvaluable today.  I have decided that i will keep it until it makes me rich.  I hope that is sooner rather than later. /