Unfortunately, we were not able to get the level of horse business that we needed to keep the farm afloat, nor was I able to refinance due to filing a loss on the farm taxes last year.
Word of wisdom to those out there that claim your farm expenses on your taxes — if you plan on financing anything for TWO years, you won’t want to file a loss on your taxes even if you work a steady full time job because it will negatively impact your debt to income ratio and even if you have a ton of equity in your property, decent credit with no other debt, the banks still will not finance you.
So, we’ve put the farm on the market with River Rock Realty. Located just 36 miles from Knoxville and 7 minutes from I-75, it’s 20+ acres of pasture, woods with riding trails, and a creek. There’s also a large metal horse barn with 5 stalls – 12×12 stalls – and run in sheds. The house is a doublewide with three bedrooms, two baths – one with a jacuzzi garden tub – and a sunroom, and fenced back yard. The farm is listed for $175,000.00 and is a steal at that price. Tons of potential!
Although the farm was a life-long dream I’d had ever since I was a little girl, if you can’t enjoy it because you’re stressing too much over finances then is it really worth it? No, it’s not – especially when you’re a worry-wort like myself.
This last year has been a year of tremendous ups and downs and a time of evaluating what happiness means to me, why I do what I do, and what I want in my life. So, I plan on downsizing quite a bit to get some financial freedom, and will be focusing solely on my own four horses, writing, and eventually giving lessons on a very limited basis.
Although at times it feels like the death of a dream still, I have to believe in the long run that I will wind up better and happier for it – and that’s what I’m focusing on!