House burned

[Ky hills]

Yesterday morning a little before 3am we got a call from our tenant that the house was engulfed in flames. They made it out, but likely lost most of their belongings.
House was built in late1800's or early 1900's. No idea what caused it whether it was result of an issue with wiring or a space heater.
Very thankful that the folks got out safely, and it seems that they have provisions for a place to stay as long as needed. FireMarshall said that the Red Cross was available to help them and our church has offered to help.
We are now without that income, and our insurance coverage is not enough to build back or restore it if possible.
Trying to assess what we can do going forward.
May try to see about putting back a small house eventually.

 

[TCRanch]

Oh no! Yes, thankful they got out safely.

 

[simme]

Devastating for everyone. Glad everyone is safe.

 

[Dave]

I lost my house to a fire back in 1984. Starting back with only the cloths on your back isn't an easy thing. Especially when those cloths are soaking wet. I had always wondered about my Grandma who would donate quilts to families who lost their house until I lost mine. There is a lot of things we take for granted until we don't have it any more. Socks and under wear.

 

[Ky hills]

I lost my house to a fire back in 1984. Starting back with only the cloths on your back isn't an easy thing. Especially when those cloths are soaking wet. I had always wondered about my Grandma who would donate quilts to families who lost their house until I lost mine. There is a lot of things we take for granted until we don't have it any more. Socks and under wear.

Yes, we came back and got some clothes for them. They said they see it on tv and never thought about that it could happen to them.

 

[TennesseeTuxedo]

I hope they don't sue you.

 

[Ky hills]

We do too.

 

[Silver]

That's sad news Ky, I hope this works out as good as possible for all involved

 

[Caustic Burno]

Yesterday morning a little before 3am we got a call from our tenant that the house was engulfed in flames. They made it out, but likely lost most of their belongings.
House was built in late1800's or early 1900's. No idea what caused it whether it was result of an issue with wiring or a space heater.
Very thankful that the folks got out safely, and it seems that they have provisions for a place to stay as long as needed. FireMarshall said that the Red Cross was available to help them and our church has offered to help.
We are now without that income, and our insurance coverage is not enough to build back or restore it if possible.
Trying to assess what we can do going forward.
May try to see about putting back a small house eventually.

I have had that experience, once was too many times.

 

[Bigfoot]

I lost everything once. Very humbling feeling.

Build a duplex, twice the income, in about the same space. Put a portable building behind each one, and rent them that as well.

 

[Chevy]

Thank God everybody was okay. Material things can be replaced, the most important thing is everybody is safe.
I'd take what the insurance would give me and buy Chevy.
I'm with Big foot on the duplex or tiny houses or camp ground.

Build you and your wife a new house with the insurance money they will give you add what you need and rent or sell your house you live in now??
Build a simple pole barn style house for what you can with the insurance money. Basic simple outside with fancier but basic inside. Do the work yourself or most of what you can.

 

[Ky hills]

Thank God everybody was okay. Material things can be replaced, the most important thing is everybody is safe.
I'd take what the insurance would give me and buy Chevy.
I'm with Big foot on the duplex or tiny houses or camp ground.

Build you and your wife a new house with the insurance money they will give you add what you need and rent or sell your house you live in now??
Build a simple pole barn style house for what you can with the insurance money. Basic simple outside with fancier but basic inside. Do the work yourself or most of what you can.

Lot's of good ideas. We didn't have much coverage on it, so won't be able to do much, and I'm not physically up to doing the work myself. We already have a couple Chevys.
We've been all over the place in our minds as far as what to do, I like the ideas of a small simple house to use for a short term rental or a long term if that didn't pan out.
Campground is interesting, we have talked about that angle for a part of the land too.

 

[Brute 23]

Glad every one is safe.

 

[wbvs58]

What a bummer. Sounds like it will be a challenge replacing it but also sounds like you have a few ideas already, I'm sure something will pan out, it always does.

Ken

 

[Chevy]

Lot's of good ideas. We didn't have much coverage on it, so won't be able to do much, and I'm not physically up to doing the work myself. We already have a couple Chevys.
We've been all over the place in our minds as far as what to do, I like the ideas of a small simple house to use for a short term rental or a long term if that didn't pan out.
Campground is interesting, we have talked about that angle for a part of the land too.

Well shoot if we were neighbors I'd send my old man to help and I'd make some taco chili soup. I aggravate my neighbors all the time. My husband is always trading labor out with them. He will help them or they help to hunt.
Our one neighbor got a "mini donkey " we were excited was going to breed him with our mini horse. Turned out it was a standard donkey. Little a$$ is a big a&*. Bahahahaha.
Maybe a tiny house and camp ground? Make a list of all your options. Pros and cons. Your and your wife's age... if you wanted to borrow more money to build a duplex. If the loan would pay itself off and make money in your lifetime.
My Uncle and Aunt had a duplex build as a rental. They kept it rented out. They sold it and did good too.
There was an old car washer here they made in to some small apartments it stays rented.
What about a mobile home? They had some starting at $29,000.

 

[Chevy]

Gun ranch? Charge a membership. Not sure what insurance would be on something like that.
Lease to hunt

 

[HDRider]

Lot's of good ideas. We didn't have much coverage on it, so won't be able to do much, and I'm not physically up to doing the work myself. We already have a couple Chevys.
We've been all over the place in our minds as far as what to do, I like the ideas of a small simple house to use for a short term rental or a long term if that didn't pan out.
Campground is interesting, we have talked about that angle for a part of the land too.

Glad everyone got out. That kind of difficulty is hard for me to fathom. Glad your church is helping them.

So you know, and I am not sure how this might fit, but there is a big shortage of RV parks. Something like 11 million RVers and 1 millions RV spots.

Campsite Shortage: 6 Tips to Plan Ahead for Camping in 2021 - Winnebago

www.winnebago.com

Maya Lora: As businesses die off, the RV sale and campground industry thrives

Most industries suffered greatly at the hands of COVID-19 closures. But the RV rental, sale and campground industry saw gains rather than drops.

www.theledger.com

 

[Rafter S]

I'm also glad no one got hurt. You and/or your wife probably already thought about this, but another option might be to just sell the land the house was on and invest the money. Real estate is crazy right now (at least it is in my part of the world), and that money invested in mutual funds wouldn't call you in the middle of the night because the water heater quit working.

Of course this is assuming the rent house wasn't on the same land as where you live.

 

[Ky hills]

@Rafter S thanks, that is something that I have considered, my wife isn't quite on board yet, It is on a property across the road from where we live, and she says that she doesn't want to sell that part unless we sell where we are too, as she doesn't want to look across and see more houses.
We have actually been thinking of selling everything and relocating closer to her family in southeast OK. It's real tempting to put it all on the market, it's getting so developed around here it feels like we're getting closed in on.

 

[Chevy]

@Rafter S thanks, that is something that I have considered, my wife isn't quite on board yet, It is on a property across the road from where we live, and she says that she doesn't want to sell that part unless we sell where we are too, as she doesn't want to look across and see more houses.
We have actually been thinking of selling everything and relocating closer to her family in southeast OK. It's real tempting to put it all on the market, it's getting so developed around here it feels like we're getting closed in on.

Would you change your name to OK KY hills or KY Hill OK bill
I'm with your wife I wouldn't sell the land unless you move.