dobig
Recycles dryer sheets
So we are currently sitting right at $1.7 portfolio value with no debt and currently rent. We are in a situation where my wife may lose her job in a few months due to company aquisition. If aquisition goes thru we should be at + $2.1 due to retention bonus acceleration, RSU acceleration, retention stock. At that point we would be at +35x retirement calc factoring in current pension (military) and note receivable at age 52.
We are not big travelers. We enjoy doing things around our property and being outside. An opportunity came up to purchase a unique place that is a monster purchase but would be ideal for us. Home price would be $1.1 million and is a larger acreage property with ag land. Due to the type of property best rate we'll be able to get is 7.1% so totals with tax and insurance will come to $7,100/month with 20% down. What makes this property appealing besides the home and land are the recurring revenue streams. Current gas well revenue is $70k/year. Thi will slowly deplete over time. Excellent farm land leased to farmer for $4,000/year (way below market rate but we don't care). Property also has two additional small homes. One used by owners daughter and the other by month to month tenant who has been there for years and pays $800. There is also a horse barn with a few stalls and riding area that are in poor condition but fencing seems good and there are currently 4 horses being housed. Main home is old but in impeccable shape and nicely redone.
So the question is, would this be a bad purchase considering our current situation or would the recurring revenue along with rental potential make this viable even if we want to retire in a few years?
We are not big travelers. We enjoy doing things around our property and being outside. An opportunity came up to purchase a unique place that is a monster purchase but would be ideal for us. Home price would be $1.1 million and is a larger acreage property with ag land. Due to the type of property best rate we'll be able to get is 7.1% so totals with tax and insurance will come to $7,100/month with 20% down. What makes this property appealing besides the home and land are the recurring revenue streams. Current gas well revenue is $70k/year. Thi will slowly deplete over time. Excellent farm land leased to farmer for $4,000/year (way below market rate but we don't care). Property also has two additional small homes. One used by owners daughter and the other by month to month tenant who has been there for years and pays $800. There is also a horse barn with a few stalls and riding area that are in poor condition but fencing seems good and there are currently 4 horses being housed. Main home is old but in impeccable shape and nicely redone.
So the question is, would this be a bad purchase considering our current situation or would the recurring revenue along with rental potential make this viable even if we want to retire in a few years?