They accepted my offer!

MikeAMikeA Senior MemberPosts: 2,917 Senior Member
Just got news that the sellers of a farm (16 acres, with two barns, an 1880 farm house with lots of character, on a beautiful river) have accepted my offer. So soon it'll be out of a nice large modern home with all the comforts, to a house that had no bathroom when built, and needs a complete overhaul. If this all goes well, once its all done, I'll have a half million dollar property with a quarter million dollar investment. There is still that sinking feeling that I've bitten off more than I can chew.
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Replies

  • Green Mt BoyGreen Mt Boy Senior Member Posts: 709 Senior Member
    MikeA wrote: »
    Just got news that the sellers of a farm (16 acres, with two barns, an 1880 farm house with lots of character, on a beautiful river) have accepted my offer. So soon it'll be out of a nice large modern home with all the comforts, to a house that had no bathroom when built, and needs a complete overhaul. If this all goes well, once its all done, I'll have a half million dollar property with a quarter million dollar investment. There is still that sinking feeling that I've bitten off more than I can chew.

    Nice. As far as I can tell you only live once, so go for it.

    I grew up in an old farmhouse and live in one now (on 140 acres with a 60 mile view). Previous owners gutted it out and re-did it in the 1980s, and we've done upgrades since buying it in 1999. It is a lot of work to keep up and as I get older-just turned 60-I wonder about our ability to keep up with maintenance, etc. I figure we can keep going for at least another ten years.
  • fishingcomicfishingcomic Senior Member Posts: 21,887 Senior Member
    Do you ever watch these guys? They are amazing.

    http://www.hgtv.com/shows/fixer-upper
    'I've spoken of the Shining City all my political life. …In my mind it was a tall, proud city built on rocks stronger than oceans, windswept, God-blessed, and teeming with people of all kinds living in harmony and peace; a city with free ports that hummed with commerce and creativity. And if there had to be city walls, the walls had doors and the doors were open to anyone with the will and the heart to get here. That's how I saw it, and see it still.'" Ronald Reagan
  • MikeAMikeA Senior Member Posts: 2,917 Senior Member
    Nice. As far as I can tell you only live once, so go for it.

    I grew up in an old farmhouse and live in one now (on 140 acres with a 60 mile view). Previous owners gutted it out and re-did it in the 1980s, and we've done upgrades since buying it in 1999. It is a lot of work to keep up and as I get older-just turned 60-I wonder about our ability to keep up with maintenance, etc. I figure we can keep going for at least another ten years.

    Awesome. I'll be asking alot of questions then if this goes through. It's a dream home for me. Being on this river has been a dream of mine for a long time. Property where I live now is selling within hours of going on the market, so its on fire and I want to get out while it is. Property 30 away (where this place is) is nicer land and hasn't caught on fire,, yet. Our hope is that our investment will help fund a nice retirement 15 years from now. I'm 47. The owner wasn't going to sell the house originally. I got to meet her and when she learned that I had studied her family history in the area she loved the idea that I would bring her family home back to its former glory and that I'm cutting an acre out for my daughter to build on as well. She agreed to sell me the entire farm for a great price. Still, its going to be a blood sweat and tears project and it'll consume me for awhile. Hopefully in the end it's a wise choice.

    https://www.google.com/maps/place/Liberty,+TN+37095/@36.0071768,-85.9606428,454m/data=!3m1!1e3!4m5!3m4!1s0x8866b773bda56073:0x76af326663892398!8m2!3d36.0067276!4d-85.9677659
  • MikeAMikeA Senior Member Posts: 2,917 Senior Member
    Do you ever watch these guys? They are amazing.

    http://www.hgtv.com/shows/fixer-upper

    Yes all the time. Wish they were here!
  • ricinusricinus Senior Member Posts: 6,214 Senior Member
    Well, we certainly know what you'll be doing in your spare time. Congrats..

    Mike
    My new goal in life is to become an Alter Kaker...
  • magallowaymagalloway Senior Member Posts: 900 Senior Member
    Congratulations! Do you know if anybody still shows reruns of "Green Acres?" If they do, maybe you should watch it. I 'spect what you're doing is everybody's dream, but it'll be costly and back-breaking if you're planning on sweat equity. In any case, the very best of luck to you and yours.


    Jim
  • Shawn C.Shawn C. Senior Member Posts: 5,733 Senior Member
    Congratulations, Mike! Remember that the journey of a thousand miles begins with a single step!
  • StevenSteven Senior Member Posts: 2,402 Senior Member
    Mazel Tov Mike.

    Enjoy your new home in good health for many years to come.
  • BushartBushart Senior Member Posts: 1,793 Senior Member
    Congrats

    At 47 you still have some years in ya to get it done

    I used to buy small little cottages on lakes and turn them into homes and flip them after a while----Any carpenter will tell you---new construction is a breeze to total renos---I concur

    My advice would be----don't forget to come up for air once in a while----it can consume you---I had a full time job in the day---then I'd work on the house at night--weekends---holidays---it can take its toll

    Good luck---any river pics to share?
  • sherbsherb Senior Member Posts: 2,364 Senior Member
    MikeA wrote: »
    Just got news that the sellers of a farm (16 acres, with two barns, an 1880 farm house with lots of character, on a beautiful river) have accepted my offer. So soon it'll be out of a nice large modern home with all the comforts, to a house that had no bathroom when built, and needs a complete overhaul. If this all goes well, once its all done, I'll have a half million dollar property with a quarter million dollar investment. There is still that sinking feeling that I've bitten off more than I can chew.

    I have some riverfront acreage too. Its a lot of work.

    Mine was undeveloped so I had to do all the irrigation work myself. So you're ahead of the game right now.

    Enjoy. I'm very happy for you.
  • MikeAMikeA Senior Member Posts: 2,917 Senior Member
    Bushart wrote: »
    Congrats

    At 47 you still have some years in ya to get it done

    I used to buy small little cottages on lakes and turn them into homes and flip them after a while----Any carpenter will tell you---new construction is a breeze to total renos---I concur

    My advice would be----don't forget to come up for air once in a while----it can consume you---I had a full time job in the day---then I'd work on the house at night--weekends---holidays---it can take its toll

    Good luck---any river pics to share?

    Not my property but this is what the river and the valley looks like. Smallmouth for days.
    _MG_1507.jpg
  • Green Mt BoyGreen Mt Boy Senior Member Posts: 709 Senior Member
    Are you reasonably safe from flooding?
  • sherbsherb Senior Member Posts: 2,364 Senior Member
    Are you reasonably safe from flooding?

    I was a bit concerned last week. . .

    USGS.13213100.47650.00060..20170228.20170329.log.0.p50.gif
  • MikeAMikeA Senior Member Posts: 2,917 Senior Member
    Are you reasonably safe from flooding?
    Very safe. 10 acres of the property is class A flood plain. The home and the town are on a hill overlooking the valley in an area that hasn't flooded since the first settlers arrived.
  • MikeAMikeA Senior Member Posts: 2,917 Senior Member
    sherb wrote: »
    I was a bit concerned last week. . .

    USGS.13213100.47650.00060..20170228.20170329.log.0.p50.gif
    That's a horrible feeling that I got a taste of in 2010 at my other house. A flooded house is worse than a burnt one IMO. Especially since I didn't have flood insurance.
  • CO NativeCO Native Senior Member Posts: 1,047 Senior Member
    It'll be a lot of work, but if you fix up the house right, you'll be so much happier than something that was finished. Good luck.
  • BushartBushart Senior Member Posts: 1,793 Senior Member
    MikeA wrote: »
    Not my property but this is what the river and the valley looks like. Smallmouth for days.
    _MG_1507.jpg

    That's a pretty spot---serene
  • George KGeorge K Super Moderator Posts: 8,947 Senior Member
    Congratulations!. Enjoy it.
    Keep your stinkin' government hands off my Medicare.
  • FishTXFishTX Super Moderator Posts: 7,730 Senior Member
    MikeA wrote: »
    I got to meet her and when she learned that I had studied her family history in the area she loved the idea that I would bring her family home back to its former glory and that I'm cutting an acre out for my daughter to build on as well. She agreed to sell me the entire farm for a great price.
    Wonderful.
    "We have to find someone who can not only fly this plane, but who didn't have fish for dinner."

    Crooow:This music would work better with women in bikinis shaking all over the place. I guess that's true of any music really.
  • MikeAMikeA Senior Member Posts: 2,917 Senior Member
    Here's a pic of the house. It needs alot of love but I think it's got enough character that I want to restore it vs tear down. Just learned the interior is ship lap behind the wallpaper. So 150 years later it's back in style. Saves me some money to boot!
    IMG_6040.JPG

    The view behind the house where the river runs.
    IMG_6041.JPG
  • sherbsherb Senior Member Posts: 2,364 Senior Member
    Oh man, I love this. Tons of work, but really nice.
  • MikeAMikeA Senior Member Posts: 2,917 Senior Member
    Its a scary as hell getting into this. We live in a very nice 2500 sqft home now. Huge baths, bonus rooms, breakfast nook, no bugs, no leaks, no nothing wrong anywhere. Still hesitant to dive in..
  • George KGeorge K Super Moderator Posts: 8,947 Senior Member
    Good luck with it. Sincerely

    Now, not to rain on your your parade, but please let me give you some hard-earned advice: every project will have several unforeseen complications or will uncover hidden problems that will double or more the time and cost. :)

    Our house began as a one up/one down log and **** cabin in the late 1700s, was expanded, again with solid log interior and exterior walls, in 1847-48 into what must have been the grandest farm house in our tiny hamlet. The previous owner bumped it out in the 1960s and we added a garage, laundry room and library/TV room about ten years ago. It's the old parts that always surprise and need constant maintenance.

    More advice - don't throw away old wood or fittings as you remodel, you never know know when you'll find some rotting trim or floor boards that need to be replaced. And do not drive nails through walls or floors unless you're sure there is no old wiring there. There were no building Codes in the Goode Olde Days. (Again, I speak from experience.)

    Have fun. It's worth the effort, especially with the river frontage.
    Keep your stinkin' government hands off my Medicare.
  • StevenSteven Senior Member Posts: 2,402 Senior Member
    Needs a bunch of hounds.
  • ricinusricinus Senior Member Posts: 6,214 Senior Member
    I'm sure you're well aware, make sure the foundation is in good shape. A good friend found out about this the hard way..

    And you do need hounds..

    Mike
    My new goal in life is to become an Alter Kaker...
  • breamfisherbreamfisher Senior Member Posts: 4,322 Senior Member
    What George said about the costs and time is 100% correct.

    Do you know what the house is framed out of? Here in the Southeast, we've got a lot of old houses framed out of yellow pine. When that stuff gets to be near a century old, it is H-A-R-D. Can't drive a nail into it unless you drill a hole first. Makes hanging drywall in a reno job fun.
  • MikeAMikeA Senior Member Posts: 2,917 Senior Member
    Thanks!
    We JUST gave a beagle to the Beagle rescue. Who knew hounds were so single minded and destructive? Chewed two fly rods, the electronics in my boat, then the trailer bunks when she could no longer get into the boat. Then there was the Cane backed patio furniture, the 2' deep holes all over the yard, countless earbuds, Shoes, hats, the a coffee table which turned out to be the last straw. Never again on the hounds. I love my Lab.

    Foundation guy is coming out this wknd to inspect. It's going to need all new, electrical, Plumbing, HVAC, metal roof, a new bath, kitchen remodel, cleaning and paint inside out. We are planning to live there in an RV while its under construction. I'm pretty handy and can fix just about anything. Time and money are going to be the items in short supply. I'm hoping I can get it done (with a general contractor) for $100,000.
  • MikeAMikeA Senior Member Posts: 2,917 Senior Member
    What George said about the costs and time is 100% correct.

    Do you know what the house is framed out of? Here in the Southeast, we've got a lot of old houses framed out of yellow pine. When that stuff gets to be near a century old, it is H-A-R-D. Can't drive a nail into it unless you drill a hole first. Makes hanging drywall in a reno job fun.

    Not sure but it looks like hardwood. The barn has 1X12X12 Walnut planks on the inside. Whatever it is it most likely came from very close by.
    We are hoping to expose and paint the ship lap and not go with sheetrock in most places.

    Maybe reclaim the rough cut walnut from the barn to use for the floors at some point.
  • MikeAMikeA Senior Member Posts: 2,917 Senior Member
    What's you guy's opinion on metal roofs? My friend said he paid alot of money to remove a metal roof on his house that was installed improperly. Screws were stripped and backed out over time. He said it would be cheaper to board and shingle the house.
  • sherbsherb Senior Member Posts: 2,364 Senior Member
    MikeA wrote: »
    Thanks!
    We JUST gave a beagle to the Beagle rescue. Who knew hounds were so single minded and destructive? Chewed two fly rods, the electronics in my boat, then the trailer bunks when she could no longer get into the boat. Then there was the Cane backed patio furniture, the 2' deep holes all over the yard, countless earbuds, Shoes, hats, the a coffee table which turned out to be the last straw. Never again on the hounds. I love my Lab.

    Foundation guy is coming out this wknd to inspect. It's going to need all new, electrical, Plumbing, HVAC, metal roof, a new bath, kitchen remodel, cleaning and paint inside out. We are planning to live there in an RV while its under construction. I'm pretty handy and can fix just about anything. Time and money are going to be the items in short supply. I'm hoping I can get it done (with a general contractor) for $100,000.

    Is the fireplace functional?
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