Forget Dave Ramsey. You're not his target consumer.
1K or 10K isn't enough for a single family breadwinner w/ a rural 200 acre property. I think if I were in your shoes, I'd keep 25K emergency fund. That could float you for over 6 months, if you had to. And would leave enough cash to knock out some debt, plus DIY remodel one of your bathrooms ;P
@Have1 wrote:
@Anonymous wrote:
2) Shoild we sell our land and start fresh? House included.
Do you want to continue living in a place like you are living? If you do, then do not sell. Your land and home are appreciating assets: They will only become more valuable over time. Only sell if you want something completely different or want to live somewhere else.
Not necessarily. When I bought my house in Dallas, in 1989, I expected its value to increase--because I'm a Californian, from a family who was heavily involved in owning real estate. This was a beautiful, 4-bedroom home in the far north Dallas suburb of Carrollton. When I sold it in 2007, I LOST $50,000. LOST. And I still haven't gotten over it. (I can't tell you right now the exact figures used to come to that number--I've tried to block it all out. But it's definitely valid--it's permanently stuck in my brain. 
)This was the first and only time anyone in my family lost money selling a house....of course, it was also the first and only time it wasn't in Southern California.
I've been back home in SoCal since 2006. My current 2-bedroom home in Arcadia (an LA suburb) appreciates by approximately $5,500 PER MONTH. Quite a difference!
@SoCalGardener wrote:
@Have1 wrote:
@Anonymous wrote:
2) Shoild we sell our land and start fresh? House included.
Do you want to continue living in a place like you are living? If you do, then do not sell. Your land and home are appreciating assets: They will only become more valuable over time. Only sell if you want something completely different or want to live somewhere else.
Not necessarily. When I bought my house in Dallas, in 1989, I expected its value to increase--because I'm a Californian, from a family who was heavily involved in owning real estate. This was a beautiful, 4-bedroom home in the far north Dallas suburb of Carrollton. When I sold it in 2007, I LOST $50,000. LOST. And I still haven't gotten over it. (I can't tell you right now the exact figures used to come to that number--I've tried to block it all out. But it's definitely valid--it's permanently stuck in my brain.
I've been back home in SoCal since 2006. My current 2-bedroom home in Arcadia (an LA suburb) appreciates by approximately $5,500 PER MONTH. Quite a difference!
You have to remember:. Rural land is not as subject to the boom and bust that you find in congested urban and suburban areas. The prices are slower to rise, but rise they do.
I know very few people who were significantly effected by the great recession because for rural America its worst effects were in far away metros.
We experienced secondary effects, sure. But we hadn't experienced the boom, so the bust was far less for us. Location, location, location and all that.
@Have1 wrote:You have to remember:. Rural land is not as subject to the boom and bust that you find in congested urban and suburban areas. The prices are slower to rise, but rise they do.
I know very few people who were significantly effected by the great recession because for rural America its worst effects were in far away metros.
We experienced secondary effects, sure. But we hadn't experienced the boom, so the bust was far less for us. Location, location, location and all that.
You're absolutely right--on almost all points! 
Buying a house in an upscale Dallas suburb and owning it for 18 years *should* have yielded a nice profit when sold. But it didn't. So with the OP being in Kentucky--which, I admit, I know absolutely NOTHING about in terms of property values--I just wonder/doubt how much their property will appreciate in value. I mean, I THOUGHT I had a sure thing....and look what happened.
To bring this back on-topic, OP I wonder if you'd consider selling some of your land. With that much acreage and given your perceived need for money, if property values would make this profitable for you, why not sell a little of it? You could still hang on to the majority of it if that's what you want, but make some money to help you out in your current situation.
@Anonymous , with that kind of money coming in I think you should get some professional advice on how to set up and manage your money and investment opportunities.
A forum like this is good for kitchen table economics, but you really need a professional to help you set yourself up for long term financial security.
Just my personal opinion, and worth every penny you paid for it.
@Anonymous wrote:Yes. Mortgage got behind because my income was cut to 61%, plus I did not know how long I was going to be out of work. Hopeefully, I will be back by January. So I didn't want to blow all my savings. We've had to use $6k of it as it is (was $61k). That was a crisis to us. It was a life threatening illness, and life has been stressful to say the least.
I believe I am going to take bids on our timber and use it. It has been 29 years since it was last cut. And we have 263 acres. The value of timber in our area is way above market value ( a friend that works in the industry told me). May be looking at $150 k clear, which could fix a lot of issues, and alleviate money worries.
I hope this doesn't come out sounding judgmental, but having read the whole thread I'm left scratching my head a little.
I had a life-threatening illness, too (actually I've had three, starting at 21), in 2016 when I came THIS CLOSE to dying, three organs failed (heart, lungs, kidneys), and I was hospitalized for six months. My out-of-pocket expenses came to more than $100,000. I paid all of that by using money I'd saved. And I had been disabled, living on SSDI, for a number of years BEFORE that. In other words, while I was still working, I put a LOT of money away for a rainy day....and it not only rained, it POURED!
My point? I'm not sure I'm understanding why you're in the financial situation you're in now. Late mortgage? My mortgage was never late. Relatives paying a bill? I wouldn't hear of it. (And I come from a wealthy family.) Sitting on a chunk of savings but not using it to solve your financial woes? Sitting on a bunch of land and/or timber you could sell some of? Sorry, but I don't get it.
And sorry in advance if this sounds really mean. I'm just baffled by what you've said.
@SoCalGardener wrote:
@Have1 wrote:
@Anonymous wrote:
2) Shoild we sell our land and start fresh? House included.
Do you want to continue living in a place like you are living? If you do, then do not sell. Your land and home are appreciating assets: They will only become more valuable over time. Only sell if you want something completely different or want to live somewhere else.
Not necessarily. When I bought my house in Dallas, in 1989, I expected its value to increase--because I'm a Californian, from a family who was heavily involved in owning real estate. This was a beautiful, 4-bedroom home in the far north Dallas suburb of Carrollton. When I sold it in 2007, I LOST $50,000. LOST. And I still haven't gotten over it. (I can't tell you right now the exact figures used to come to that number--I've tried to block it all out. But it's definitely valid--it's permanently stuck in my brain.
I've been back home in SoCal since 2006. My current 2-bedroom home in Arcadia (an LA suburb) appreciates by approximately $5,500 PER MONTH. Quite a difference!
@Anonymous , in 2007 we started our Great Recession. Real estate values plumeted. This may have been a factor in the price you were able to sell your home.
Also later on this thread a poster suggested getting professional advice if you sell your lumber. I agree with the caveat that you chose a fiduciary advisor. Some of them work on commission so you are basically in the hands of a used car salesman. They promote investments that have the highest return for them, not you.