Skip to main content

What to do as a family?

Not sure if this is the right forum, but figure I would post it here and see what happens.

My dad is in his late 70s, has been retired for about 20 years now.

I have 3 sisters, 2 older, 1 younger. We’re all in ours 30s/40s.

One of my sisters lives in the other side of the country. She has a job that pays fantastic.

My other 2 sisters live locally, just down the road.

1 sister has a preteen child and her own business. Her business is office hours.

1 is working for the government, which is good enough money. It's shift work.

I live with my dad, I work a 9-5 job, Monday to Friday. However, once I factor in commute times, I basically have a couple of hours of rest time after finishing work, then I go to bed.

For about 5 years, I was living in the other side of the country too, running my own business. That closed due to Covid, so I started working a minimum wage job until I could find something better in that area.

I couldn't find a better job in that area, so I moved back to live with my dad, as he kept asking me to come back. I thought as he is in his late 70s, I should be with him. Even though he is in excellent health (his health is the equivalent of someone in their early 60s), that can change in an instant.
When I moved back, it took about a month to get my new job, my current job, which has much better pay and hours than my previous job. To be honest, I don't really like the job, but I need it. The longer I stay in the job, the more experience I get, which will make it significantly easier for me to find a new job. Even if I do a year in the job, that looks good on resume.

Eventually, I want to work for myself again, from home.

So what is the problem?
Our dad has established a small property portfolio over the years and as he gets older, he is finding it more difficult to maintain. My oldest sister has been wanting me to help our dad out more doing the odd jobs around the place, which, in principle, I don’t have a problem with.

At our home, 2 of my sisters keep their multiple horses there as we have stables (that are falling apart as they 30+ years old). They don’t do any maintenance of the grounds or stables. In fact, they very much use and abuse our dad's kindness by having so many horses, when they know how much he dislikes horses. He doesn't have a problem with the animals themselves (he even buys fruit and veg for them to eat occasionally), he just has a problem with the concept of owning and maintaining horses due to their cost.

However, I think it’s interesting that my sisters don’t think they should be involved in the upkeep of the properties, when a lot of our dad’s time is spent making sure the fields and lawn for our house are maintained so that they can use their horses. In fact, I help our dad out far more doing odd jobs for him than any of our sisters do. None of my sisters do any odd jobs for our dad. I’m not saying I am busy every weekend doing odd jobs for our dad, but I do help him when he asks and I do volunteer.

In theory, I could quit my job, take over the maintenance and the running of everything, but I would have to be appropriately compensated for it. I think I could expand the property portfolio to bring in more money for the family as our dad wants to reduce the properties due to his age. However, the problem is that any work I do to increase the family portfolio, I only get 25% of the value for doing 100% of the work.

If I was paid a significant salary, or took 50-75% of the property rental income, which is feasible with the rental money, I would definitely be interested in it. I could still develop the business with that percentage. We obviously would have to draw up contracts to make sure that there are no "misunderstandings".

What are your thoughts on this?

As I said at the start, not sure where the correct forum is, but this is as good as any place to start!

Thank you.

submitted by /u/Definition-This
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/1bs6ycj/what_to_do_as_a_family/

Comments

Popular posts from this blog

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear...

Obtaining a real estate license as a hobby?

Hello, I am 24 years old - 2 years out of college and I have my main job. I was looking to get a real estate license (in California if location matters) as a hobby/for fun since I like real estate ever since I was in high school. In the past 2 years, I would go to open house in the weekends to look at homes for fun. I don’t plan to practice real estate full time as I have my main job but I am curious are there any benefits to this? In the future, I plan to own multiple properties and have rentals, so I was wondering if getting a real estate license can help me with it? Thanks submitted by /u/AlohVera [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1f0qx9i/obtaining_a_real_estate_license_as_a_hobby/

Advice? Moved out of my primary residence and now renting

I moved out of the house I own in August 2021, I lived there for 8 years, I have been renting an apartment the past 3 years and renting out my house. My current tenant is moving out in September. I seem to have just missed the living 2 years out of 5 years rule for being exempt from capital gains tax and my house being a primary home. Any advice on what the best thing to do would be moving forward? Continue to rent out my house? I'm happy with my rental, but wouldn't mind buying another property down the road. I could sell my house down the road and try to do a 1031 exchange? Moving back in my house isn't ideal because it's an hour away from where I currently live. I could take a HELOC perhaps and try to buy another property and continue renting for the long term? I do have a 2.4% mortgage rate on the house so I don't mind keeping it for a while. Thanks for everyone's advice. submitted by /u/Ok-Top-7859 [link] [comments] source https://www.reddit.co...