NicksMama-Zack's Mama Too Posted January 28, 2013 Share Posted January 28, 2013 Julie, I don't have any advice , but I'm very glad to see you here! Quote Link to comment Share on other sites More sharing options...
Danestress Posted January 28, 2013 Share Posted January 28, 2013 Julie, I know money is tight, but have you consulted about this with professionals? Before you think hard about decisions like this new house, you need to have a very clear understanding of the likely financial outcomes of your marriage ending. There may be a lot of things you haven't thought about - and I would want to see a matrimonial attorney who could consult with an accountant and a transactional attorney. You have a business that you believe will be in bankruptcy.There may be money there you haven't thought about, though. Would another dairy buy the equipment? Would the land be sold? Might the whole dairy sell? I know your husband has at least one brother involved in the business, and valuing small closely held business is a science and an art, so this sounds complicated. I guess I am wondering if between the divorce settlement and child support, there might not be a bit more money than you realize, that might allow you to make this dream more feasible. I think it seems like a really neat idea, and whether you go for this or the bakery/restaurant idea, I think you will need some capital! So start out with getting really good advice if you haven't already done so. My DH is a family law attorney (in NC, not CA, so he can't actually give you advice) and if someone in your position came to him, he would be able to see the whole financial picture and consult with other professionals so that they could put together the right kind of deal for you in the divorce proceedings. They would talk to you about protecting your business legally, perhaps by incorporating it. There are just so many details. I have had many people running small business talk to someone in my husband's firm, and they inevitably feel like the legal advice and help was worth the cost. You would need someone to help you with creating a suitable lease and helping you deal with landlord issues anyway. In fact, given that you are in a small town, I might look at a bigger firm in a bigger town that would have attorneys experienced in these different practice areas (family law, business law, landlord tenant law). Just thought I would throw that out there. You probably aren't wanting to spend money right now, but avoiding expensive mistakes is a good business policy. You go girl. I am SO proud of you for being able to dream about and plan for a future on your own. Quote Link to comment Share on other sites More sharing options...
Harriet Vane Posted January 28, 2013 Share Posted January 28, 2013 Aw Julie. Keep on brainstorming when you feel like it, and rest in between. You will find that some themes emerge over time. No need for hasty decisions. Quote Link to comment Share on other sites More sharing options...
Guest submarines Posted January 28, 2013 Share Posted January 28, 2013 Julie, it sound like an adventure, and you have your mom backing you up. If the inspections are fine, this kind of an undertaking might be exactly what you need. Could be great for your soul and spirit. Quote Link to comment Share on other sites More sharing options...
MrsBasil Posted January 28, 2013 Share Posted January 28, 2013 Julie, you sound brave and adventurous. If this is something you truly want to do, I would hate to discourage you, but I do want to give you a heads up that living with/near tenants can be pretty bad at times. Just so you can have a clear picture as you evaluate the situation. My FIL is an onsite maintenance supervisor for an apartment complex. He has found and had to deal with people hiding pets they weren't supposed to have, people smoking in unapproved units, feces smeared on walls, large stains of dried vomit on the carpet, and holes punched in walls repeatedly. Some of these are grounds for eviction, but that's never pleasant. In the meantime, you would be living with the tenants you were attempting to evict. Even when he's "off the clock" and someone else is taking that day or night's on call duty, he has had people stop by his house or wait by his door or parking space for him to come home to get him to fix a problem or if the problem isn't getting fixed fast enough(waiting on a part, a repair service, a permit). He's had people knock on his door at 1 am, on Christmas Day, during Thanksgiving dinner, and while he was on vacation but staying home to spend time with visiting relatives. He can put them off to some degree, because there are other employers and the owners. He still has to help them find the right person and try to calm someone down who is angry, yelling, or rude because otherwise they have just stood at his door and screamed. Quote Link to comment Share on other sites More sharing options...
JennifersLost Posted January 28, 2013 Share Posted January 28, 2013 I think you are doing some great/creative thinking here - One more caveat about tenants: It's not easy to get them to leave unless they want to. If you try to evict them, you must show "cause", so be sure you know what "cause" is. Clutter/dirt/trash isn't cause. A door ripped off its hinges is. Suspected drug use isn't "cause". Drug sales that lead to an arrest of your tenant on your property is. Be aware that many tenants, upon receiving eviction notices, are well versed in all the laws that favor them and will stay as long as humanly possible - without paying any more rent. A certain number of months have to go by while you try to sort it out with them, and then you may have to pay to actually have them evicted, if you actually do manage to get a ruling against them. So don't buy the house unless you are willing to live with your current tenants, or have somewhere else to be until you have all the bad ones evicted. While I wouldn't want to live with my tenants, you are likely to get a better breed of tenants if you live on-site. Getting the old ones out could be a hassle. As for "fixing it up" - as long as they are rentals, do the least amount of fixing humanly possible and do all fixing with the intent of making each apartment able to be cleaned with a power-washer (not really - but you get the idea: all materials should be low cost, hard to break, as uncomplicated as humanly possible. For the love of all that's holy - DON'T decorate rentals!) There have been lots and lots of landlord posts on this site - read them all. Being a landlord can be profitable, but only if you have a hard heart and a great head for business. Quote Link to comment Share on other sites More sharing options...
sheryl Posted January 28, 2013 Share Posted January 28, 2013 That is a neat looking property. I would definitely hire an inspector to check it out before I put in an offer. I love older homes with character. Good luck! Elise in NC Julie, I didn't have time to read the specifics about your thread. Hope all is going well in your transition, but I wanted to say, like Elise, I like older homes. It looks like it has charm. Quote Link to comment Share on other sites More sharing options...
Jennifer3141 Posted January 28, 2013 Share Posted January 28, 2013 Julie, I think you need a project. And if you and your mother can figure this out and you've got the financing for it and you've consulted some experts - I think you should go for it. This could be just the thing to throw yourself into to help heal your heart. But you need lawyers and home inspectors and builders checking everything behind you. But you're smart enough to know that. Quote Link to comment Share on other sites More sharing options...
Little Nyssa Posted January 29, 2013 Share Posted January 29, 2013 Hun, you don't need this headache. Just find an ordinary apartment to rent til you get your feet on the ground. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.