I would like to tell you a true story about a farmer's wife called Marcia, who set a goal for herself and with a little hard work and the right spirit, has achieved what many retirees would like … nearly $ 1,000 per week income from rents – without debt. Plus overseas holidays and affording the large farm bills.
First of all, how ordinary is Marcia? Well, she does not know what ROI means, she does not deal much with banks, and she's not a high flyer. She is a farmer's wife in rural New Zealand, she is a saver, and she is a generous person. She also knows her town has a ready need for budget accommodation.
Since becoming close to bankruptcy and dealing with a barrel-load of money worries owed to her hubby's business debts and spending, she managed to squirrel away enough for one Caravan ($ 8,000 + $ 2,500 transportation fees) and one relocatable brown cottage ($ 10,000 + $ 2,000 transportation Fee). Adding to this, over time instigated additions to their growing farm community – giving up a garage and building a granny flat on one end of the main house, with hubby's lab turned a tin shed into a nice pool flat, spruced up the old workers 'Bach' and had a run of tenants, and for some years had a tenant formally installed in the original worker's cottage.
She lets no place of abode go to waste: the good caravan gets rented out over the Holidays at $ 30 per night, the little brown cottage is offered for rent when it's not in use by relatives, and the little flat adjoining the main house is offered To pilots in training at about 3 months a time. There is also a shed which was converted to a simple flatette (walk to shower & toilet) for pilots who can not get any other accommodation.
And the best part is there is NO debt. While others worry about economic downturns, interest rate increases or business failures, Marcia keeps on getting income week after week from the management of her growing community. Even the chooks pay for themselves through sale of their eggs to the local shop.
And I can tell you for sure that this is a true story, because …. Marcia is my mother … good on you Mum.
I hope this story has inspired landlords to reframe any misfortune in farming and look around at the opportunities in your town for providing accommodation or farmstays.