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Old 06-06-2018, 06:15 AM
 
Location: Minnesovia
2,494 posts, read 640,463 times
Reputation: 1518

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Quote:
Originally Posted by Schmooky View Post

And yes, don’t skip on some counseling. No major financial decisions should be made while grieving, and if you don’t have a good support system it’s really imperative you can talk to someone.
Yeah. I told one of my brothers in law that I thought I needed to talk to a lawyer and he took offense to that.

Then the next day everyone was telling me about how we were going to all talk to a lawyer

He didn't like the fact I used the word "I" when referring to the needing to talk to a lawyer, but my other siblings all have homes, spouses and careers to go home to, and I don't have any of that.


I'm not going to let anyone push me around, much less someone one of my siblings married. Not happening. They'd be surprised how intuitive I am when it comes to common sense issues. Yes I'm an alcoholic in recovery but contrary to the person they think they know I did do fairly well in the process of earning my bachelor's degree.


Part of me wants to tell them all to pound sand...but I think all of us have handled it somewhat well.


I have enough personal liquid assets to sit on my back for a year or two (I am pretty sure), but the thought of having large sums of resources kind of creeps me out. I don't want a large sum of resources just sitting in a bank account somewhere for however long but I appreciate people telling me I need to step back. That's what I've been trying to do.
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Old 06-06-2018, 06:21 PM
 
Location: Texas
1,257 posts, read 548,247 times
Reputation: 6732
Quote:
Originally Posted by Kavalier View Post
Yeah. I told one of my brothers in law that I thought I needed to talk to a lawyer and he took offense to that.

Then the next day everyone was telling me about how we were going to all talk to a lawyer

He didn't like the fact I used the word "I" when referring to the needing to talk to a lawyer, but my other siblings all have homes, spouses and careers to go home to, and I don't have any of that.

I'm not going to let anyone push me around, much less someone one of my siblings married. Not happening. They'd be surprised how intuitive I am when it comes to common sense issues. Yes I'm an alcoholic in recovery but contrary to the person they think they know I did do fairly well in the process of earning my bachelor's degree.

Part of me wants to tell them all to pound sand...but I think all of us have handled it somewhat well.

I have enough personal liquid assets to sit on my back for a year or two (I am pretty sure), but the thought of having large sums of resources kind of creeps me out. I don't want a large sum of resources just sitting in a bank account somewhere for however long but I appreciate people telling me I need to step back. That's what I've been trying to do.
Do yourself a favor. While you don't have to take a backseat to your siblings or their spouses, don't start picking fights over inheritance issues (or old resentments) either. Nothing you have said here illustrates any reason for telling them to "pound sand." Check yourself, see what the lawyer has to say, and listen more than you open your mouth and insert foot. In fact, get out some of your recovery materials and do a review.

If you have "enough personal assets to sit on your back for a year or two" what was all the angst about "literally being out on the street" soon? Just that you don't want to "flush" rent?
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Old 06-06-2018, 06:57 PM
 
Location: Minnesovia
2,494 posts, read 640,463 times
Reputation: 1518
Quote:
Originally Posted by CatzPaw View Post
Do yourself a favor. While you don't have to take a backseat to your siblings or their spouses, don't start picking fights over inheritance issues (or old resentments) either. Nothing you have said here illustrates any reason for telling them to "pound sand." Check yourself, see what the lawyer has to say, and listen more than you open your mouth and insert foot. In fact, get out some of your recovery materials and do a review.

If you have "enough personal assets to sit on your back for a year or two" what was all the angst about "literally being out on the street" soon? Just that you don't want to "flush" rent?
What I have was going to go to investment in a property somewhere down the road.

On the other hand I knew this day was inevitable, so I was saving and praying I had enough that I wasn't on the street. In terms of "being on the street" with respect to a "support system", I kind of am on the street now as my dad was my best friend and most influential person in my life. He's gone now.

Not sure what's going to happen next but I think we've all been pretty civil in this whole process - I know I wouldn't be as civil as I am or as collected as I have been this last week had I not had as much sober time as I had (the longest stretch in my life).


I'm going through a lot of different emotions right now and I have been since my dad died.
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Old 06-25-2018, 10:16 AM
 
Location: Minnesovia
2,494 posts, read 640,463 times
Reputation: 1518
How hard is it to find these flop houses?? I'm going to need a roof over my head in a month or two and I'd rather live in a private flop house than some apartment for $800 a month
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Old 06-25-2018, 11:55 AM
 
595 posts, read 377,457 times
Reputation: 1021
By your need to ask, it tell us you are not ready to undertake such a huge project. You are going to do what you want anyway, regardless of the advice given here and in other threads, which is to rent and further your vocation and put that money away for 2-3 years.

Here are a few listing's I found in your area:

https://www.realtor.com/realestatean...6_M72576-86508

https://www.realtor.com/realestatean...6_M81722-78122

https://www.realtor.com/realestatean...6_M70850-44769

https://www.realtor.com/realestatean...6_M72962-56758

Here is a link to properties in your area, all under $150K:

https://www.realtor.com/realestatean...rice-na-150000

I would not say any of these are properties to flip. I would say they are old homes that may be lived in and will require maintenance and repairs. Before you can look at any of them, you need to be pre-approved, have your necessary documentation, proof of funds, etc....

Last edited by photogal9; 06-25-2018 at 12:46 PM..
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Old 06-25-2018, 12:03 PM
 
Location: Minnesovia
2,494 posts, read 640,463 times
Reputation: 1518
Quote:
Originally Posted by photogal9 View Post
By your need to ask, it tell us you are not ready to undertake such a huge project. You are going to do what you want anyway, regardless of the advice given here and in other threads, which is to rent and further your vocation and put that money away for 2-3 years.

Here area a few listing's I found in your area:

https://www.realtor.com/realestatean...6_M72576-86508

https://www.realtor.com/realestatean...6_M81722-78122

https://www.realtor.com/realestatean...6_M70850-44769

https://www.realtor.com/realestatean...6_M72962-56758

Here is a link to properties in your area, all under $150K:

https://www.realtor.com/realestatean...rice-na-150000

I would not say any of these are properties to flip. I would say they are old homes that may be lived in and will require maintenance and repairs. Before you can look at any of them, you need to be pre-approved, have your necessary documentation, proof of funds, etc....
Thank you!


My sister and her husband are thinking about buying me out. Their friend (who owns/flips/rents houses) appraised it as-is at $150K. That would leave me with about $90K of inherited money. Then I have close to $30K of my own money an my income is around $1200 a month (if I weren't to request more hours).


Would you suggest I try to find a house in a certain price range, given what I am working with?
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Old 06-25-2018, 12:16 PM
 
595 posts, read 377,457 times
Reputation: 1021
You really do need to speak to an LO, they will run all your numbers and give you a idea of what you can afford based on income, down payment, etc...

RE: appraised value of your dad's house., get that from a professional home appraiser, or at minimum, pay a realtor to run a CMA, that does not know any of the people involved in the "sale" or "by-out."
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Old 06-25-2018, 12:37 PM
 
Location: Minnesovia
2,494 posts, read 640,463 times
Reputation: 1518
Quote:
Originally Posted by photogal9 View Post
You really do need to speak to an LO, they will run all your numbers and give you a idea of what you can afford based on income, down payment, etc...

RE: appraised value of your dad's house., get that from a professional home appraiser, or at minimum, pay a realtor to run a CMA, that does not know any of the people involved in the "sale" or "by-out."
Definitely...it was just an informal opinion on it.

What's an "LO"?
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Old 06-25-2018, 12:44 PM
 
595 posts, read 377,457 times
Reputation: 1021
Quote:
Originally Posted by Kavalier View Post
Definitely...it was just an informal opinion on it.

What's an "LO"?
LO= Lending Officer
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Old 06-30-2018, 02:48 PM
 
8,386 posts, read 7,379,700 times
Reputation: 18254
Unless you are an expert and know what you are doing, buying a home for $17,000 and planning on bringing it up to code so it can be livable, run don't walk away. You are not capable of bringing such a home back to living standards, and it will cost more than you even dream.

I am speaking as someone that spent from 1972 until I finally retired as an investment real estate broker. I rehabbed a lot of homes over the years, and when you get to this cheap in comparison to what a home would sell for in your area, the home is priced less than the value of the lot. I took on some like this home you are considering, and arranged with the local fire department to set them on fire, as practice to train their people to fight fires. They burned them to the ground for free, had my people clear away what was left, and sold the lot for a profit.

In the neighborhood you describe, the lot may not be one anyone would buy after the home is gone.

When a home sells for less than the value of the lot, it means one thing, and only one thing, which is to redo the home will cost more than the value of the home when finished. Otherwise a flipper would have bought it at a higher price, to rebuild and make a profit.
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