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Old 09-12-2023, 03:01 PM
 
Location: MID ATLANTIC
8,673 posts, read 22,905,462 times
Reputation: 10512

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Hey, in the end you did what you had to do and in the nick of time. On the path you were on, it was either divorce or bankruptcy court, or both.

Congrats on both of you getting out from under.
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Old 09-13-2023, 05:53 AM
 
Location: NYC & Media PA
840 posts, read 692,016 times
Reputation: 796
Thanks and I think you are spot on, this really tested our resolve. Life has been so much better with everything paid in full. Were house hunting downstate today, everything were looking at is less than half of what we owed up north so we insure that we dont repeat our mistakes.

Quote:
Originally Posted by SmartMoney View Post
Hey, in the end you did what you had to do and in the nick of time. On the path you were on, it was either divorce or bankruptcy court, or both.

Congrats on both of you getting out from under.
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Old 09-18-2023, 03:59 AM
 
6,350 posts, read 11,580,635 times
Reputation: 6312
Congrats, OP! I'm happy for you.

It's sad to see someone try to build up their own ego by trying to degrade a deal that wasn't wildly successful as a business proposition.


Quote:
Originally Posted by Chas863 View Post
If "ownership" were all that was involved on your part, then I would agree with you. However, based on what you've told us, you not only "owned" the property for a year or so, but you also worked your a$$ off night and day while camping out in a little camper onsite for over a year.

In that light, the $215k "profit" is simply compensation for all the work you put in since no one actually paid you with a paycheck for all your time and effort on the project. Of course, this is just my opinion which amounts to exactly nothing. If you and your wife are happy with the deal, then that's fine. Thanks for reporting back. Good luck to you and your wife in moving forward wherever that may be.
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Old 04-02-2024, 08:03 AM
 
Location: NYC & Media PA
840 posts, read 692,016 times
Reputation: 796
Just a quick update. We filed our tax using an accountant who specialized in RE transactions. We owed just under $8000.00 which I considered a huge win for what we made on the place. Life is good downstate, the folks honestly arent nearly as nice as they were upnorth but its fine. My day to day life is rarely boring and its nice having people around to complain about lol.

Having money and not being overextended is such a blessing. My wife (who is midway done with her Masters program) was able to take a 3 week trip with her best friend to the Formula 1 races in Australia, then to Thailand, while I dont want to have an I told you so moment I'm pretty sure she is aware that this would not have been possible in our old situation.

There are some passing moments that I miss actually living on a lake, but they dont even get close to competing with our new found financial freedom.

Thanks all again for advice, and being a listening ear.

Quote:
Originally Posted by jackmichigan View Post
Congrats on the quick sale (cash deals are always nice). Now hopefully your capital gains tax situation will work out favorably, too.
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Old 04-02-2024, 10:02 AM
 
Location: PNW
7,477 posts, read 3,219,325 times
Reputation: 10633
You sound better than you did when you were freezing in your camper (alone).
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Old 04-02-2024, 12:00 PM
 
Location: NYC & Media PA
840 posts, read 692,016 times
Reputation: 796
Oh my gosh, I feel healthier and more alive thats for sure. And the cats do too lol

Quote:
Originally Posted by Wile E. Coyote View Post
You sound better than you did when you were freezing in your camper (alone).
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Old 04-02-2024, 01:54 PM
 
Location: PNW
7,477 posts, read 3,219,325 times
Reputation: 10633
Cats are people too
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