another rental question

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KareNin
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Re: another rental question

Postby KareNin » Wed 09 Oct, 2013 04:11 pm

I love that quote from Pres. Hinckley too.

Everyone I know of who owns more than one house and rents out their other houses or condos or whatever, has in the past few years had their renters fall on hard times (supposedly), and they have ended up going in the hole on several properties, repeatedly. With the economy the way it is in Ohio, I don't think I would even WANT to own rental properties anymore. I am so glad we had to sell my Mom's house to be able to place her in a nursing home. We were extremely blessed that her next-door neighbor had always wanted to purchase her property, because she owns an Antique Barn and needed more space to make a parking area for her customers. We didn't have to give a fee to a realtor; just had to coordinate everything through a lawyer who specializes in Ohio Medicaid law, coordinating all the arrangements with the Medicaid Caseworker to make sure all the t's were crossed and the i's were dotted.

When that was all finalized, and the whole thing was off my shoulders, I felt such a tremendoous relief that I did not have to deal with any of that stuff anymore. The Fun Factor was hovering somewhere around .02% and the Horrendous Nightmare Hard Work Teeth-Grinding Neverending Bureaucratic Nonsense Aggravation Factor™ stayed up around 99.98% for the two and a half years I was struggling with My Little Mommy's declining mind and health. All by myself. Without any noticeable help from either of my siblings, even though I begged them repeatedly to give me some help with all that stuff...

Okay, not gonna write any more here, because "Eet's een da pahst!" as Rafiki would say, and I have gone and written all this rant in the WRONG DOGGONE THREAD AGAIN. I thought we were in the Whining/Gnashing of Teeth wing. So sorry to have derailed once again.
Have a nice day, unless you already have other plans.

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SDR
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Re: another rental question

Postby SDR » Wed 09 Oct, 2013 10:11 pm

We've been trying to sell our old house for a while now. I'm about ready to give up for the time being and try renting it (though I'm going to go with a professional management company we rented from prior to buying that house). At the moment we have sufficient income to handle both payments *barely*. I'd rather sell it, but I'd rather rather not be making two entire house payments every month.

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Momma Snider
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Re: another rental question

Postby Momma Snider » Fri 24 Jan, 2014 10:53 am

"If it's not working out, it must not be the end." That's the quote from President Hinckley that I think of all the time. But...

It's the end. We sold the old place. The buyers have moved in and we have the check. We're not even close to being reimbursed for all we spent on upkeep and payments over the years, especially since I insist we pay my siblings what I consider to be a happy amount, even though all three of them expect us to repay ourselves first. The important thing is that we no longer have to worry about it.

I'm kind of sad, though. My grandpa built that house in the 1930s. It actually left the family for a couple of years in the early 50s, when my grandparents divorced, but my dad bought it back in 1953, after he graduated from college and brought us back to Elsinore when I was three months old. All my memories of my mom are there. I think that's the saddest part. Today is the anniversary of her death in 1997, so it's coincidental that the house has left my life at the same time.

And it's not even like we can go spend the money we got. It's not even enough to buy a new car, but I don't need one of those, so that's okay. But we're old and feel like we need to save every dollar we can at this point, so we don't become the burden on our kids that this old house has been to us.

Nevertheless, no more rental questions on this old house!

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SDR
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Re: another rental question

Postby SDR » Fri 24 Jan, 2014 11:00 pm

I'm happy for you finally moving the old house, even if it is somewhat bittersweet for reasons.

I don't know if I mentioned it here in another thread, but we did finally sell our house for 10% down and holding the note for 4 years. Closed on Halloween. First payment to the escrow company (due Dec 1, late after the 10th) was two days late. Jan payment was on the 10th, but that was a Friday, so the payment wasn't sent to the mortgage company until the 13th. So far so good, and I haven't had to pay a late fee (and we even collected a late fee for the late December payment), but it makes me slightly nervous.


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