Looks like my other thread finally locked. Perfect timing I think.
Marc graduated, Gabe's mom went back to CA today, and I'm sitting here with a stressful decision to make.
A friend of ours owns 2 homes here in our city. She rents them both out and she lives in NJ now. Her husband just walked out on her and left her with their 2 year old who has cancer and 3 mortgages. She has no problems with the renters in one house but the people who live in the house just down the street from us have defaulted on the rent for several months now and she is in the process of evicting them. She has offered to let us rent the place for $225 less per month than we pay now in our current house and possibly turn it into a lease purchase. I'm intrigued but I'm stressed about trying to break our lease and move very quickly....like 1 month quickly.
I'm a homebody...as if you all couldn't tell! I don't like to uproot but, other than pure laziness and being overwhelmed with how the heck to even start sorting through 13 years of accumulation, I have no excuses.
Our landlords are wonderful people who have always been quick to fix anything that needed to be repaired and have treated us like friends, not merely renters. Breaking our lease is stressing me out!
Help! I feel like I'm clinging to the ceiling because I'm so freaked out. I feel that this is the right move to make financially and could lead to the possibility of purchasing the home which could be amazing.
Barb, I know the tax system in Canada is different, but maybe not in this respect. Are you able to write off the loan interest on your taxes? If so, how do you and Josh handle that since you aren't married?
Sorry to be so long winded. I'm really nervous about all of this.
T19 M15 S19 XH47 M43 bomb12/4/07 PA5/07 S12/26/07 D final 11/17/08 Back together with no defined R 05/2010 confused....to say the least!!!
What a great opportunity! Check it out and start packing! This will save you money, help you get rid of stuff you don't need plus it is just down the street. How many years in GA do you have to live together before you are common law spouses?
How do you do your taxes now?
kat
Me-53(and learning!) S24, S21, D18, D17 Just keep swimming, Just keep swimming. Dory
I think it has to be 7 years. I've been filling head of household and Gabe files single no dependents. He gets eaten alive in taxes and I get a refund. I'm not sure if I can do that next year since Marc was only a full time student half the year I'll have to find that out.
I hate to break the lease but it's such an amazing opportunity.
T19 M15 S19 XH47 M43 bomb12/4/07 PA5/07 S12/26/07 D final 11/17/08 Back together with no defined R 05/2010 confused....to say the least!!!
I think this opportunity came up for you at the right time and for the right reasons. First - you need to let your landlord know that you need to move - this will save you money & reduce some of your stress.
Our tax system here is different. I claim our property tax on my income tax but Josh & I don't claim anything together. For you - I would seek legal counsel WITH Gabe there. And in that situation - you ask the lawyer whether it would be advantageous to be married. That puts it out there in front of Gabe. It would be a way to find out your legal rights & make your preference known. That outs the ball in Gabe's court. That is what Josh & I are going to do.
No one could have been more overwhelmed than me with the last 2 moves. We had masses of stuff & the move north included selling & moving from 2 houses! It can be done!
This is the time to enlist some help then attack one room at a time. Get rid of stuff now. Have a garage sale or sell some stuff on Craig's List. Throw stuff out. Donate stuff. It is costly to move things so why move what you don't use.
Just get lots of boxes & totes. Make a plan of what you need & what you don't need. Label everything & start immediately.
I think this is the change you need to propel you forward. I'm hopeful for you!
Common Law comes into effect here after 3 years however since Josh is here only part time & maintains a different address with his Toronto house - it may not be the same for us. We definitely fit the relationship status : "it's complicated"!
Well.....just something you might think about first.....what happens to this house in their divorce? If it's community property, she might be forced to sell it in the divorce. In that case I doubt a lease-to-own would be acceptable. Her ex could force an immediate sale to get his share of the equity. You need to find out a lot more about the possible outcomes. Also.....homeownership is not a panacea. Repairs and home maintenance are expensive. How old is the roof?
Well.....just something you might think about first.....what happens to this house in their divorce? If it's community property, she might be forced to sell it in the divorce. In that case I doubt a lease-to-own would be acceptable. Her ex could force an immediate sale to get his share of the equity. You need to find out a lot more about the possible outcomes. Also.....homeownership is not a panacea. Repairs and home maintenance are expensive. How old is the roof?
These are all good observations - bottom line I think is do your due diligence before you leap, but on the surface it looks like a good opportunity. Well worth checking in to.
We are setting it up so that the first year is rental only. The rent is so much lower than what we are paying so we are putting that savings amount aside as a down payment. At the end of the year, if we decide we want to eventually purchase it then we will re-write the lease to be a lease to own.
The roof is 6 years old and in good condition. They put new carpet and flooring throughout the house before the current tenants moved in 2 years ago. The current tenants have no pets so I'm hoping the carpet has survived. We will find out more after they are out next weekend.
As far as her stbx, she doesn't believe he is going to be nasty about things. Yes, GA is community property state but she splits the rental income with him from their 2 houses here. They now live in NJ. Considering they have been losing money on this house since last year because the tenants haven't been paying their rent or only partial, she isn't looking to make anything from the property, just to keep it.
We will see what happens but I'm not totally committed to doing anything other than renting it for now. It will give us time to decide for sure.
T19 M15 S19 XH47 M43 bomb12/4/07 PA5/07 S12/26/07 D final 11/17/08 Back together with no defined R 05/2010 confused....to say the least!!!
I'm so happy for you. I think this is the break you guys need. I've noted your progress - one room at a time as I suggested. Good for you! See - not so impossible now.
We will find out more after they are out next weekend.