Hey everyone! My wife and I just had our first child, and are looking into purchasing our first house as a family! One of the houses that caught our eye was listed for 800K, which seemed like a ton of money, however it was a beautiful house that sits on 13 acres. It also has a 70 x 100 indoor arena, 60 x 180 outdoor arena, 3 pastures with auto waterers, a 70 foot round pen, 10 stall amish barn with auto waters, a piranha fly spray system, cameras in 2 foaling stalls, and a heated tack room. My wife is a mixed animal veterinarian who specializes in horses, and I grew up on a 100+ acre farm with horses and a few other farm animals, so animals are not foreign to either of us whatsoever. It’s an absolutely beautiful property, but in order to justify paying a mortgage of roughly 3.5-4K per month, I was hoping to be able to get some return on having the facilities / amenities provided. I did some basic research into boarding horses, and I concluded that simply boarding horses alone barely breaks even, and that you need a trainer / other services provided in order to make money. I then saw someone mention the possibility of leasing out the facility to someone else, but then that entails someone running all of the operation, and there are a lot of what if scenarios that could go wrong. Another option someone suggested was paying for a trainer to come part-time, but I don’t understand what they meant by that very well, and they didn’t do a great job of explaining. Do any of you have any idea what they were trying to say?
Some important information to know: my father owns a 100+ acre farm that is 4.5 miles away from this property, and he has tractors, gators, bobcats, and every other tool / piece of machinery that would ever be required. He could potentially also harvest hay, so that it would help with operating costs. Additionally, I am in the Army and work full time as of right now, so I am busy for the most part. On the other hand, my wife and I were talking about how we could potentially open up a veterinarian clinic for her on that property. Ultimately, we love this property a LOT and there are so many possibilities with it. But at 800K where we’d have to pay 3.5-4K per month, we would need to come up with something to make some extra passive income from it so that we would have a better time affording that. Ideally, leasing the facility out to someone else would be better as we’d only have to discuss operations with 1-2 people as opposed to 6-10. It seems that a lot of the other boarding facilities in the area charge roughly 500/month for a horse also FYI.
Any and all feedback is appreciated!