This Sounds Too Good To Be True

Brought to you by the EveryDollar app. Start budgeting for free today. My husband and I have been given kind of a once-in-a-lifetime opportunity. We have a family friend that is fairly well-to-do. Her and her husband own about five homes throughout the state, one of which is far over in eastern Oregon, and they are getting older and have offered for us to basically at a $0 a month lease this property from them to allow us to essentially build my horse training business and kind of start a ranching dream that we've had. Our hiccup is we both have extremely good jobs where we're at. All of our family is here, so on and so forth, and it's just a big leap, so we're not sure if we should do it or not. What do you guys make at your extremely good jobs? So we both are in the construction industry. He makes about $110,000 a year. I make $75,000, and then I train horses on the side and make about $50,000 from that. But of course you would lose all of that clientele because you're moving far away. Not necessarily. So my business is based on developing young horses and then selling them, so I don't necessarily have like a monthly clientele per se. It's more of... So where you train the horses that you sell doesn't matter. So you wouldn't lose the $50,000. Correct. And I mean, the idea would be to substantially grow that. No, I understand. But I mean, you would not lose the $50,000. We know at least you can do that. Yes, sir. If everything... Well, unless something really bad goes wrong. Okay. And so how rural is this area? Why can your husband not work? So he can, and that would be the idea over there. The town is about 140 people, so it's very rural. I guess it just wouldn't be what he sits at now. From what we've researched, probably about 70,000 or 80,000 is what he would make a year. That being said... How out of 140 people? The county has had some like management positions that are opening that I think he would be a very big benefit to them. He's a foreman for a construction company now. So I think he probably has some skills that would definitely be of interest to that, I would say. I am 30 and he is 31. How far away is this place from where you are now? About five hours. How many kids do you have? None. All right. And so we would be moving from 110 on him down to 70. And we'd be moving your income that you're losing is... You're keeping the 50 on the horse. What's the income you're losing? Don't wait for the interest rate to be perfect before buying or refinancing a home. Talk to Churchill Mortgage. Smart buyers buy the home they can afford now and then refinance later if rates improve. Churchill helps you make decisions with confidence instead of guessing. And Churchill Mortgage has a webpage with special offers just for our audience. Go to churchillmortgage.com slash ramsayoffer. This is a paid advertisement. NMLS ID 1591. NMLSconsumeraccess.org. Equal housing lender. You're keeping the 50 on the horse. What's the income you're losing? About 70. I have... So it's $110, $120,000 shift initially, assuming you don't... That's if he gets a $70,000 job and you can retain your 50 on the horses without any increase. Yeah, I got you. And I have thought about grabbing something remote while I build the horse thing up more and more, maybe getting something part-time to remote to kind of help that gap be smaller. Yeah, or like full-time. Yeah, or full-time. And these people will let you use this land and house for free is what you're saying? Yeah, so they don't get over there very much. And it's obviously hard to maintain a property that's also five hours away from them. They've just held onto it because they like visiting there twice a year, essentially. Do you own a home? Yes, sir, we do. We have right at about $100,000 in equity in that. And I do currently run the horse business out of that. It's not something that I have to move to do that. I run it out of my house now. This is just, I mean, it's 1,500 acres and... But it's not yours. It's not going to be yours. Correct. That's my fear is long-term. You don't own this and it could shift hands. So 10 years from now, what does winning look like? You don't own any real estate. He's still working a county job and you've grown a horse business. Yes. That's what winning looks like 10 years from now. I think the idea would be potentially to grow the business and I guess buy a place of our own. The expenses there would be essentially next to nothing. I guess it would just be utilities and the money. What's the mortgage on your house today? The map balance? 410. And so if you took 100 and went and bought a $500,000 ranch in some area that sounded like this, you could keep about the same mortgage amount and be on a ranch and do this deal and do this deal, but own it. Yeah. And that's, I mean, like that's kind of been our plan was to just stay where we are and, you know, obviously work to make that dream come true. They have just offered this to us. And, um, yeah, I'm not, I'm not, I'm just not sure it's a blessing. I was trying to figure out if it is. It lowers your expenses, but it moves you away from ownership long-term. Yeah. And you're, you're, um, and also, you know, everything's dependent upon how long will they, how long a lease will they give you for a dollar a year? Um, she basically has told us infinite, um, no bull crap. She, she went as far as telling me that she will put it in her will that the kids cannot sell the home until we decide we're done with the property. You understand. That's weird. It is very weird. Um, and so strange. I'm now spooked. Yeah, this is weird. That they wouldn't give it to their kids. Yeah. As long as you guys are alive, essentially. Our friend that raises horses gets priority over our entire family with our 1500 acres. Nah, I think where she comes from is that is her kids are very well to do. And I know, but I, my kids are well today, but I'm not doing that for you. Okay. Dave's not giving me his farm because I can't live there for free. I don't care, George. Shut up. But I love horses, Dave. I know. Well, you're known for your horse. Love. I'm just glad I met someone who's in the business of selling horses. Makes me feel better. Oh, wow. Yeah. Your job is to do what you tell people to do. Who knew made a career out? Um, okay. I, um, I don't know. I, I, it, I, I gotta admit the, uh, the romance of it. I've kind of caught on to, okay. Cause 1500 acres. Um, you know, are we all Yellowstone junkies? Is that our problem? Um, but yeah, uh, anyway, the, um, and it's like, it's not, I don't like the business aspect of it. Okay. The only way I would tell you to do this is if you pledge to yourself at the end of five years that you have your own place or you leave period, we're not going to stay here longer than five years. Would they sell it to you? Yeah. But the, yeah, they can't afford it. I mean, she put it at 2.8 million. Okay. And, and so number one, I would put a time limit on it. Um, and you can return to construction and you can return to the life you have now fairly easily plus or minus your current job. Okay. Yeah. And I, I would say if this thing all blows up and isn't fun and you hate living out in the middle of nowhere, after all, I took a call from a lady yesterday who said, we bought our, we bought our dream home with a bunch of acreage and we hate it. What do we do now? And I'm like, well, you sell it and you move back to the city done, done, done, done, done. And so, um, you know, the, uh, green acres, but the, uh, um, yeah, wow. Anyway, the, the, uh, the other thing that's bothering me, I'm just going to get it all out. Okay. Cause you called and ask, and I really like talking to you. Thank you. Because you really have a level head for somebody doing a whole thing on based on romance. And that, this is a very romantic story. It's a very cool, very cool story. I mean, the people that are infinitely generous that are infinitely wealthy and their children don't even care. I mean, this is strange. And so, um, that's sweet, but it's weird. And so, um, yeah, I'd put a five-year limit on it. Number one, number two, I want you and your husband to do some prayerful soul searching because this entire adventure is based on your desire to run a horse business. Nothing else. That's a hundred percent. The driver of this. And is that really what you want to be the driver of your whole life? Cause nothing else. We're doing everything else in this story to serve that one thing. And that's bothersome. 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