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@eskimo - Good on you for actually READING your lease. Most people don’t!
You’re right, that place is MORE valuable to investors AND their lenders WITH existing leases - NOT vacant!
We are in the same situation, with an annual lease. Just because he doesn’t want to renew this lease doesn’t mean we have to be “out” by the end of the lease term (September 30th); it just means that we then go to month-to-month tenancy. We have a security deposit I want back, etc. If we aren’t in a position to get her out of there by 9/30, we won’t. We may not be able to get her out of there by 11/30. I won’t know until closer to that date. I’m not going to keep him updated, anymore, after this point.
It’s now become clear that the assumed altruism was actually him using us a loss vehicle, although we DID benefit by having my Mom live there. But my Mom bought a new stove for this place (against my wishes), and I’ve pretty much been property manager for nearly 9 years. He has NO idea what’s going on over there as to major renovations the association was doing that created havoc on all present owners and tenants, etc. The dishwasher is dying, the association is requiring that the bedroom window be replaced by December 31st, and the unit’s electrical panel is wonky and needs repairs.
Anyway, I tend to be the type who weighs out longterm planning and costs and benefits vs. additional costs, etc. And, after all that, we opted to move Mom into our house, bypassing the apartment. She’ll likely end up here, anyway. Why move twice, with those costs?
Putting equity into our house in our area is much smarter than where the condo is located; property there is devaluating, not increasing, and there’s a cap on values. Where we live, there is no value cap. It’s just what the market will bear at this point, but value on this house has been steadily increasing.
Whittling down her personal property now, vs. in the throes of grief while paying her apartment rent with our income until we can clear out the apartment (the prospect of which has given me endless anxiety) now becomes a non-issue, AND she pays monthly rent to US. All without me sinking cash into a shady condo.
Now, it’s all just a matter of logistics, sorting, some serious Marie Kondo “Does This Bring You Joy?” organization sessions with my husband and mother, and creating three separate areas of “personal space” in my house, as well as being mindful of personal space for three cats.
I can do this!!!
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Originally Posted by allegro
