All Forum Posts by: Terri-Leigh H.
Terri-Leigh H. has started 14 posts and replied 116 times.
Post: Should I turn my normal rental into a STR?
- Interior Decorator
- Denver
- Posts 119
- Votes 47
@Clayton Sneider I do not have properties in Longmont but I design and install STRs in the Denver surrounds and right now for a property of that size in that market I believe you are looking at around $28k from spoons to sofas, a bit more if you want to add amenities like a game room etc. for good design and decent quality!
I am always surprised at how successful some markets can be even if they aren't the big "shiny" ones!
Post: How to work around strict STR laws?
- Interior Decorator
- Denver
- Posts 119
- Votes 47
@Nathan Crankfield Sounds like a great property Nathan! I would offer the same advice to stick with MTR in that property... BUT I design and install STRs in Denver surrounds and there are a few markets that my clients are doing incredibly well in! Arvada/Wheatridge/Westminster - perhaps look into those for the next one? I am currently in the licensing process for a regulated market and it is a harrowing experience:)
Post: Deal of a lifetime - Bought from ailing elderly neighbor
- Interior Decorator
- Denver
- Posts 119
- Votes 47
Quote from @Bill F.:
Terr-Leigh Huleis' current status
We haven't even touched the topic of heirs and what will happen when they learn of the sales terms AND if the seller had the mental competence to enter into the sale... I bet I know the position the former will take about the latter!
“Heirs” are aware… When she was in heart failure I contact all 3 to let them know and ask who could come down and be there, they all refused. They cut her off, one has legal troubles.
We tried to give everyone the option to step in, everyone opted to not be involved. We all make assumptions.
And we had multiple of her friends, church people involved to attest to competence.
I’ve mentioned as much but I can’t convince you otherwise im sure.
Post: Deal of a lifetime - Bought from ailing elderly neighbor
- Interior Decorator
- Denver
- Posts 119
- Votes 47
Quote from @Terrell Garren:
Quote from @Joe S.:
After rereading your post, I seem to missed the fact the first time that you was willing to rent it back to the lady for a dollar. I think you probably should have used that more in your defense. With that being said, I surely would have recommended you title your post Something totally different. Your title definitely invited the response that you received. Of course you know that now. I really hope that everything works out for you and the lady. ✅
So, let's say the house would rent for $2K a month and the lady lives for 2 years. That's $48K in forgone rent. Let's toss in another $30K for 2 year's expenses. That's nearly $80K. $290 - ($60 + 80) = $150K for rescuing an elderly neighbor. Priceless.
We did the best we knew how:) I did not know about reverse mortgages and she did not want to leave her home. So much more than you could know, but I appreciate the opinion:)
Also current market rent is $2200, just to keep all the info her accurate.
Post: Deal of a lifetime - Bought from ailing elderly neighbor
- Interior Decorator
- Denver
- Posts 119
- Votes 47
Quote from @Chris John:
1. So, you spent 60k which retired a 40k mortgage and left her with 20k? Or, you spent 100k, gave her 60k, and retired a 40k mortgage? I'm assume it's the former, which is even more ridiculous.
2. "It doesn't matter" about the kitchen because the work undoubtedly needed to be done anyway and I'm sure you'll benefit it from it too when she's gone.
2a. She could've done a reverse mortgage and easily covered the cost of her kitchen (and had hundreds of thousands of dollars left over).
3. Your estate is going to take care of her? That's interesting. How much are you going to pay for assisted living if it gets to that point? She had 200K+ to pay for many, many months of assisted living...
4. "I am sure its easier for you to believe we are awful careless selfish people" It's honestly not hard to believe that you did this for the "right" reasons. It's still an AWFUL look for you, whether you believe it or not. Or whether you have the best of intentions or not. It looks insanely opportunistic, which as someone else already mentioned, the title of your post does nothing to dissuade.
Honestly, c'est la vie. Nobody is going to convince you.
Best wishes to you all.
To you to Chris! Fortunately looks matter far less than the truth. I do appreciate the lesson on reverse mortgage, it is not something I was aware of.
Post: Deal of a lifetime - Bought from ailing elderly neighbor
- Interior Decorator
- Denver
- Posts 119
- Votes 47
Quote from @Chris John:
I typically don't make it a habit of arguing with people on the Internet, but I'll keep going, I guess.
1. If you retired her mortgage and it was in addition to the 60k, you should mention that. Was it additional? If so, your initially stated numbers aren't totally accurate.
2. It doesn't matter if you have the best intentions. It doesn't even matter if you do things like pay 25k for a new kitchen for her (because, honestly, it's for you too, right?)
What happens if something happens to you and your family? She has been relieved of 200+K of equity. Are you leaving the house back to her in your will? Or, will she be at the whim of strangers to help her again, but this time without the 200k of equity? Have you even considered her exposure to your health or your financial acumen? What if you all unexpectedly die (God forbid) or unexpectedly find yourself in financial ruin?
1. Yes! We retired her mortgage using a HELOC - I never said anything about 60k... It was $41,800.00 - Unfortunately her husband refinance right before he passed away 4 years ago, left her with more of a mortgage when he passed away than they initially bought for 27years ago. What numbers aren't accurate? I said we paid $60k... And that the cash invested was $60k.
2. How does it not matter? How would she have afforded to completely remediate a flooded house, broken non usable kitchen and moulding drywall.... And yes, once all done, she'll have a lovely new kitchen and so will we. Worrying about circumstances like this, financial ruin for her was the whole reason we made the deal.
We are now in her will (calm down... I get her dead fathers Vietnam flag that I've promised to mount and take care of) and she is in ours. She gets to live there until she cannot/passes away while our "estate" takes care of her. We bought the house cash, no bank can take it away and I've been piling all income from my own little business into the HELOC, which will be satisfied by Mid May.
I am sure its easier for you to believe we are awful careless selfish people and I don't think anything will change your opinion, but like I've said before we have worked very hard to make this safe for both parties.
Post: Deal of a lifetime - Bought from ailing elderly neighbor
- Interior Decorator
- Denver
- Posts 119
- Votes 47
Quote from @Steve Ehrman:
@Terri-Leigh Huleis. How much is her mortgage? Was that also paid off when you paid her $60K for the house?
That seems a central point to the whole deal. I have been reading the posts and this is the first time I have seen it mentioned.
Yep, her mortgage was satisfied!
Post: Deal of a lifetime - Bought from ailing elderly neighbor
- Interior Decorator
- Denver
- Posts 119
- Votes 47
Yes, if I was not in a position to help:) Yes. She just had a burst pipe yesterday, we are at $25k for full kitchen replacement, drywall, paint and flooring.... She is being put up in a hotel and we are handling all arrangements and expense since its our house. You might be disgusted Chris, but yes, I am proud and glad we can be here for her!
Post: Deal of a lifetime - Bought from ailing elderly neighbor
- Interior Decorator
- Denver
- Posts 119
- Votes 47
Quote from @Chris John:
"We’ve taken the precautions we could to protect her and us."
The fact that you don't see how unintentionally hilarious this line is is beyond me.
Here's another take. You didn't save her anything monthly, instead you charged her an up front fee of 230k for your "kindness".
Post: Deal of a lifetime - Bought from ailing elderly neighbor
- Interior Decorator
- Denver
- Posts 119
- Votes 47
Quote from @Account Closed:
Quote from @Terri-Leigh H.:
Investment Info:
Single-family residence buy & hold investment in Cape Coral.
Purchase price: $60,000
Cash invested: $60,000
2/2 across from canal in desirable neighborhood - Bought from health failing elderly neighbor... Made her the offer of a lifetime to live there for $1.00 per month.
How did you add value to the deal?
We have done a few health and safety updates, fixed hurricane damage etc. About $2k worth.
What was the outcome?
The property was appraised at $290k... Instant equity. She is now happy spending her social security on meds, hobbies and healthy food
(some editing done to narrow down to the salient point)
And of all of the "professionals", NO ONE? told her to do a reverse mortgage where she'd get presumably $290,000 instead of $60,000 and have no payments? But she'd certainly get a lot more than $60,000 doing a reverse mortgage. Well, besides the legal exposure & liability, your generosity knows no bounds (on either end of the spectrum)
Amazing.
I see you've posted this multiple times, so nothing I have to say will matter to you, but it may make sense to the lurkers who never comment. Enough said.
Ok. So from my understanding, she’d still have to pay her $600 in insurance and taxes every month and then her loan amount grows, so the longer she lives, the more she owes, or her heirs owe? And then she still has to pay for the upkeep and maintenance while just trying to survive.
Does she get a lump sum payout?
Because Mike, if she does not, I don’t think you have grasped the direness of her situation. Literally $2000 to her name in her saving (and I know this because I’ve spent 6months helping her sort out her finances, paying her mortgage for her while she was in hospital) etc. After all her expenses prior to us buying her house she eas left with $200 each month for food, adult diapers and etc.