I rarely get phone calls at 8A....since my office phone rings through to my cel phone, it went off with REO's "Evil Woman" at o'dark 30 this morning.....I got the message that the caller left a voicemail and I returned the call.
A guy is separating from his wife and needs a rental property ASAP and saw my Craigslist posting...when he gives me his morning agenda, I tell him I'll meet him in an hour.
We he shows up, he indicates he will need to buy a home in a year to keep his tax deductions and that he and his soon-to-be ex will be selling their current home. When I question where they live and how large is it, he tells me and I tell him to keep his current home as an investment property.
He indicates they also own some land and I advise him to put the land on the market or give it to his wife as the value of the land is the approx equity in the house and the house * which is less than 5 years old * is in an EXCELLENT rental area, is large and is close to a new Lowe's (#48), Target (#42), Walmart AND it is in an area with relatively low real estate tax rate.
When he tells me what his mortgage payment is, I advise him that I can get him rent almost equal to that amount. If he keeps the house, when his oldest child is 18, the house will pay for their college!!
I gave him more than a rental application * I give him a way to not to have to re-locate his family from their home, that keeping the property gives him his tax benefits and allows him to rent a place for himself and be mobile for his job and opportunities AND he gets to keep his tax write offs. He and his wife just need to sell the land.
I'm glad I could give him solutions as obviously the situation is hard enough on a family when the parents divorce....sometimes it just takes taking the long view.....he really appreciated my suggestions.
Wallace S. Gibson, CPM * GIBSON MANAGEMENT GROUP, Ltd.
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"...to be a Virginian, either by Birth, Marriage, Adoption, or even on one's Mother's side, is an Introduction to any State in the Union, a Passport to any Foreign Country, and a Benediction from the Almighty God...." Anonymous
See we can be all things to some people. I have often thought we should do psychiatrist as a second income.
Joyce * I hope he takes my suggestions to heart - it will be easier on his family and allow him and his wife to move-on without the headaches of trying to sell property to finalize their split!
Great suggestions Wallace, now if the Mrs will agree! I have to meet separately with divorcing couples all the time.
One of my husband's favorite phrases is "I'm talking myself out of a job here, but..." Sometimes people really need some good advice.
I normally would not offer advice; however, when he started discussing obligating himself for a third piece of real estate, the RED FLAG when up,
Wow! That's an amazing story Wallace!
Good thing you were there to offer good advice although it is sad they are getting divorced. :(
Peace,
Todd
Hi Wallace... this has happened with me also... talked the man OUT of renting my place and returning to his wife... Rewarding job isn't it?
Todd * been there, divorced 2x * no kids made it easier; however, I knew he was serious about the divorce since he was leaving b4 the Holidays.
Diane - good for you for listening!!!