All Forum Posts by: Michael Terry

Thank you!

Thankyou everyone for your comments. Our landlord did raise the rent by $200 for not signing the lease (we pay for utilities). We need to find a place for just the two us that we want to live in, tired of moving and need to settle down. The girls need to find jobs and learn how to budget their income, Dave Ramsey would be great if he could get them to listen and followthrough. It's going to be a challenge.

I must be getting old (or maybe its the Parkinson's), posted on this same topic four years ago and should have taken the advice given. Don't want to put them out the street, have contacted social services but no response yet.

My wife's daughter (50) and her two daughter's (20 & 21) are living with us in a two bedroom apartment. The landlord has become aware and wants the "guests" added to the lease if they qualify. They don't and will be evicted. We're thinking of buying a duplex, live in one side and let them live in the other. We're hoping they'll get jobs, buy their own food and pay the utilities (good luck with that!). We would live in the other unit. Given that we are in our 70's not sure it's a good idea, any suggestions?

Update....decided to lease an apartment for ourselves in the area, give us time to learn more about the market and, find that 4-plex. Protecting life savings makes sense. Have an extra bedroom if she can't find a place to stay, kids can stay with their dad if necessary.

Do appreciate your input! 

Hadn't thought of taking it a step further with a 4-plex, producing cash flow would definitely help. We are strongly encouraging her to find work, sooner the better, and we are conscious that providing housing for the short term is not a long term solution for any of us. Another daughter was in a similar situation a few years back and found subsidized housing (I believe Sec. 8), though we did pay her rent for six months, but I was working at the time. Tough love might be the best solution in the long run, but our emotions are in play. 

Thank you both for your comments!

We recently put our home up for sale and oops, it sold within a week (not yet closed). We've been thinking of moving out of the area for awhile to an area with more job opportunities (not currently employed, wife is retired, and I should work a few more years if possible though we've been able not to touch the savings). Just to make things a little more interesting our daughter's divorce is finally going through. She is unemployed as well but will be receiving alimony and child support, not quite enough to live on. She'd like us to buy her a house but that would mean digging into our retirement accounts. One of the options were considering is buying a duplex for cash, living in one side and her in the other side. The goal is to live with as few expenses as possible, but have the option of capitalizing on the investment if either or both of us moves on. Would like to keep the grand kids in the same school (Whitmer H.S, Toledo, OH). Would appreciate any insights on why this might be great or terrible idea! Thanks.

Hi David,

That's the sense I have as well, just trying think of ways to sell the lot, and lots don't seem to be moving at all. 

Thanks for the input!

I own a lot (and a house) in Canadian Lakes, Michigan, a resort area 50 miles north of Grand Rapids. Anyone familiar with the area doing any investing? Have a crazy thought of building a spec home on the lot, but there is so much for sale! 

Hi Michele,

Thanks for your suggestions, finding the cash flow after expenses will be minimal and that the property is overpriced. Rent is a little below others in the area. It is in a nice area.  Working at getting financials from the gifter, but it seems records were not well kept. An inspection is definitely in order as there may be issues that need to be addressed!