We found a house.... BUT

**cmdarlin** · 02-06-2009, 07:49 AM

it needs a lot of work inside. Last night a friend took me by this house that she knew of and it just so happened that the guy who owns it was there an he let us see it. Its a 1922 farmhouse that sits on 130 acres. From the outside it looks good. It needs some TLC because his cousin who lived there is in a nursing home and won't be returning. The inside needs some work. A LOT of work! but.... he is only asking $150 a month to rent it. He basically wants someone in it to help keep it up. Eventually down the line, he may be willing to sell it.

The downstairs is do-able with a lot of elbow grease. Hundreds of possibilities. The upstairs... not so good. Looks like it had been neglected. (the lady was 84 and living alone.) The basement.... apparently they had some flooding problems last spring. Was the first time it ever got water in the basement like it did. The basement is an old dirt and gravel floor and now has some mold issues.

I would love to have this old place to fix up. Has all of the original cabinets and woodwork. All the junk laying around looks like a 'treasure' hunter's dream. There are a few out buildings that he was going to knock down and burn but girls... the old barn wood is beautiful on these and I think it could be salvaged.

Any suggestions? We have 20 days now. Everything we have looked at, they are asking $500 a month for and their tiny, rundown looking places. Its a fustrating search when you only have $1100 income. Help!

Debbie

A picture of the house is here. I didn't get any of the inside though.

**freebs** · 02-06-2009, 07:53 AM

Ya know for $150 a month and elbow grease i would go for it. Will he let you keep animals there??

**thesightofoneself** · 02-06-2009, 07:53 AM

its one thing to buy a house that needs work. its another to rent something that needs work. you dont want to put money into it with the intention to buy and then he sells it to someone else.

**freebs** · 02-06-2009, 07:59 AM

Well if he supplies the materials to fix it up and they get a reduction in rent i say go for it. I lived in a place like that i lived in it, fixed it up and got a low rent!

**Gibs** · 02-06-2009, 08:01 AM

150 dollars a month is a great price for Rent. Even here in my tiny town houses are over 400 and they are a lot smaller then that house. SO if you do not mind putting the elbow grease into it and cleaning it up some then I say go for it.

**Momto2Boyz** · 02-06-2009, 08:04 AM

It sounds like it would be a wonderful house! I can't believe the rent, that is a wonderful change for you guys! A little bit of elbow grease won't hurt as long as you guys can do it!

I'm so happy for you, and I hope it works out for you! Let him know that here in Illinois, when a barn is knocked down, the barn wood goes for thousands! He could probably find a contractor who would take down the barn for free, and take the barn wood away (then they'll sell it)!

I hope everything works out for! You guys deserve a break with this whole housing situation, so I hope this is it for you!

**Greebo** · 02-06-2009, 08:44 AM

$150/month is 10% of your income which is an AWESOME ratio. It needs work, sure but you'ld be crazy not to take that offer. You'll just have to brace yourself to live with the work it'll need.

$500/month for something else would be 50% of your income and that would be more than crazy - it's be worthy of being committed.

**IntlMom** · 02-06-2009, 08:48 AM

yep, I say go for it too!!

150 a month is amazing/ even with the hard work!!

**cissylu** · 02-06-2009, 08:52 AM

It sounds like a wonderful deal. it`s such a pretty house. I would go for it.

**rasilla** · 02-06-2009, 09:34 AM

Looks great, I'd go for it if I were you... but I'd also cap how much "extra" stuff I do. Like say you'll only spend 25 or 50$ a month on repairs. Screws and stuff can add up fast. I'd keep track of it and have that as something you discussed with the owner, that way he is not expecting it to be a sparkling remodel when/if you leave and you won't be too disappointed if he ends up selling it to someone else.

Just a thought.

Enjoy the cheap rent while you can! It's a cute house too!

**forHISglory** · 02-06-2009, 09:35 AM

Hi Debbie!
I agree: go for the house. You love the country and this would give you some peace of mind.
Here are some suggestions:
1. Offer to trade the barnwood for the supplies that you will need while fixing up the house. Emphasize to the owner that you will absolutely take care of the barnwood and clean it up for him.
2. Get an agreement in writing that if he decides to sell, that he will come to you first, and that your rent would apply to the selling price.
3. Tackle the mold problem as a first priority. If need be, tack plastic sheeting up around the basement entrance, etc. until you can deal with it. If your spring 2008 was like ours, it was abnormally wet, so I can understand that it may usually be a dry basement.

My best to you. Let us know what happens.

**TexasPeanut** · 02-06-2009, 09:37 AM

Personally, I wouldn't even need to ask the question. At that price you almost can't pass that up. It may need a little work while you are living in it but you will have more money in your bank account monthly because of it. PLUS....it's on 130 acres! How could you say no to that. With the possibility of the owner thinking of selling it down the line sometime you would have the first choice of offering to buy.

Go for it and enjoy the low rent. These days every little thing helps.

**redeme** · 02-06-2009, 09:50 AM

I'd take it, the rent is awesome and I'd ask for the right of first refusal to buy.

**rudypoo98** · 02-06-2009, 10:08 AM

I'd take it for sure and tell him we can get rid of the barn wood for you.If he was just going to burn it anyway he shouldn't care if you sell the wood.My daughter found a great house a month ago, free rent and the owner does the fixing up he just wants someone to live there to keep theives away because it's one of his 3 farms and he keeps equipment there.He goes to auctions all the time and finds stuff cheap for my daughter and her husband to fix things up.It's a cute two bedroom house with really large rooms on 200 acres.

**Persimmon Lace** · 02-06-2009, 11:20 AM

I'd take it but with everything put in down in writing. How much you are expected to do, what he's going to pay for and etc. That will be a great deal for you guys.