own home/land but cash poor with no income

**bjl584** · 11-21-2012, 05:25 AM

What "problems" are preventing you and your wife from working and earning an income?

Is selling some of the property an option?

**Joan.of.the.Arch** · 11-21-2012, 07:08 AM

Perhaps you could rent out a room or two for some income.

If there is any call for rental storage in your area, you might rent out gargage space or an outbuilding. If it is a vacation area, people might have boats, ski-do's, snowmobiles, etc they'd like to store. More local people on suburban lots sometimes have need to store household goods, hobby cars, out of season lawn equipment, etc.

**humandraydel** · 11-21-2012, 02:28 PM

What is on the 30 acres? Can you log it? Will people pay to hunt on it? Sell 25 acres? Would people pay to camp on it?

**BMEPhDinCO** · 11-21-2012, 06:07 PM

Why can you not take out a HELCO? What is the property worth?

Can you rent it out for a high enough amount that you can move into an apartment and still get some cash flow? Or rent out several rooms/land for horses, farming, hunting, camping, etc? Can you turn it into an Artist's retreat?

What are you needing the cash for? If you want to post your expenses, perhaps others can help with finding a way to trim down your needs.

**fathappycows** · 11-22-2012, 02:21 AM

No income sounds bad. That means no job right? And no job means no constraints on your time. At 56 you've got to be good at something. What can you teach? how to grow a vege garden... how to draw landscapes, how to write a report, how to join a forum on the internet. Draw up some fliers and put them on some public notice boards. I'm sure you have a lot you can pass on to the next gen. Go for it!

**Gailete** · 11-22-2012, 08:45 AM

No income sounds bad. That means no job right? And no job means no constraints on your time.

I agree that not having a job can be bad but why are you not doing something to earn income as well as your wife too? Some things take longer to get a cash flow going, but your post seems focused on only one area--how to turn your land into money. I would be asking something else at this point since even if your land and property sell tomorrow, what will you be doing when the cash from that is also gone? You need to be earning your way in life, somehow, someway. Have you gotten food from the foodbank to help, and volunteered to help them out so you can feel like you just aren't taking a handout? Start thinking creatively as at your age, you should have a good 30 years ahead of you and that is an awful long time to coast even if you sell your land for a decent profit.

**snafu** · 11-23-2012, 03:25 PM

Seriously, have you looked into the rules of reverse mortgage? The lending institution makes a huge profit and you get nearly 50% of the value of your property in most cases. What are your basic expenses? What debt are you carrying? Write out a budget. What can you and wife do to bring in money? I suggest you and wife work on a plan for the next five years. What social services are available in your community? How do you get access? Who do you need to see, what information will you need to assemble? If you've been draining retirement money, paying tax and penalty what will happen when you are in your 70's?

I see in our region that many who own acreages rent RV storage space to park RVs when not in use.

**p_wyt_12** · 11-23-2012, 06:11 PM

It's not late for you to look for a job that could help you with your problem. 30 acres is a huge investment so why not sell or tend some part of it in exchange for money that could support your family. Your case based on your story isn't a worst case I think. It's a matter of how you manage what you have now and start from there. Always live within your means and always learn from experience. Goodluck!

own home/land but cash poor with no income