Who is it that I would be blogging about in such a public forum? My husband...who has been my topic before. He laughs when I tell him he is my worst client. We own four gorgeous home in great locations but like all areas of our country, it is hard to compete with short sales, foreclosures, auctions and then you have issues qualifying buyers. It seems many people have bad credit these days, too much debt making them ineligible, or they cannot put the 20%-30% down on an upscale home.
From day one, I wanted to lease these homes and he cried over the hardwood floors or the new carpet or the mosaic tilework, etc. So each year while these houses have been on the market, we have paid the taxes, insurance, etc. to keep the homes in tiptop shape. I have dropped the prices to keep pace with the current neighborhood market. Now he is a really brilliant man but he is stubborn. I had some CDs that matured last week and I cried because I can't get those rates again, and I started thinking...where am I going to put my money so I have some growth...nowhere! Finally, one night I was ready to nail him! (He's half New York Italian and half Southern farmer so I have to have my ducks in a row when I'm ready to confront him.) I asked him where could I put my money? He said very huffily...I don't know; I can't find anywhere that pays close to what you had. (He walked right into it!) Innocently, I asked what if I had found an investment that would pay us a minimum of $45,000 a year? His response...I'm not paying the lawyer to get you out of jail! There is no legal investment that will do that. Exactly what I wanted to hear...I showed him my spread sheet for rental income that we were missing because he wouldn't let me take these homes off the market and lease them...even setting aside several thousand for repairs or vacancies...it looked good on paper.
After almost 40 years, I have learned not to push. Several days later, he finally agreed! Will miracles never cease! The first property on the golf course is due to expire the end of September so I will not renew it. He did ask that I try a lease purchase first and I am okay with that...there is no mortgage on these houses so I can do pretty much anything within reason.