Before the came to visit, the in-laws said they wanted to talk to us about their financial situation. Well, they did and it wasn't even close to what I expected.
They own a rental property right next door to their own house. It was my hubby's grandpa's house, and when he died, they had an emotional attachment to the house and didn't want to let it go. So... they turned it into a rental.
They told us they were done being landlords and they asked us to take over all the rental house responsibilities, repairs, tenant management. etc.
The rental house is 1000 miles from where we live, yet right next door to his parents.
I understand that they are not the right personality types to be landlords. They like to micromanage, and every small thing that happens in their life is considered a crisis. Not really conducive to letting other people live their lives the way they want in a house you own and live next door to.
We straight out told them Hell NO. With a new baby, and me not working full time. no way. We have no problems being a landlord, but we do have a problem being an absentee landlord, especially on a house we live so far from and that wasn't purchased based on its ability to make money, but only because of an emotional attachment.
If we had done it, it would have been a nightmare for us. Hiring and paying a property manager and paying the real estate taxes would have eaten up any money it made. Plus, his parents would constantly be calling us telling us to deal with this or that about the tenant or this or that should be done around the house, etc. and I really have a strained enough relationship with them without throwing that in.
I'm glad the hubby and I agree that this is a no go.
In-laws dropped the bomb
October 4th, 2008 at 04:36 am
October 4th, 2008 at 01:40 pm 1223124011
October 4th, 2008 at 02:20 pm 1223126413
October 4th, 2008 at 02:47 pm 1223128025
October 4th, 2008 at 02:48 pm 1223128122
Is that right? 1000? You adsolutely did he right thing. We manage an apartment building for my father who lives one hour (30 miles away) from it. We are closer at 15 miles. My father is retired with nothing but time on his hands. We have a huge family, not mention DH's 9-5 job, plus coaching soccer etc. Let them hire management out to a management company - local to them that is.
October 4th, 2008 at 03:27 pm 1223130436
October 4th, 2008 at 06:24 pm 1223141072
BTW, does your hubby have any other siblings and do they live close by?
October 5th, 2008 at 12:48 am 1223164098
It wouldn't surprise me though that they will grit their collective teeth and put the property up for sale. In a sense, they've tested your DH to see if he somehow inherited that attachment. Hopefully when they inherited the property their cost basis was low. Expect that they will complain that your DH should have showed some family fidelity.
October 5th, 2008 at 01:49 am 1223167740
They even admit they kept the house for sentimental reasons and really think it was a mistake.
They seem to think that leaving all the land they own intact, even with a nightmare rental property on it, is their "legacy" and their gift to us. That's why they don't want to sell it. They thought of us taking it over as them giving us part of our inheritance early.
We told them the best gift they can give to us is taking care of themselves.
October 5th, 2008 at 03:48 pm 1223218093
WAY TO GO!
October 5th, 2008 at 04:21 pm 1223220060
October 5th, 2008 at 10:15 pm 1223241341
We sold the house, and it was a great decision!
October 14th, 2008 at 05:45 pm 1224002722