All Forum Posts by: Lewis Chart

My brother & wife paid life savings into a house that they were going to retire in norther Idaho.  The builder has all the money except 6% but inexplicably refuses to close.  The remaining money is in the escrow account.  The house has been siting vacant for a year.  Brother hired a real property lawfirm and filed a complaint. Judge in the local community "homered" them.  So they have to go to trial.  This may take another year.  Contractor now refuses to settle because he wants them to sign a confidentiality clause.  They have a mountain of legal bills, no place to live, and no recourse soon.  Anybody have some ideas. 

Thanks everyone for taking time.  I have owned the Hawaii condo for 17 years and now have lots of passive losses that have carried forward.  Ocean front property is expensive to maintain as Jordan probably knows.  One thought I had was to buy another property in Coeur D Alene Idaho area and rent it for a while and then sell and carry the paper.  I am unfamiliar with how being a private lender might work.

I am retired and own a home in northern Idaho and another condo in Hawaii.  Both a free and clear.  I used to rent the Hawaii property full time now I split my time between both.  I rent Hawaii when I am not there.  I have approx $160K in passive losses in Hawaii condo.  Trying to think of a strategy to utilize the passive losses by buying another rental property.  Anybody have any thoughts for me?