Rent an Old Farm House ?
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Rent an Old Farm House ? (by Overworked [PA]) Jul 1, 2013 8:05 PM
       Rent an Old Farm House ? (by cjo'h [CT]) Jul 1, 2013 8:47 PM
       Rent an Old Farm House ? (by Overworked [PA]) Jul 1, 2013 9:09 PM
       Rent an Old Farm House ? (by Elena [PA]) Jul 2, 2013 2:18 AM
       Rent an Old Farm House ? (by Baltimore LL [MD]) Jul 2, 2013 6:41 AM
       Rent an Old Farm House ? (by BillS [CO]) Jul 2, 2013 10:30 AM


Rent an Old Farm House ? (by Overworked [PA]) Posted on: Jul 1, 2013 8:05 PM
Message:

State Specific Question About: PENNSYLVANIA (PA)

Hello everyone, this is my first post here. The reading so far has been fascinating.

We have an old farm in Bucks Co and are trying to figure out what to do with it. The idea of potentially renting the house came up. We know nothing about real estate, and nothing about the PA market or landlording in general, but we've kind of ignored this problem for years, and I decided that this year we were going to finally take the bull by the horns. We absolutely need to start slowly though.

So, I was wondering how feasible it would be to get kind of an orientation to our property as it applies to renting. I was thinking maybe having a Realtor, a property manager or local professional landlord take a look at the property, maybe poke around it a bit and give us a basic idea of it it's rentable or not, or what would have to be done to rent it. I'm not looking for home inspection details, really basic stuff like "well, by PA law you have to bring everything up to current code before you can rent" or "you'll have a hard time renting without doing x first". Really kind of an orientation if you will.

I'd much rather pay the person for their time (ie by the hour or an agreed upon fee) versus signing any obligating papers as we don't know what plans are in the future. I just know that I don't know the first thing about rental properties, and need some advice.

Is this sort of arrangement possible ? Who would I seek out ? Potential property managers in the area ? But would they offer to come out for free based on some obligation or expectation that I would then give them my business ? (Don't get me wrong, with my level of ignorance I do NOT plan on landlording this myself, but I also know that I don't know enough to go picking property managers yet).

Thank you for your time and advice. --173.69.xxx.xxx




Rent an Old Farm House ? (by cjo'h [CT]) Posted on: Jul 1, 2013 8:47 PM
Message:

Overworked,check if there is a property owners association or landlord's group near you ,or talk to a local farmer,he or she might want to rent your land for eleven months out of the year ,for a period of time.What would you're land be good for,grazing or for growing crops ,you may not have to touch the house.There are many different possibilities.Something to think about Eh ... Charlie... --70.215.x.xxx




Rent an Old Farm House ? (by Overworked [PA]) Posted on: Jul 1, 2013 9:09 PM
Message:

Thank you Charlie. I will look into an association like that. We actually do rent the land ... It doesn't get as much as you'd think. Small farmers have it hard. --173.69.xxx.xxx




Rent an Old Farm House ? (by Elena [PA]) Posted on: Jul 2, 2013 2:18 AM
Message:

Hi Overworked, I am also in Bucks County. I want to encourage you. Many people rent farm houses. My friend is renting one from a private owner. The rent is not huge, but she is helping him in the garden a lot. Sometimes, she even sells some produce at his farm stand. Bucks County is easier on the landlord than Philly. Good Luck! It's doable. --71.225.xxx.xxx




Rent an Old Farm House ? (by Baltimore LL [MD]) Posted on: Jul 2, 2013 6:41 AM
Message:

I grew up in the BuxMont area and have many fond memories of time spent there. What part of Bucks are you in? As you know, there are some very nice areas near Buckingham, Solesbury, New Hope. People will pay a nice amount to be isolated, yet still close to Philly/NYC.

If I were you, I'd enlist a tenant to help with some of the work around the farm or house and give them discounted rent. I'd try to keep the place in good order until it could be sold for development as a subdivision or something else. The market isn't very good now, so just hold onto it for a while but rent it to cover costs and get a little money here and there. --38.127.xxx.xx




Rent an Old Farm House ? (by BillS [CO]) Posted on: Jul 2, 2013 10:30 AM
Message:

Really if you want to know what to do. Find a woman to look at it. Ask them, Would you rent this? If no ask what needs to be done. If yes, ask what could be better. Next fix anything that is broke mechanically speaking.

I absolutely forbid tenants to work in exchange for rent. See the multiple posts on this topic.

Most times folks know what needs to be done and are just hoping that they can get by with less. The other option is to slum it out and rent it dirt cheap as is. May end up losing the whole thing over time but some do it.

--75.160.xxx.xxx





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