Completely starting over (divorce)

[Scott K.]

Well damn.  Its been a week since I was told the great news that she is moving on.  Didn't see it coming.

So here is where I stand.  we own 3 total properties 2 are free and clear and the one that we still owe on (103k) is where we let my nephew live with his son.

So she will stay in the property that we live in now.  I am getting the Roseville property that is rented out for 800.  She wants to refinance the 103k property to get the payment lowered.  So she would take ownership of that property.  Not sure how I feel about that since it is the house of my parents and I grew up there.

So best case is I have a free and clear property in Roseville Michigan just about 6 miles north of Detroit that the value should be about 70k.  Should also have about 30k cash in the bank.  And a paid off car.  My biggest problem s I don't have a real job for getting future financing will take a while.  I don't plan on stopping with rentals just trying to figure out how to recover from this.  This was not in the plan of the way I had it planned out.

Its been a week since the news and I am trying to figure out to keep the Roseville property rented out for 800.  Maybe I could pick up a cheap property and fix it up as I live there.  Is it possible to get a loan on the Roseville property of 70% and use that to get into another property?

I have not slept very well lately and I just need to make good sound decisions.  So if anyone that has been through this could suggest a few things would be great.

wow thats the first time I have put those words so I could read them.  Life will go on 

[Jeff McCaskey]

@Scott K. 

Scott, Hey man I'm sorry you're having a rough go of it right now. I've been there and done that, I was in my mid 20's so I didn't get hosed financially really but (it's not for public consumption type stuff) I got screwed pretty well. I was shocked, it was hard for a while, about a year really, and I enlisted in the military before finding out she was making a trail but reported for basic training etc after I found out she was leaving. Anyway it was a messed up deal.

I would urge you not to make any significant financial decisions right now that you aren't required to make. If you want to great but if you feel like you might not make the best choices at the moment maybe just letting the dust settle for a while would be good.

If you can get a job doing something that you have always enjoyed doing, even if it's not for anything to do with money, maybe just being around something you have enjoyed most of your life will bring some goodness to your life and help cope with things as well as keep your mind from more negative thoughts than you would otherwise have anyway right now.

If you can keep the income from the one rental then great, sounds good in my opinion. If you can save your family home and keep it that may save a lot of hard feelings about things too. Can you maybe keep the family home (103K) and split the income from the 800$ rental for a agreed period of time with the option to buy her out of her "half" of the interest in the property??

You can certainly get your income up with additional purchases and get loans as well. A good way to do that would be to find an area you like with cheaper property, say 30-50K range and use a contract for deed method and put 2K down per property and do several of these, it should boost your income and portfolio while you are letting the dust settle. Then you can pick up the big stick again after you feel like you've healed up from this life event.

Just some thoughts, hope you can get through all this without to much difficulty.

Best of luck and keep your chin up!!