All Forum Posts by: Terri-Leigh H.
Terri-Leigh H. has started 14 posts and replied 116 times.
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.
I’m def going to look it up.
Mike, you disagree with this deal, I get it. Thank you for all the insight so far. I’ve learned something new, which is I’m sure the point of this forum.
Post: Deal of a lifetime - Bought from ailing elderly neighbor
- Interior Decorator
- Denver
- Posts 119
- Votes 47
Quote from @Jay Hinrichs:
Quote from @Terri-Leigh H.:
Quote from @Jay Hinrichs:
Quote from @Terri-Leigh H.:
Quote from @Kyle Tusing:
Quote from @Account Closed:
Quote from @Kyle Tusing:
Wow! What a great thing you did overall to help her, being kind and helpful may not financially benefit you right now but in the long run, it will pay off. I am a big believer in you get what you give and the act of kindness in offering to help take care of her, giving her a safe home to live in, and only charging her a dollar you deserve any good that comes your way. Always great to see people investing and changing their lives, and even better to see great acts of kindness. You should be proud.
Interesting perspective. Your Comment "being kind and helpful may not financially benefit you right now but in the long run, it will pay off." Is that a serious comment or a sarcasism?
Let's do the math: she bought a $290,000 house from an elderly woman with health problems for $60,000 for a $230,000 profit. She is charging her a $1 a month so $12 a year (not making additional payments to the ailing lady to live on, but charging her). It will take 19,167 years to break even. My bet is the old ailing lady won't last that long and the buyer will have the property in a year or two.
That my friend is not capitalism or even honest real estate. It's greed and abuse. Please read up on Consumer Protection Law and Elder law.
I can't imagine that the buyer told the seller how much the property is actually worth, advised the seller to consult an independent professional or even stated what comps would show as the true value. These are all things the attorneys/prosecuters will bring up in court. Or, maybe she gets away with it on this one and tries again and on the next one all h**l breaks loose. Don't underestimate that years down the road, lawsuits happen. It's just isn't worth defrauding/scamming/cheating someone, especailly the old and ailing. As George Bush the 1st would say "It wouldn't be prudent". Be honest, be fair but negotiate hard with an informed seller . . . or the courts get involved.
I see the perspective you are taking, and I can see where you get that thought originally I had the same opinion. But the fact they allowed her to "rent" it back at $1.00 in my opinion shows that there was no ill intent. Think about it this way, many people with elderly parents/grandparents inherit properties from them without ever even taking care of them in their final years/months/days. Now they are actually assisting her and caring for her well-being and putting her in an easier financial state for the remainder of her life and they are bad people for paying for a distressed property at a discount? I'm not sure of the full details but even if the neighbor had family members they obviously do not care for her fully so I believe they would deserve more right to the property than whoever might have inherited it. Also, it is not fair to assume they did not advise her on the value and assume it was all malicious without knowing those facts, that is the same as saying someone is guilty until proven innocent.
I appreciate it Kyle. Yes unfortunately she has been disowned by her remaining family. We tried to reach out multiple times.
I added more info below if you’d like to know more details. We have nothing to hide!
I think this situation is best left private. regardless of the situation 290k to 60k Meh you could have paid her double and still been great... I would keep this one to yourself.. I have done one life estate and if worked out for us well but we paid closer to retail/ wholesale not 20% of value.. And our value proposition was the property could be developed in the future for new housing which is what we did.
What I posted was facts, everyone else’s feelings about it, are just that.
Our attorney, agents and Miss Kat herself are the only ones whose opinions actually matter.
I’m happy to share this because I think there is value in deals like this where we can make cool financially beneficial deals while also changing someone’s life for the better.
But I appreciate the feedback:)
well You could have done all you did for her without buying her house right ?? as a good neighbor and good citizen. U could do her yard work so it does not hurt your STR. Since we are sharing opinions mine is this is an unconscionable profit. But your proud of what you did the the deal you struck so there you go your the one who has to reconcile it. And obviously you have and your sharing it with the world.
But you are entitled to your opinion!
Post: Deal of a lifetime - Bought from ailing elderly neighbor
- Interior Decorator
- Denver
- Posts 119
- Votes 47
Quote from @Jay Hinrichs:
Quote from @Terri-Leigh H.:
Quote from @Kyle Tusing:
Quote from @Account Closed:
Quote from @Kyle Tusing:
Wow! What a great thing you did overall to help her, being kind and helpful may not financially benefit you right now but in the long run, it will pay off. I am a big believer in you get what you give and the act of kindness in offering to help take care of her, giving her a safe home to live in, and only charging her a dollar you deserve any good that comes your way. Always great to see people investing and changing their lives, and even better to see great acts of kindness. You should be proud.
Interesting perspective. Your Comment "being kind and helpful may not financially benefit you right now but in the long run, it will pay off." Is that a serious comment or a sarcasism?
Let's do the math: she bought a $290,000 house from an elderly woman with health problems for $60,000 for a $230,000 profit. She is charging her a $1 a month so $12 a year (not making additional payments to the ailing lady to live on, but charging her). It will take 19,167 years to break even. My bet is the old ailing lady won't last that long and the buyer will have the property in a year or two.
That my friend is not capitalism or even honest real estate. It's greed and abuse. Please read up on Consumer Protection Law and Elder law.
I can't imagine that the buyer told the seller how much the property is actually worth, advised the seller to consult an independent professional or even stated what comps would show as the true value. These are all things the attorneys/prosecuters will bring up in court. Or, maybe she gets away with it on this one and tries again and on the next one all h**l breaks loose. Don't underestimate that years down the road, lawsuits happen. It's just isn't worth defrauding/scamming/cheating someone, especailly the old and ailing. As George Bush the 1st would say "It wouldn't be prudent". Be honest, be fair but negotiate hard with an informed seller . . . or the courts get involved.
I see the perspective you are taking, and I can see where you get that thought originally I had the same opinion. But the fact they allowed her to "rent" it back at $1.00 in my opinion shows that there was no ill intent. Think about it this way, many people with elderly parents/grandparents inherit properties from them without ever even taking care of them in their final years/months/days. Now they are actually assisting her and caring for her well-being and putting her in an easier financial state for the remainder of her life and they are bad people for paying for a distressed property at a discount? I'm not sure of the full details but even if the neighbor had family members they obviously do not care for her fully so I believe they would deserve more right to the property than whoever might have inherited it. Also, it is not fair to assume they did not advise her on the value and assume it was all malicious without knowing those facts, that is the same as saying someone is guilty until proven innocent.
I appreciate it Kyle. Yes unfortunately she has been disowned by her remaining family. We tried to reach out multiple times.
I added more info below if you’d like to know more details. We have nothing to hide!
I think this situation is best left private. regardless of the situation 290k to 60k Meh you could have paid her double and still been great... I would keep this one to yourself.. I have done one life estate and if worked out for us well but we paid closer to retail/ wholesale not 20% of value.. And our value proposition was the property could be developed in the future for new housing which is what we did.
What I posted was facts, everyone else’s feelings about it, are just that.
Our attorney, agents and Miss Kat herself are the only ones whose opinions actually matter.
I’m happy to share this because I think there is value in deals like this where we can make cool financially beneficial deals while also changing someone’s life for the better.
But I appreciate the feedback:)
Post: Deal of a lifetime - Bought from ailing elderly neighbor
- Interior Decorator
- Denver
- Posts 119
- Votes 47
Quote from @Dan H.:
Quote from @Terri-Leigh H.:
Hi Mike,
She was the one who got the first appraisal, while deciding what to do, so yes she definitely knows what the property is worth.
Unfortunately without knowing the whole story, I can imagine it’s easy to see if this way.
When you see an elderly woman with SEVERE health issues that could be eased with proper care (that requires finances), like better diet, not the free once a month package of puddings, canned tuna, cheap bread she was getting, proper medicines for her breast cancer, diabetes and heart failure, and proper amenities - like a walk in shower so she can wash and not be covered head to toe in yeast sores from inaccessibility - You get creative on solutions to help that won’t financially harm your own family.
We hired lawyers, arranged for multiple meetings with her church and scheduled realtors and witnesses all to make sure she was fully educated and that everything was legal.
I appreciate your concern for a member of the elderly community, truly, but attack messages like these are what happens when you can’t possibly know the full story, including the fact that Miss Kat calls multiple times a week, that she is extremely relieved her home is no longer in danger of catching fire, flooding from damage from Ian everytime it rains and that the city isn’t assigning a social worker because now her doors lock and her home has been cleared of obstacles, trash and hazards.
And yes, we’ll benefit in the long run and we’ve run our numbers based on the fact we can carry her for 15years. She probably will not make it that long and at that time we’ll be devastated… But we’ll know that whatever time she has left will be comfortable and healthy.
Best, Terri-Leigh
Even if the owner was aware of the value being significantly higher than the negotiated price, it does not protect you from an accustaion of elder abuse. This is because even if the seller is aware of the actual value of the property, it does not imply that it is not elder abuse to purchase so much below value. This is compounded if she is a lonely, dying elder person.
The lawyer involved in the transaction should have provided at a minimum a warning of the risk.
I am currently involved in a case from the other perspective. I am the trustee on an estate that has a smaller value (but higher in percentage terms - purchase was at 4 to 8% of value versus yours is a little over 20% of value) issue. As trustee, it is my responsibility to act in best interest of the heirs. The speed of this case is slower than molasis somewhat effected by the backlog still related to Covid (it has been over a year). The other side's case is that the deceased was still legally responsible. However, he was on oxygen, pain meds, and dying when he agreed to the sell and this was visible (he required oxygen at all times). I refer to the buyer as scumbag.
You need to determine if you are the scumbag in this case or if the seller got fair value. The fact you refer to it as the "deal of a lifetime" leads me to believe that you recognize this was not a fair transaction and could result in legal action by the estate.
In the past 24hrs her 27 year old water filter burst, destroying her kitchen, floor and drywall. Thank goodness we own the property. We are $6500 in to restoration already this morning. She would be in DIRE straits.
I wish you knew me. I’m no scum bag but it’s not my job to convince anyone of that!
Post: Deal of a lifetime - Bought from ailing elderly neighbor
- Interior Decorator
- Denver
- Posts 119
- Votes 47
Quote from @Joe S.:
As you can see by several replies an outside party could get a negative view of the transaction. Your title itself doesn’t lend you any favors if you was trying to appear as an angel and great good Samaritan. If you actually gave the seller a better quality of life and there’s many other circumstances to make you a hero the general public would not know that. I actually thought at first that you might be posting this post as an anti-landlord/ Investor trolling, but then seen you had a number of other post so I ruled that option out. There are a lot of landlord haters looking to find a post like yours.
This is my perspective at first glance and is not a personal attack..
Best regards
Appreciate it! What I posted are the facts of the deal. I don’t have anything to hide so I’m not worried. We’ve taken the precautions we could to protect her and us. Everyone involved knows the details:)
Post: Deal of a lifetime - Bought from ailing elderly neighbor
- Interior Decorator
- Denver
- Posts 119
- Votes 47
Quote from @Tanner Pile:
Amazing story!
Definitely never thought we would be in the situation. Grateful we can help her and that it’ll be incredible for our family too one day.
Post: Deal of a lifetime - Bought from ailing elderly neighbor
- Interior Decorator
- Denver
- Posts 119
- Votes 47
Quote from @Kyle Tusing:
Quote from @Account Closed:
Quote from @Kyle Tusing:
Wow! What a great thing you did overall to help her, being kind and helpful may not financially benefit you right now but in the long run, it will pay off. I am a big believer in you get what you give and the act of kindness in offering to help take care of her, giving her a safe home to live in, and only charging her a dollar you deserve any good that comes your way. Always great to see people investing and changing their lives, and even better to see great acts of kindness. You should be proud.
Interesting perspective. Your Comment "being kind and helpful may not financially benefit you right now but in the long run, it will pay off." Is that a serious comment or a sarcasism?
Let's do the math: she bought a $290,000 house from an elderly woman with health problems for $60,000 for a $230,000 profit. She is charging her a $1 a month so $12 a year (not making additional payments to the ailing lady to live on, but charging her). It will take 19,167 years to break even. My bet is the old ailing lady won't last that long and the buyer will have the property in a year or two.
That my friend is not capitalism or even honest real estate. It's greed and abuse. Please read up on Consumer Protection Law and Elder law.
I can't imagine that the buyer told the seller how much the property is actually worth, advised the seller to consult an independent professional or even stated what comps would show as the true value. These are all things the attorneys/prosecuters will bring up in court. Or, maybe she gets away with it on this one and tries again and on the next one all h**l breaks loose. Don't underestimate that years down the road, lawsuits happen. It's just isn't worth defrauding/scamming/cheating someone, especailly the old and ailing. As George Bush the 1st would say "It wouldn't be prudent". Be honest, be fair but negotiate hard with an informed seller . . . or the courts get involved.
I see the perspective you are taking, and I can see where you get that thought originally I had the same opinion. But the fact they allowed her to "rent" it back at $1.00 in my opinion shows that there was no ill intent. Think about it this way, many people with elderly parents/grandparents inherit properties from them without ever even taking care of them in their final years/months/days. Now they are actually assisting her and caring for her well-being and putting her in an easier financial state for the remainder of her life and they are bad people for paying for a distressed property at a discount? I'm not sure of the full details but even if the neighbor had family members they obviously do not care for her fully so I believe they would deserve more right to the property than whoever might have inherited it. Also, it is not fair to assume they did not advise her on the value and assume it was all malicious without knowing those facts, that is the same as saying someone is guilty until proven innocent.
I appreciate it Kyle. Yes unfortunately she has been disowned by her remaining family. We tried to reach out multiple times.
I added more info below if you’d like to know more details. We have nothing to hide!
Post: Deal of a lifetime - Bought from ailing elderly neighbor
- Interior Decorator
- Denver
- Posts 119
- Votes 47
Quote from @Account Closed:
Quote from @Kyle Tusing:
Wow! What a great thing you did overall to help her, being kind and helpful may not financially benefit you right now but in the long run, it will pay off. I am a big believer in you get what you give and the act of kindness in offering to help take care of her, giving her a safe home to live in, and only charging her a dollar you deserve any good that comes your way. Always great to see people investing and changing their lives, and even better to see great acts of kindness. You should be proud.
Interesting perspective. Your Comment "being kind and helpful may not financially benefit you right now but in the long run, it will pay off." Is that a serious comment or a sarcasism?
Let's do the math: she bought a $290,000 house from an elderly woman with health problems for $60,000 for a $230,000 profit. She is charging her a $1 a month so $12 a year (not making additional payments to the ailing lady to live on, but charging her). It will take 19,167 years to break even. My bet is the old ailing lady won't last that long and the buyer will have the property in a year or two.
That my friend is not capitalism or even honest real estate. It's greed and abuse. Please read up on Consumer Protection Law and Elder law.
I can't imagine that the buyer told the seller how much the property is actually worth, advised the seller to consult an independent professional or even stated what comps would show as the true value. These are all things the attorneys/prosecuters will bring up in court. Or, maybe she gets away with it on this one and tries again and on the next one all h**l breaks loose. Don't underestimate that years down the road, lawsuits happen. It's just isn't worth defrauding/scamming/cheating someone, especailly the old and ailing. As George Bush the 1st would say "It wouldn't be prudent". Be honest, be fair but negotiate hard with an informed seller . . . or the courts get involved.
Hi Mike,
She was the one who got the first appraisal, while deciding what to do, so yes she definitely knows what the property is worth.
Unfortunately without knowing the whole story, I can imagine it’s easy to see if this way.
When you see an elderly woman with SEVERE health issues that could be eased with proper care (that requires finances), like better diet, not the free once a month package of puddings, canned tuna, cheap bread she was getting, proper medicines for her breast cancer, diabetes and heart failure, and proper amenities - like a walk in shower so she can wash and not be covered head to toe in yeast sores from inaccessibility - You get creative on solutions to help that won’t financially harm your own family.
We hired lawyers, arranged for multiple meetings with her church and scheduled realtors and witnesses all to make sure she was fully educated and that everything was legal.
I appreciate your concern for a member of the elderly community, truly, but attack messages like these are what happens when you can’t possibly know the full story, including the fact that Miss Kat calls multiple times a week, that she is extremely relieved her home is no longer in danger of catching fire, flooding from damage from Ian everytime it rains and that the city isn’t assigning a social worker because now her doors lock and her home has been cleared of obstacles, trash and hazards.
And yes, we’ll benefit in the long run and we’ve run our numbers based on the fact we can carry her for 15years. She probably will not make it that long and at that time we’ll be devastated… But we’ll know that whatever time she has left will be comfortable and healthy.
Best, Terri-Leigh
Post: Deal of a lifetime - Bought from ailing elderly neighbor
- Interior Decorator
- Denver
- Posts 119
- Votes 47
Hi Mike,
She was the one who got the first appraisal, while deciding what to do, so yes she definitely knows what the property is worth.
Unfortunately without knowing the whole story, I can imagine it’s easy to see if this way.
When you see an elderly woman with SEVERE health issues that could be eased with proper care (that requires finances), like better diet, not the free once a month package of puddings, canned tuna, cheap bread she was getting, proper medicines for her breast cancer, diabetes and heart failure, and proper amenities - like a walk in shower so she can wash and not be covered head to toe in yeast sores from inaccessibility - You get creative on solutions to help that won’t financially harm your own family.
We hired lawyers, arranged for multiple meetings with her church and scheduled realtors and witnesses all to make sure she was fully educated and that everything was legal.
I appreciate your concern for a member of the elderly community, truly, but attack messages like these are what happens when you can’t possibly know the full story, including the fact that Miss Kat calls multiple times a week, that she is extremely relieved her home is no longer in danger of catching fire, flooding from damage from Ian everytime it rains and that the city isn’t assigning a social worker because now her doors lock and her home has been cleared of obstacles, trash and hazards.
And yes, we’ll benefit in the long run and we’ve run our numbers based on the fact we can carry her for 15years. She probably will not make it that long and at that time we’ll be devastated… But we’ll know that whatever time she has left will be comfortable and healthy.
Best, Terri-Leigh
Post: Deal of a lifetime - Bought from ailing elderly neighbor
- Interior Decorator
- Denver
- Posts 119
- Votes 47
Quote from @Kyle Tusing:
Wow! What a great thing you did overall to help her, being kind and helpful may not financially benefit you right now but in the long run, it will pay off. I am a big believer in you get what you give and the act of kindness in offering to help take care of her, giving her a safe home to live in, and only charging her a dollar you deserve any good that comes your way. Always great to see people investing and changing their lives, and even better to see great acts of kindness. You should be proud.
Thanks Kyle! It was a weird and wonderful situation. Feels sad that this was the situation that would be best for her but we just knew we could make a real difference in her quality of life and in the end we’d come out on top. So important to put the humanness first!