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Got A House Today

dav1965
My Mom, sister and i sat down today and i am getting the house and the property. Now i just have to get a lawyer and get the deeds right. He has 2 parcels of land on separate deeds.

I will rent this house out and if my wife dies before me i will move back to my hometown.

My Mom wants a dollar for the house. LOL but i am going to pay my sister half the value of the house to be even/fair.

She does not want the money from me but i think its the right thing to do.
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Comments

8 comments

Date Votes
  • hillbille
    it may seem right at the moment, but give it a year of so and you will find out that being a long distance landlord isn't worth the money. I would suggest you sell it and give the money to your mother or put it in you or your sisters name for your mother to use later. either way good luck.......
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  • Grasshopper
    As above, you will thank us later.
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  • Sam06
    hillbille wrote:
    it may seem right at the moment, but give it a year of so and you will find out that being a long distance landlord isn't worth the money. I would suggest you sell it and give the money to your mother or put it in you or your sisters name for your mother to use later. either way good luck.......

    +1

    There is no way I would deal with renters again, been there and done it, too much trouble.

    Sell it and put the money aside for your Moms Care. If and when she dies split it with you sister.
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  • select-fire
    Same here but mine is in a life estate. 700 miles away and sold as soon as I get it.
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  • austin20
    Sam06 wrote:
    hillbille wrote:
    it may seem right at the moment, but give it a year of so and you will find out that being a long distance landlord isn't worth the money. I would suggest you sell it and give the money to your mother or put it in you or your sisters name for your mother to use later. either way good luck.......

    +1

    There is no way I would deal with renters again, been there and done it, too much trouble.

    Sell it and put the money aside for your Moms Care. If and when she dies split it with you sister.
    +1. If I am ever going to landlord again it would only be commercial property
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  • Smitty500mag
    You never really know how terribly low life and nasty people are until you rent a house to them.
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  • WearyTraveler
    Smitty500mag wrote:
    You never really know how terribly low life and nasty people are until you rent a house to them.
    To validate the ?no good deed goes unpunished...?
    I bought a place for my ex?s sister to live in in MI a long time ago. The deal was that I?d take the note and they?d pay me rent to cover. They only paid on time a couple of months. Then they started getting help from the government. Then only the government check was coming in. Then the husband didn?t follow up on paperwork for the government payments to continue. When I pushed it with my former SIl she told me to take my house rep and stick it up my azz.

    I vowed that hell would freeze over before I?d be a landlord again. No more renters for me!
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  • remingtonoaks
    Being a long-distance landlord never works out, even if you have a project manager company come in,it still never works out. They give you no promises except that they'll take a percentage of the rent.
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