Just Doin Some More Thinkin

Clear Sky was able to spend some time with us today before leaving for her other job. We soon were talking about her cashing out of one of her investment properties. We've been sympathizing with her troubles. During our married life, we had investment properties, so we could understand. 

The house is only two houses away from the center!  It’s a yellow two-flat with a porch on a fairly quiet residential street and it has a two car garage. Clear Sky used to live in the downstairs apartment with her family, but they bought another investment property 5 minutes away.

I could live in either the two or three bedroom apartment and rent out the other apartment for an extra income starting out at $500-600. When and if we could use more space (i.e. for the respite idea), we could take over the whole building.

The place is nothing fancy, all of my neighbors speak Spanish and I don't, but the majority of them are good family people. We would need to get a new heating system, the kitchens and bathrooms need to be updated, I’d like central air and a security system, and tall wrought iron fence. Think the electrical is good, and the roof has been replaced, but the water drainage system might need checking into. We’d have to have an appraiser come look at it, but Clear Sky is thinking she’d sell it to us for $100,000. 

We'd have to talk with our son Tanner. He’s only 21, but he would be able to finance the house outright in cash. That would save us $52,000 in interest over 15 years and $116,000 over 30 years.  Tanner has said he already has what he needs with a half million dollar house, BMW, and a Hummer. Tanner has been more than generous in the past, but this is a lot and I’m not sure he would want his mother living in such a "rough" neighborhood. The center or Clear Sky hasn't had direct problems, but the gangs are around.  

I don’t know ... with what I’m paying now for rent and the gaining of a tenant would allow $1,200-1,500 to go back into the building each month, plus we could get a cleaning lady and the guy next door does professional lawn maintenance. *Giggling* Think of the savings in insurance, gas, wear and tear on the car, and time/stress of not having to drive to work! I’ve still got about 20 or so years to be putting into direct workin for others.

Yep, yep this would suit me fine!