My dream home just fell in my lap, fire sale distressed property

[fastfredracing]

I gotta shat or get off the pot, and I also have to risk it all.
Long story short. 15 beautiful acres pond, architect designed house, large garage. Needs a ton of work, 1 mile from my shop. I could coast to work in the mornings on my bicycle .
Owner is separating from his wife, and moving back to australia . Has to happen in the next 4-5 weeks . He is already in financial trouble . Hes been trying to hold on for the last year, but has health problems, and had to move back home to Australia where he has full retirement, and medical from the military.
Wife cleaned him out, trashed the house and moved her stuff out last week, as he was heading back home for the first time in a long time .
Id have to sell my home ( comfy and paid off in full ) , my 930, and my rentals, but I think I can make it happen with no mortgage. It will also, make the next year or more incredibly busy ,and stressful, but I still have one more big hurrah left in me .
Wifey is not on board. I personally think it is a once in a lifetime opportunity . I have gotten to where I am at, by recognizing a good opportunity, and taking a few chances . I'm pretty shrewd at pulling stuff like this off when I need to .
The owner is a good friend, and a good guy, he is willing to make it happen in any way possible, land contract, partial payments, rent to own, etc. I could move in tomorrow if I can cover taxes .
Talk me out of it. Every time I go there, I say, I could die a happy man at the place .
My head is spinning .
Only downside I see is my taxes going up , and a lot of work ahead .

[Sooner or later]

If momma is agin it...

[varmint]

How much of. The work can you do yourself?

If the answer is “most” then go for it.

[JavaBrewer]

Originally Posted by fastfredracing

Wifey is not on board.

Until this part is worked out the rest of your post bears no consequence. Look what happened to the previous owners marriage.

[fast_e_man]

It sounds like you may have a lot of moving parts to consider. I think it's worth trying to understand your downside risk. Probably your nominal results will be some stuff doesn't pan out like you forecast. What all could go wrong, and how can you protect yourself if that downside risk is realized. What's the likelihood that a bunch of stuff doesn't go well. If you see a plausible path to success, should that risk be realized, then you can likely make this work.

[motion]

Nope. Nope. Nope.

[pete3799]

Tough decision Fred.... but i'd have to agree.... if the wife is not on board with it i'd pass.

[Dantilla]

Counterpoint:

Moved last year. Took my wife quite while to warm up to the idea. Not long ago, sipping her morning coffee on the deck, watching the sunrise over the mountains on the far side of the lake, she said:

"I had no idea it could be so wonderful!"

YMMV.

[greglepore]

Assuming you both get on the same page...

I'd be all over it except you mention the last hurrah part. 15 acres is a big spread to take care of into your 60's, unless you have or can afford help. We're downsizing at 59 for that reason.

Don't sweat the 930, you've been on the fence for a while, and if it would fund a dream, its inconsequential.

[Seahawk]

Originally Posted by motion

Nope. Nope. Nope.

And nope...unless the wife is in. Unless and until, zippy chance I’d move on this.

Dream homes often are not.

[vash]

....and nope.

[BK911]

Just like dantilla:
Found my dream home about 8 years ago.
Moved against wifey's wishes.
Now wifey is sooo glad she was wrong.

[fastfredracing]

Originally Posted by varmint

How much of. The work can you do yourself?

If the answer is “most” then go for it.

All of it,I am an un stoppable force when I need to be.

[jhynesrockmtn]

Sell rentals to make it happen? Then I assume you weren't counting on those for retirement income? Have you considered the federal income taxes on those transactions assuming there are gains involved? I've taken risks before to buy the dream house. I wouldn't do it again.

[onewhippedpuppy]

Initial reaction is a nope. What’s the big appeal? The awesome of the house, the land, stuff you could do, etc? Big fancy house and a nice spread will pale pretty quickly when the money gets tight and you’re working like hell every night.

[drkshdw]

Originally Posted by jhynesrockmtn

Sell rentals to make it happen? Then I assume you weren't counting on those for retirement income? Have you considered the federal income taxes on those transactions assuming there are gains involved? I've taken risks before to buy the dream house. I wouldn't do it again.

Yeah, I wouldn't sell rental properties to buy a primary home. Then take into account the income lost and add that to the increased property taxes, is it worth it? Only you can answer that but for me, it would be a solid no unless I was getting a premium property for pennies on the dollar.

[Eric Coffey]

Originally Posted by Dantilla

Counterpoint:

Moved last year. Took my wife quite while to warm up to the idea. Not long ago, sipping her morning coffee on the deck, watching the sunrise over the mountains on the far side of the lake, she said:

"I had no idea it could be so wonderful!"

Originally Posted by BK911

Just like dantilla:
Found my dream home about 8 years ago.
Moved against wifey's wishes.
Now wifey is sooo glad she was wrong.

If there is enough spread there (and you can make it happen without too much financial discomfort), you could approach it from an investment angle.
If the Mrs. can get on board with that, she might warm up to it (as above), after fixing up the place. If not, flip it and move on. YMMV...

[Baz]

Originally Posted by Sooner or later

If momma is agin it...

You're sayin' she goes to Australia too?

[Baz]

I say follow your heart, man!

Of course your wife says no...it's not her dream.

With all due respect to your domestic dynamics......I say push the button! But try to keep the 930 another 5 years and let her appreciate. That much I would ask.

Go Go Go!!!

[Erakad]

I faced this decision 8 years ago, and haven't regretted it. I bought a house and land in poor condition, sunk savings into renovation/remodeling the house (and still doing the finishing). I'm retired, in my 60s, and have 10 aces of wooded land that I care for....it IS work, but it does keep me fit and is my full time job. However, the peace it gives me can't be quantified, I'd still do it again. My wife was completely on-board though, and loves it here as well.

If you can handle the renovations and upkeep physically until the day you die...plus get the wife on-board, and you feel this is the home that will give you that peace...then I agree with Baz....pull the trigger and don't look back.