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poncho-mike 06-19-2014 10:08 PM

Thoughts on what you guys would do
 
Hi,

My mother passed away at the age of 83 about three weeks ago, leaving behind me, my brother, and sister. Her passing wasn't unexpected as her health had been in decline for several years. My sister is executor, and her and my brother are moving pretty quickly to liquidate the estate. I live about 3 hours away from the old home place, but my siblings are still local.

I'm not thrilled with the speed at which my siblings are moving to settle the estate. All I will say is that I've done much better than they have and I can understand their excitement in receiving inheritance. I don't even want to discuss opinions on the speed at which this is happening.

There is about 11 acres of land, a fairly new mobile home, about a 45 x 32 garage that needs some repairs, and a number of older mobile homes on the property. Dad rented out mobile homes for many years, but stopped in the early 90s. I've been using a couple of them for sheet metal and parts storage since then.

My mom and dad lived on that property for more than 60 years, and it's the only place I remember living as a child. I knew the day was coming where my mom would pass away and I'd have to either buy out my siblings or move my stuff so they could sell the property. That day has arrived.

The real estate isn't particularly desirable, but it's definitely not a bad location either. The property is just outside the county seat, which is a south-central county location. The area is largely farm community and is dotted with small to medium sized homes. Most of the new development is taking place to the west and south-west of the county. It's unlikely there will be any demand from developers.

I would love to have the old home place. I thought about buying out my brother and sister, fixing the garage and using it for storage, and renting the mobile home. I currently own one rental house, and it's been a royal pain over the years. I know I would have a hard time dealing with a tenant that trashed mom's house, so I would be reluctant to rent it. I also thought about keeping the old home site as a second home.

I'm almost 57, so retirement isn't that far away. I've already been looking around the NC mountains for a place to retire and work on my cars. Buying the old home site would effectively kill the chance of getting a place in the mountains.

I know a lot of you guys on the board are in your 50s and 60s, so I'm curious about how many of you have been in a similar situation and might be able to offer some advice. Has anybody bought their childhood home and made it into a rental? How did it work out for you?

The estate consists of some money and the real estate mentioned, so I could sell a car or two and use my share of the cash to buy my siblings out. It could swing the financials without much difficulty and avoid taking on any additional debt. The other option is to go along with selling the property and use my share of the estate towards a retirement place in the mountains.

Anyway, I'd like to hear your thoughts.

Mike

PonchoV8 06-19-2014 10:21 PM

I compromised my needs and desires to buy a family home, partially so that it would stay in the family. It wasn't the right decision for my hobbies or my desires. Having done that much, I surely wouldn't rent a place like that unless it was the right people who I knew would stay for a long time, and might possibly buy it from me in the future.

But buying it doesn't mean that you can't sell the property off in the future to fund the spot in the mountains that you want.

fiedlerh 06-19-2014 10:27 PM

Not quite like your situation, but when my M-i-L passed away a year and a half ago, the three siblings decided to rent out her townhome. We used a rental agent to screen potential renters and weed out the deadbeats (there were several).

The renters were good and always paid on time and kept the place clean. Siblings split the profit/loss 3 ways. After all the deferred senior citizen taxes and a new sewer line, there was a loss instead of a profit. After the lease was up, everyone decided to put it up for sale. Two siblings are retired and don't want to deal with renters, and we are too busy working.

Renting for a period of time could be an option. It gives you time to do repairs, decide what to do with the stuff you have stored there, and prepare the property for a future sale. It all hinges on finding good renters. After a year, if it is too much of a hassle, put it up for sale or buy them out.

Jerry H. 06-19-2014 10:49 PM

My mother passed 3 years ago, and left her estate to myself and my 2 siblings. It was the only home I had ever known; she had lived there since the late 50's. I was the administrator of her estate, and yes I thought about buying out my siblings and renting out the house, or even moving back there myself. Her place was only 20 minutes away. But in the end I sold it.

I didn't want the hassle of dealing with a tennant. But most of all I think I just wanted a clean break. It's hard enough that my Mon has passed, much less having to deal with my homeplace on a daily basis. And then dealing with jealous siblings. They could possibly think that you didn't pay them enough when you bought them out, even though you paid what they agreed. You can't win. I wouldn't do it; I would just go ahead and sell it and make a clean break.

poncho-mike 06-19-2014 11:00 PM

My sister called me last night and told me the appraisal has already been completed on the property and a price has been set.

I totally wasn't prepared for that to happen so quickly, so I told her I would think about it. If I did buy it, I would offer 6% less than the appraisal since a realtor will charge a 6% fee to sell the property.

rod cole 06-19-2014 11:36 PM

What it appraises at and its worth are two totally different things. I co owned my mothers house for a 2 year period. The agreement was rent it to my cousin and we would split the rent but I would not have to be involved at all. Well that lasted about six months and then I got the calls something needs fixed ect. So in the end I made my sister buy me out when my dad past because I could I was the ecsecuter. A auction is the only way to pay a fair price and not have the others feel like you took them. But they are going to find a way to feel that way any way. Best to divide it up and that way no bitching. Rod

BOB VIDAN 06-20-2014 12:36 AM

Whatever you do and agree to, put it in writing. Don't care how well or not you get along with your siblings, money does stupid things to people.

zeebo 06-20-2014 03:49 AM

rods right. what it appraises for and what its worth are two different things. it could be worth more or less of the appriasal, especially with sentimantal value attached. good cuts of land are hard to come by here in michigan, unless you want to live 100 miles from your job--and yes, make sure everything is in writing like bob says--family and money should not be in the same sentence.

The Boss 06-20-2014 07:21 AM

The problem I see Mike is that being as rural as it is, you may end up loosing your cars & parts to junk thieves. Although it may be tough to do, clear it out, let it go and stick to your mountain home dream. That may prove to be the best option for your family as well.

buds56 06-20-2014 07:47 AM

If it was me, I would buy them out, then you can work at your own pace.
There is an opportunity possible,

You can rent out the trailer at a low rate for security,care taking, and cover taxes and insurance.

Just need to get the right guy (In my case a divorced guy paying child support) and you can keep your parts stored till your ready to sort them.

This is what I have been doing with my extra house which is out in the country and where I keep my cars and garage for over 15 years. It has worked well

Can you divide the property up where the rental trailers are/were? and sell to get some cash back, wells and septics add value to the property.

4-5 acres is enough to take care of when your older.

In several years you can always sell
Good Luck
Bud

The Champ 06-20-2014 08:19 AM

Quote:

Originally Posted by poncho-mike (Post 5219140)
I'm almost 57, so retirement isn't that far away. I've already been looking around the NC mountains for a place to retire and work on my cars. Buying the old home site would effectively kill the chance of getting a place in the mountains.

This paragraph speaks volumes to me.

If this is what you REALLY want in retirement, I'd let the old homestead go. Selling it and using your share to aid in obtaining your dream seems to make more sense to me.

You haven't "enjoyed" being a landlord for one property - so why take on a second? If you need some storage - to me it makes more sense to have it closer than 3 hours away.

JMHO

ho428 06-20-2014 08:37 AM

I agree with Jerry. I've had to liquidate several estates over the last few years, yes we have some regrets of things we let go, or let go too quickly without enough thought, but the clean break was the best for us in the long run.

Some years back I bought out my brother for our moms house since I didn't own a home and my brother already did. 12 years and many renovations later I sold it and moved to a bigger place. My brother then wanted half of the money I made off it even though I put 12 years of my money and sweat equity into it. So you can see, it never goes away.

Couple years back I took charge of my FIL's estate and told them I'd do everything I could to maximize the amount we got for it, had a few bumps along the way but in the end everyone was very pleased with the amount we got for the place. Some wanted a quick sell, but I knew by putting in just a little bit of time and money it would drive up the value well over what I put in.
It also gave us time to sort through the stuff, the quick sell would have been a mass dump which will leave you with regrets of lost personal stuff.

Blue'69 06-20-2014 08:50 AM

Work out the details with your siblings. Clear out your parts and store them elsewhere. Best to just take your share of the estate and let it go. Keep your cars and use the proceeds from your share of the estate to buy your mountain home and some car parts!!
Consider it a gift from your parents and enjoy. You seem to be in a comfortable position so why be encumbered by more assets that will need your constant attention. Mountain air and working on cars is where it's at and its definitely where I plan to be in a few years!!
Just my .02.

marxjunk 06-20-2014 09:34 AM

id break away...

when my mom passes..my siblings will be like vultures..think they deserve it all..even though they make my moms life miserable,,,and always have.

my mom asks me all the time what do i want...etc..and i always say nothing..i want nothing

I always tell her to give it to them, let them fight it out etc...i had a great childhood..i have great memories..as i get older, i dont want any hassles...and i dont want to fight over some property my mom has...so...i'm out..but thats me...

i see it all around me...money means more to people than relationships...happens all the time..i'm out...no way..let them have it..leave me alone and let me enjoy the rest of my time with out court battles..seeing who got more..whos is worth more..and on and on..i'm out

1968firebird455 06-20-2014 11:27 AM

"I always tell her to give it to them, let them fight it out etc...i had a great childhood..i have great memories..as i get older, i dont want any hassles...and i dont want to fight over some property my mom has...so...i'm out..but thats me..."

I agree.

Here is a perspective from a younger guy that has seen what my parents have had to go through when my grandparents passed away. Whenever you combine business/money & family your asking for trouble. Even if you buy them out somehow they will still feel like they own a piece of it or you didn't pay enough if your able to sell it for a profit down the road (usually only occurs after extensive work and money has been invested into the property) but if you sell it at a loss I know for a fact nobody is going to be knocking at your door handing you money for half the loss.

I would let the property sell and take your share and live your life the way you planned before this unfortunate circumstance fell in your lap. Look back in your time there with fond memories and a great part of your life instead of having it as another additional task to complicate your daily life.

GT182 06-20-2014 11:45 AM

Mike, you have to speak up and tell them what you think, come to an equal 3 way agreement or they'll walk all over you. And make sure they follow what she has written in her Will. I've been thru that and got the raw end of the deal from my half brother.

Bob Dillon 06-20-2014 12:03 PM

Liquidate the entire estate and buy the place you want. That way, it's over and done with.
No worries, no future hassles, done. It's the best way. I promise. :)

David Jones 06-20-2014 12:38 PM

Sell.
You sound like you don't want it and storing things 3 hours away makes no sense. To own a part of your past at the expense of what you really want to own in your retirement adds to the reasons NOT to tie up your money.
Want rental property? Use your part of the funds to invest in something closer to you.
Bail.

eaglesan13 06-20-2014 12:46 PM

My mom passes away in May 2012. The home she lived in was purchased by my parents in 1965. It was a wonderful place to grow up, surrounded by cherry orchards and such. It is now in the heart of what is known as the silicone valley. After mom passed, my older brother (her executor) had the house fixed up and sold. I considered purchasing it but it really didn't meet my needs. I had moved away, my children are adults now, and I really didn't need the place, so I decided not to purchase it. None of my siblings wanted the house either. Per mom's instructions, after her passing we all met at the house, drew numbers and began taking turns taking her stuff. It was a blast, it was really funny some of the things that were important to us. One of my brothers got mom's skillet, which she used to cook up many a dinner. We were all jealous, but we laughed. My first pick was a few ceramic toys that had been on someones birthday cake many years ago and had remained on the shelf above the stove ever since. At the end of the day, whatever of value that was left was donated. If it was not of value, it was discarded. As I left the house that day there was joy, but also some sadness over that fact that the family home of 48 years would soon be gone. My brother had the house gutted, repainted, the floors redone, and all necessary repairs done. Mom had wanted us all to meet together at the house one last time before it passed to another owner, so on the weekend before the house transferred, we all "went home." (I'm one of eight kids). I thought it would be very emotional walking through the house, but it was just the opposite. With the house empty, I saw it for what it was, just a house. It's the people and the things acquired over the years that made it a home. I walked away with no regrets for having not purchased it. Mom had a trust, and we had met yearly for many years to discuss it, so there were no disagreements and things proceeded smoothly. Since the house was in silicone valley (Santa Clara), it sold immediately and I received my share on Thanksgiving day. I never think of the house, but I think of my mom every day.

Doug 06-20-2014 12:49 PM

By your use of the term "executor", I conclude that your mother had a will that specifies how the distribution of the assets of the estate (and the debts of the estate) are to be handled. Accordingly, there is not much leeway on what can done other than following what the will says.

Basically, it sounds like the estate is to distributed between 3 parties (you and a brother and a sister). In essence, you already "own" a third of the property in question so to buy out the others means you would only have to come up with only 2/3 of what the sell value of the property is in order to buy out the other's shares. Whatever the sell price of the property is, the executor of the will typically will be eligible to claim 5% or so of that money as her compensation for handling of the estate.

You didn't indicate whether or not your father was deceased. I assume that he is and that leads me to question as to what happened to his share in the property. Did he have a will? What did it provide for? Is it possible that he left an un-administered estate which could lead to title problems, etc.

With your living at quite a distance away from your mother and your siblings living near to her, I am sure that on a day-to-day basis, your brother and sister provided care and services to your mother and you did not. Accordingly, your brother and sister are having thoughts about "we did more for mom than you did so we deserve extra credit, etc, etc".
That typically generates a helluva lot of family frictions and animosity.

Follow Dillon's advice. Follow the will, liquidate the estate and get it settled A.S.A.P.

P.S. I was executor of my mom's will and administrator of my dad's estate. You can't imagine the hassle it takes to do either.

Bob Dillon 06-20-2014 01:27 PM

Quote:

Originally Posted by eaglesan13 (Post 5219482)
Per mom's instructions, after her passing we all met at the house, drew numbers and began taking turns taking her stuff.

Cool story. When my mom died and we were moving her stuff out, we found a file folder in her bureau drawer for each child with significant stuff in it; our birth certificates, birth announcements, and each of us had the front section of the local paper for the day we were born.

And on the bottom of each heirloom (if you will) was a piece of masking tape with the name of the child she wanted to have it.

I should die so organized. :)

chipster 06-20-2014 02:23 PM

Quote:

Originally Posted by Bob Dillon (Post 5219456)
Liquidate the entire estate and buy the place you want. That way, it's over and done with.
No worries, no future hassles, done. It's the best way. I promise. :)

This is what I should have done when my grandfather died. Was about seven years ago, last year I finally sold his farm house, but I'm still living in his house in town with Grandma's crap that I don't know what to do with. I wish I would have sold EVERYTHING and started out fresh.

Bob Dillon 06-20-2014 03:07 PM

Quote:

Originally Posted by chipster (Post 5219546)
This is what I should have done when my grandfather died. Was about seven years ago, last year I finally sold his farm house, but I'm still living in his house in town with Grandma's crap that I don't know what to do with. I wish I would have sold EVERYTHING and started out fresh.

Nothing stopping ya from having a gigantic yard sale (or renting a dumpster) and doing that now. Housing prices have begun to recover. Our home has appreciated over 200K since we bought it in '09.

geeteeohguy 06-20-2014 04:07 PM

I would sell and move on. I was in a similar situation in '09 when my dad passed. My brother was living in the house and and stayed there two more years, selling off the estate to pay the bills and letting the house further deteriorate. I wanted to sell immeditately and split it, he was emotionally attached. I ended up doing the 400 mile round trip every weekend to do major renovation, while he drank beer and watched television, telling me "you don't have to do that'. When the house did sell, in late 2011, even with my putting 20k into it, it had dropped in value over 120k, due to the falling market. So, holding onto the property caused a huge loss, plus hard feelings. Joint ownership of a longtime family home is an awkward situation. Look at it from your siblings point of view, and let them sell it so they (and you) can move on. Being stuck in a business relationship with non-like-minded siblings is a rough thing indeed.

eaglesan13 06-20-2014 04:31 PM

Many years ago mom started a process where you could "claim" items. You just went and asked her for something, and if it had not been claimed yet, she would put a label on it with your name. On the day we disbursed her stuff, the labeled stuff was given out first and did not come out of your share. The next thing we addressed was stuff we had each given to her, it was to be returned to the giver. For example, one brother had bought her a nice gas BBQ, so that went back to him, etc.... When I arrived at the house my sisters had bags lined up in front of the living room fireplace. (Same as our Christmas stockings had been for years). There was a bag for each of us. Inside were personal items we had each given to mom over the years. Every birthday card, school project, or mothers day card I had ever given my mom was there. Every report card from K-8th grades was there. (I always thought I started being a goof-off in high school, but according to my report cards it started much earlier). The hospital bill for my birth was there. In 1958 it cost my parents $167.00 for my birth. The insurance paid $50.00 and they paid for the rest in three installments. My baby book was there, listing everything I did daily for the first year of my life. I can't believe she kept all this stuff for all eight of us. Yes, I should be so organized.

Quote:

Originally Posted by Bob Dillon (Post 5219511)
Cool story. When my mom died and we were moving her stuff out, we found a file folder in her bureau drawer for each child with significant stuff in it; our birth certificates, birth announcements, and each of us had the front section of the local paper for the day we were born.

And on the bottom of each heirloom (if you will) was a piece of masking tape with the name of the child she wanted to have it.

I should die so organized. :)


poncho-mike 06-20-2014 06:20 PM

Thanks for all the advice. For those that asked, here are a few more details that might help.

Dad passed away over three years ago, and had a will. Mom also has a will that specifies the proceeds be split three ways.

I'm told by an accountant that the real estate passes directly to the heirs and is not subject to executor fees. About 75% of the estate is real estate with the rest being cash. Mom has no debt. My mom had already given away some of her possessions to my brother and sister before she passed, such as dad's truck and motorhome.

The location really isn't that rural, it's only about two miles from the city limit of the biggest city in the county. It's just that the bulk of the new development in the county is taking place about ten miles away. There are some very large high end brick homes on large lots within a couple hundred feet of my mom's driveway. There are also 70s era small brick homes nearby as well. There is a lot of open farm land as well.

I live near Raleigh, and it's pretty hard to buy a piece of land and put a big garage on it unless it is zoned commercial and that gets expensive. The land my mom has is zoned Rural/Agricultural, which should allow a decent sized garage.

I could be wrong, but I don't see my sister wanting to try to screw me. She is disabled and her husband is near retirement, so I'm sure they want the money to make life easier in retirement. Money spent by either side on lawyers is wasted money, but I can afford to waste it on legal fees far more than she can.

My parts have been stored there for years with only a few things gone and I know who got them. I also don't store expensive stuff there. It's mostly things like doors, fenders, trunk lids, endura bumpers, etc. It's heavy stuff that the average thief doesn't want to mess with.

The land isn't easily split up. There is only about 60 ft of road frontage, just enough for a driveway to the 11 acres. There are some homes to the left of the driveway and a huge field to the right. The 11 acres was carved out of the large farmed field many years ago and has enough land for one driveway.

I have potentially the same issue with theft if I buy a house in the mountains. Most of the land where I can put up a pole bar or steel building is pretty rural and could easily be robbed.

'ol Pinion head 06-20-2014 06:50 PM

Would agree with Chris, Dillon, & Doug, its not you Mike. Regret hearing of you mother's passing :(

My family exp: As a teenager I was the muscle for cleaning up several large rural farm houses in family estate deals where a grandparent was the administrator of the estate. One such job took the good part of the summer, time I could have spent playing Ball. Having witnessed distant relatives come out of the woodwork, stuff disappearing, squabbling, etc, in one instance, upon a great aunt or passing, my immediate family said NEVER again! With an eye towards estate planning, everything my family has interests in has been set up in trusts. I'm a few years younger than you & am going though the estate planning now.

On the real estate deal, old rent houses & tornado tractors, not happening with this kid, helped several friends over the year's on their continual rental burdens. Going to be a landlord, better off with nice duplexs, tri-plexs, or multi family townhouses. Location means a lot, ours are in a nearby large college town, but we don't lease to college kids only stable adults, retiree types are the best.

PonchoV8 06-20-2014 08:54 PM

Quote:

Originally Posted by Bob Dillon (Post 5219511)

I should die so organized. :)

http://2.bp.blogspot.com/-UkZR0uwmsT...ing_hg_wht.gif

KS circutguy 06-20-2014 09:20 PM

Jesus Poncho,stop trolling!

PonchoV8 06-20-2014 09:36 PM

Stop trolling ME, little boy. I'm in agreement with him. Are you just sad because nobody is trying to engage you?

PonchoV8 06-20-2014 09:46 PM

Mike, it doesn't sound to me like it would be 'the end' for the mountain cabin dream. It sounds like it would be if you decide to keep the family homestead. You can always sell it later.

Are the cars stored there anything you really want to keep and would regret selling?

KS circutguy 06-20-2014 09:52 PM

Little boy say's to the old-man .
Get it right!lol

poncho-mike 06-20-2014 10:04 PM

There are no cars stored at my parents home right now, just parts.

I have a number of cars and a lot of parts stored in a barn I rent for cheap, most are round port. My plan was to buy out my brother and sister, sell one or two cars, clean out dad's garage, and move my cars into his garage. Doing this would also mean I don't have to find somewhere to store all of the sheet metal I've got stashed.

I guess I'm getting cold feet now that I have to make a decision soon.

KS circutguy 06-20-2014 10:12 PM

JMO; sell the stuff now while the market is still there.
Wish you all the luck.

justincampbell 06-21-2014 01:44 AM

Agree with all who have said mixing business and family is generally bad news.
In addition, I will say from personal experience that property with sentimental value generally makes a person spend time and money quite foolishly.

I would say sell the property, take your portion and just keep on doing your own thing.

Good luck with whatever you decide to do.

71SportRagtop 06-21-2014 08:36 AM

Money can really bring out the worst in people, including friends and family. I let the property sell and be done with it. I speak from experience.

Back in 1995 my good friend and I were fishing in the Pocono mountains of PA. We got to talking about possibly buying a place up there instead of always renting crappy hotel rooms whenever we went up to go fishing or skiing.

Long story short in 1996 we purchased a small home in a real nice area. We were super close to 3 major ski resorts, plus there are 2 really nice fishing lakes in our development. We bought the house and for years it was a ski, fishing, and party house for us and all our buddies....that house can really tell some stories!

Anyway, in late 1998 my buddy was accepted into the PA State Police. After initial training, he was stationed out by York PA which was about 3 hours from our home. Since it was a long ride and he was working all kinds of different shifts as a new State Trooper, he decided that he wanted out of our vacation home and he offered me the chance to buy him out. I loved the house and the area and decided to go for it.

We decided together that the fairest way to place a value on the house was to have 3 seperate appraisals done and then average them out, then we would divide that value between us and I'd see if I could afford to buy him out or not. So I paid for one appraisal, he paid for one, and we split the 3rd.

We took the 3 appraisals, averaged them out and split that value in half. Turns out that value was about $10K shy of what he thought it should be. I won't bore you guys with all the gory details but it got heated, nasty, and ended up ending a 25 year friendship.

In the end my fiancée (now wife) and I bought the home from him. It was REALLY tight for us for several years because as this was all going down we were also planning a wedding, a honeymoon, and buying a primary home for us to live in after we got married. I. The end it all worked out. We now only have 3 years left on the vacation home mortgage and we use it a lot. We constantly have friends and family up there and I wouldn't trade it for the world. But still in the end I lost a good friend out of it.

jhann42 06-21-2014 10:23 AM

When my mother finally died my brother and his wife took care of cleaning out the house. I told them that they could have or distribute as they wanted. No hassle. My daughter is a CPA. No arguments. Got the cash and all are as friendly as ever. Very smooth. Since you don't need and extra money don't knick/pick and make it smooth. Jon

Heybuck 06-21-2014 10:47 AM

3 way split......
 
Quote:

Originally Posted by poncho-mike (Post 5219672)
Dad passed away over three years ago, and had a will. Mom also has a will that specifies the proceeds be split three ways.

That sentence there says it all......

Your mother specified her estate be split three ways. Why don't you follow her wishes and simply allow the estate to be split - 3 ways.

Doesn't sound like your sister is trying to shaft you in any way - sounds to me like she just wants an early finalisation which possibly is what she and her husband need? My only concern would be that she doesn't take a lowball offer whereas you might all benefit a bit more by making sure the property is sold for a fair price.

Best you rent some storage, move out your stuff and make your own base somewhere else.

Above all, DON'T let this estate wind-up lead to animosity between you and your siblings. We are all a long time dead. Stay friends with them please

Ian :ausflag::ausflag::ausflag:

PonchoV8 06-21-2014 11:07 AM

Disagree. It's obvious the spirit of MIKE'S explanation is that each sibling profit equally and none above the others. The determining factor is that his sister is the executer of the estate and it's her decision, legally as well as in spirit of the wishes.

Mike, over the years I believe I've learned that you're conservative in approach to decisions, making them after lengthy consideration. It appears your sister was ready to make this decision when the final time came. Maybe she's worried it will drag on. I understand your trepidation and it's fortunate that you're in a position to take either direction. Was most of the problem with rentals the tenants or dealing with the state about getting compensated for them taking part of your property and not providing septic services?

It's common that I can't decide what I want on the menu at new restaurants. I can never emotionally commit to the vehicle I drive daily. All these decisions have been compromises and been about back-thinking the decision.

poncho-mike 06-28-2014 10:18 PM

Before my mom's condition worsened earlier this year, I had been looking at various places in the mountains. Earlier this spring, an old farm house came up FSBO on Craigslist. It has a detached 2 car garage and a 40 x 30 pole barn in very good shape. The price was pretty much in line with what my parent's home site had appraised for, so my wife and I took a ride to see the place in person today.

Without going into detail, I liked the pole barn and garage, but the house needed more work than what I wanted to take on. It wasn't horrible, I just didn't like the house. It was laid out funny and the interior was rather dark. The inside walls and ceilings were tongue in groove chestnut, which the owner stressed was pretty desirable. When coupled with the small windows in the house, the interior was slightly dark. The electrical system needed upgrading pretty badly as well. I think the house would have turned into a constant project, and I want to work on my cars when I retire, not a house. I think I'm going to pass on that particular place.

Anyway, I'm back where I started. I probably have two months to move about 800 sq ft of sheet metal and miscellaneous stuff, or buy my siblings out. I've about decided the best thing to do is move half of it, and let my sister list the property and try to sell. If there are no takers, then I'll consider making an offer. If the property is on the market for six months or so and there are no offers, then it will be hard to argue down the road that I bought it too cheap. If it sells, I'll have cash to put toward my cabin.

I was planning to go to Norwalk this year. I've got quite a few 70-72 Firebird and 71-72 GTO endura bumpers stored there. Would nice original endura bumpers do well at Norwalk?

Thanks for your thoughts, guys.

Steve Hoog 06-29-2014 08:44 AM

Mike

No advise but I am sorry for your lose.

Best of luck with your situation.

Steve

68 Firebird Brian 06-29-2014 09:08 AM

Mike,

I had to deal with 3 siblings after my father died (mother predeceased). It was not a very good experience. Find the items that remind you of good experiences you had as a family. I find memories are forever attached to objects. It can be expensive items or inexpensive. I have my Dad's tool box he last used 20 years ago. Most of the tools are in the same place they were when he passed. I still have the station wagon we had when I was a kid (restoring). I took my parent's bedroom furniture for our own bedroom.

There are lots of memories tied to land as well but those can be damaged fairly quickly should problems or hassles arise. It sounds like your not too keen on renters already, don't expect it to get better. Also, Insurance companies don't like insuring property that is left unattended to. Does your wife have the same "love for the old homestead? If the land goes up in value the siblings will be pissed off. Change that to "IF .... the siblings will be pissed off! lol

My advice, keep what you can, sell the rest and buy the place in the mountains today. Start living today because you never know when God will throw you a curve ball!

Good luck!
Brian

poncho-mike 08-03-2014 09:57 PM

Update
 
Well, my decision was made somewhat easier.

Last week, my brother went by to check the house and found the door broken. Someone had broken into mom's home and ransacked it. All of the valuables had already been removed by family members, but that didn't stop them from dumping everything out of the drawers and closets.

They also broke into my dad's garage, apparently looking for tools and metal they could sell. They took an air compressor, a tire balancer, a band saw, some stainless steel, and some of my car parts. My brother didn't know what car parts had taken, just that there were fewer parts in the garage than what had been there earlier.

He called the police, who came out and took a report.

My brother came back the next day, and they had already been back. This time they stole mom's large Craftsman riding mower (27HP Garden tractor if my memory is correct) and probably some additional metal.

I went down the next day with my oldest son to see what had been taken and to move stuff back to Raleigh. As best I can tell, at a minimum I lost a nice 72 GTO fender, a nice 71 Trans Am fender, a pair of 77 Firebird doors, and a 70-72 A-body rear bumper. There were about six or seven fenders left, all with the inner fender wells attached. I suspect the thieves didn't take these because they took up too much room. I may have lost a few additional fenders, but I'm not sure.

It could have been worse. I had a "coffin" in the garage, which is what we call long thin wood crates I got from my former employer. They used these crates to ship telecom electronics from Sweden to the US. These boxes use a special tool to remove the lid, although they can be opened with a good pair of pliers. The large box contained parts off a low mileage but rusty 70 T/A. The bright blue seats and door panels were in the box, as well as engine brackets and pulleys, the carb,shaker, and exhaust manifolds, and the original Rally II wheels.

My son and I moved everything of value to my house and his house where I'll go through it and get rid of some and put the rest away. If anything, this showed me that it's probably not safe to store my valuable car parts in a rural location. After this, I have no interest at all in buying mom's property from my siblings.

400 4spd. 08-03-2014 10:50 PM

Mike,
I hope the POS thieves are caught one day and you get justice.

jcruz 08-04-2014 06:02 AM

Quote:

Originally Posted by Bob Dillon (Post 5219456)
Liquidate the entire estate and buy the place you want. That way, it's over and done with.
No worries, no future hassles, done. It's the best way. I promise. :)

/\ This

Kurt Zimmerman 08-04-2014 08:21 AM

Quote:

Originally Posted by The Champ (Post 5219325)
This paragraph speaks volumes to me.

If this is what you REALLY want in retirement, I'd let the old homestead go. Selling it and using your share to aid in obtaining your dream seems to make more sense to me.

You haven't "enjoyed" being a landlord for one property - so why take on a second? If you need some storage - to me it makes more sense to have it closer than 3 hours away.

JMHO

Ditto this... ASAP. You don't need the headache-

Kurt

The Boss 08-04-2014 08:39 AM

So sorry Mike - TV keeps saying the economy is back to normal but every flip house I go to look at has been stripped of it's copper!

Set up a game camera - they'll be back.

poncho-mike 08-04-2014 11:43 AM

There were game cameras installed. One was on the power pole beside the house, the second was on the T2 light beside the garage. They apparently used a ladder from the garage to steal those as well.

pontiacs-r-us 08-04-2014 03:58 PM

Mike,was just reading thru post,as my parents are getting older.Trying to gain a little insite in these matters.Sure are tuff choices... I live in Va mountains approx 20miles from NC line( my family is from parkway area of Ashe/Wilks Co) Im sure crime rate is nowhere near that of Raleigh(not sure where your home place was),but these meth heads here will steal every bit of scrap metal laying around here!!! Wiring and even iron pipe from old empty houses as well Mtn vacation homes.I think it's same all over?But it sure is a beautiful place to live...I think if you relocate,your will be happy in the long run...Maybe it's because it's home to me,but I wouldn't want to live anywhere else...Hope this all works out well for you...Kenny


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69goatboy 08-04-2014 04:10 PM

"You can never go home again." ~ Thomas Wolf
Your memories of your parents are of them, not their stuff.

Sell and get your mountain home. You and your siblings will be happier.


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