TheHaitian
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Post by TheHaitian on May 23, 2015 9:12:46 GMT -5
I'd be moving in with him asap. Leave the adult children behind. I agree
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Plain Old Petunia
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bloom where you are planted
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Post by Plain Old Petunia on May 23, 2015 9:34:33 GMT -5
The one sink is odd but I'm thinking those are his and her bathrooms maybe? Then it's not odd at all but wonderful!! I wish I was rich. Are those 3 double garages? Wait til I show DH. That's the only thing he misses from his old McMansion. I think the one sink is odd too on that long counter, but it wraps around the corner and there is a second sink. There are two separate water closets in that bathroom. No, those are 3 single car garages. There is another home for sale in the same subdivision with an 8 car garage. I wish I was rich, too. I would buy it and then BF wouldn't have to move.
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Plain Old Petunia
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Post by Plain Old Petunia on May 23, 2015 9:42:59 GMT -5
Wow, I understand why it's been hard to let go.
What's the background story? Was he married before? He has been married and divorced, but the house was his mother's and is part of her estate. She died 8 years ago. BF has still not settled the estate. When this house sells, he has to get busy on another property and get that settled too. He has made himself a huge mess through his inaction. Not just a financial mess, he has strained his relationship with his brother. He will miss the house, but I think it will be liberating too. His mother and step-father had the house built after staying in a resort someplace in Mexico that they just loved. It has a "resorty" feel to it. I think it is all the windows and small gardens.
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Deleted
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Post by Deleted on May 23, 2015 9:56:06 GMT -5
How have you been eating when you stay there? There's no fridge. Is there a mortgage to pay off? I gather his brother owns half. How many maids keep it that spotless?
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zibazinski
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Post by zibazinski on May 23, 2015 9:59:02 GMT -5
"I wanna be rich" keeps running through my head.
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Deleted
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Post by Deleted on May 23, 2015 10:06:20 GMT -5
"I wanna be rich" keeps running through my head. That would be nice. With my current finances I find that house gorgeous but overwhelming. I've always lived in much smaller, and to my mind cozier, houses. There are parts of it I would love to have but the whole package is too much.
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Deleted
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Post by Deleted on May 23, 2015 10:13:59 GMT -5
Very nice. I think I'd like him to come up with the update concepts on my house! What he did is gorgeous.
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Bonny
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Post by Bonny on May 23, 2015 10:46:29 GMT -5
Wow, I understand why it's been hard to let go.
What's the background story? Was he married before? He has been married and divorced, but the house was his mother's and is part of her estate. She died 8 years ago. BF has still not settled the estate. When this house sells, he has to get busy on another property and get that settled too. He has made himself a huge mess through his inaction. Not just a financial mess, he has strained his relationship with his brother. He will miss the house, but I think it will be liberating too. His mother and step-father had the house built after staying in a resort someplace in Mexico that they just loved. It has a "resorty" feel to it. I think it is all the windows and small gardens. That's a shame but not uncommon. I think it took DH's aunt over 8 years to settle her father's estate. I don't think it was ever about the money but a way for her to hang onto a part of her father.
ETA: And DH and I are no better. We've kept DH's father's house in the So. CA mountains and I kept my mom's condo in San Diego.
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Plain Old Petunia
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Post by Plain Old Petunia on May 23, 2015 10:49:48 GMT -5
How have you been eating when you stay there? There's no fridge. Is there a mortgage to pay off? I gather his brother owns half. How many maids keep it that spotless? There's a fridge in the garage. Since the kitchen remodel, no food has been prepared in the kitchen. We have kept easy to fix things in the fridge, and there is a microwave too. Lots of cold cuts, cheese and fruit. There is no traditional mortgage. BF didn't have money to pay for the remodel and was behind on property taxes, so did a hard money loan a few months ago. (The contractor had fronted money as they went). The fees and interest were high. The balance is 350k, with a year of interest already added in. If he closes escrow before March 2016, he will get a chunk of that interest refunded back. The estate goes 2/3 to BF and 1/3 to his brother. It has been a real mess. BF could have easily been set for life with his inheritance, but he sunk into a kind of funk and just put off dealing with everything. It has been very frustrating for me to watch. Really, he should still be set for a modest life if he starts making smarter choices. I have already given him instructions on what to do with his distribution from the sale of the house.
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Deleted
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Post by Deleted on May 23, 2015 11:20:22 GMT -5
What is the other property like?
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Deleted
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Post by Deleted on May 23, 2015 11:21:51 GMT -5
And how much are the taxes on a place like that in that location? I'm trying to figure out the yearly cost to maintain a place like that.
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Plain Old Petunia
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Post by Plain Old Petunia on May 23, 2015 11:52:13 GMT -5
What is the other property like? There is an empty lot someplace in Davis. Then there is an S Corp. The business is defunct but the S Corp owns a parcel of 40+ acres of timberland and a parcel of 120+ acres. The larger parcel has 6 homes on it. Some are very simple cabin homes in disrepair which just need to be torn down. Two are well kept and inhabited, the tenants do not pay their rent. There is also a large metal warehouse. There is no mortgage debt, but the S Corp has not been filing its annual tax returns. The California minimum tax is $800 per year. So that is owed for several years, plus penalties and interest. The property is near Placerville, CA. I think the timber property all together is worth 400k - 600k, but I am not certain. When the house sells, some money will go into the S Corp's bank account to take care of taxes.
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Plain Old Petunia
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Post by Plain Old Petunia on May 23, 2015 11:57:32 GMT -5
And how much are the taxes on a place like that in that location? I'm trying to figure out the yearly cost to maintain a place like that. They're about 7.5k. But if someone pays 1.2m, they'll be about 15k. Edit: I was wrong about the property taxes. They are 11.5k now.
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Deleted
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Post by Deleted on May 23, 2015 12:22:41 GMT -5
What is the other property like? There is an empty lot someplace in Davis. Then there is an S Corp. The business is defunct but the S Corp owns a parcel of 40+ acres of timberland and a parcel of 120+ acres. The larger parcel has 6 homes on it. Some are very simple cabin homes in disrepair which just need to be torn down. Two are well kept and inhabited, the tenants do not pay their rent. There is also a large metal warehouse. There is no mortgage debt, but the S Corp has not been filing its annual tax returns. The California minimum tax is $800 per year. So that is owed for several years, plus penalties and interest. The property is near Placerville, CA. I think the timber property all together is worth 400k - 600k, but I am not certain. When the house sells, some money will go into the S Corp's bank account to take care of taxes. Wow, he's got quite a lot he's not dealing with. I'd grab a RE Attorney, Estate Attorney & Accountant and just get everything closed out. I'm sure it seems overwhelming to him, but if he had the right help it would have been done years ago. Not paying things and leaving the estate in limbo for 8 years is kind of weird. I'm sure that my family would be all in my shorts if I took that long to close an estate out The estate we were working on was approaching a year & the judge was getting really ticked off. We had an accountant that was a million years old and extremely thorough (slow). Of course in that county the judge's get paid when they estates close, so I guess they are incented to get you to finalize . . . maybe he had an expensive pool repair he needed to fund!!
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MJ2.0
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Post by MJ2.0 on May 23, 2015 12:29:03 GMT -5
I need a sugar daddy STAT!!!
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Plain Old Petunia
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Post by Plain Old Petunia on May 23, 2015 12:36:53 GMT -5
There is an empty lot someplace in Davis. Then there is an S Corp. The business is defunct but the S Corp owns a parcel of 40+ acres of timberland and a parcel of 120+ acres. The larger parcel has 6 homes on it. Some are very simple cabin homes in disrepair which just need to be torn down. Two are well kept and inhabited, the tenants do not pay their rent. There is also a large metal warehouse. There is no mortgage debt, but the S Corp has not been filing its annual tax returns. The California minimum tax is $800 per year. So that is owed for several years, plus penalties and interest. The property is near Placerville, CA. I think the timber property all together is worth 400k - 600k, but I am not certain. When the house sells, some money will go into the S Corp's bank account to take care of taxes. Wow, he's got quite a lot he's not dealing with. I'd grab a RE Attorney, Estate Attorney & Accountant and just get everything closed out. I'm sure it seems overwhelming to him, but if he had the right help it would have been done years ago. Not paying things and leaving the estate in limbo for 8 years is kind of weird. I'm sure that my family would be all in my shorts if I took that long to close an estate out The estate we were working on was approaching a year & the judge was getting really ticked off. We had an accountant that was a million years old and extremely thorough (slow). Of course in that county the judge's get paid when they estates close, so I guess they are incented to get you to finalize . . . maybe he had an expensive pool repair he needed to fund!! Oh, he should have never taken it on. The accountant and attorney both fired him as a client years ago, because he just wouldn't cooperate.
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Bonny
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Post by Bonny on May 23, 2015 14:41:14 GMT -5
What is the other property like? There is an empty lot someplace in Davis. Then there is an S Corp. The business is defunct but the S Corp owns a parcel of 40+ acres of timberland and a parcel of 120+ acres. The larger parcel has 6 homes on it. Some are very simple cabin homes in disrepair which just need to be torn down. Two are well kept and inhabited, the tenants do not pay their rent. There is also a large metal warehouse. There is no mortgage debt, but the S Corp has not been filing its annual tax returns. The California minimum tax is $800 per year. So that is owed for several years, plus penalties and interest. The property is near Placerville, CA. I think the timber property all together is worth 400k - 600k, but I am not certain. When the house sells, some money will go into the S Corp's bank account to take care of taxes. Uh-oh. Has he been paying the property taxes on that parcel?
Placerville is a pretty area.
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Plain Old Petunia
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Post by Plain Old Petunia on May 23, 2015 15:01:10 GMT -5
There is an empty lot someplace in Davis. Then there is an S Corp. The business is defunct but the S Corp owns a parcel of 40+ acres of timberland and a parcel of 120+ acres. The larger parcel has 6 homes on it. Some are very simple cabin homes in disrepair which just need to be torn down. Two are well kept and inhabited, the tenants do not pay their rent. There is also a large metal warehouse. There is no mortgage debt, but the S Corp has not been filing its annual tax returns. The California minimum tax is $800 per year. So that is owed for several years, plus penalties and interest. The property is near Placerville, CA. I think the timber property all together is worth 400k - 600k, but I am not certain. When the house sells, some money will go into the S Corp's bank account to take care of taxes. Uh-oh. Has he been paying the property taxes on that parcel?
Placerville is a pretty area.
The property taxes were behind but are current now. Those were paid from the proceeds of the 350k hard money loan.
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Post by The Walk of the Penguin Mich on May 23, 2015 15:13:49 GMT -5
I guess I'm in the minority in that I'm not really enthralled with the house. Maybe because of the way it is staged, but it just doesn't feel comfortably livable.
The 3 garages would be awesome, as would the indoor pool. But it doesn't feel like the sort of place where you curl up in sweats on the sofa to watch a trashy movie with a bowl of popcorn.
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weltschmerz
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Post by weltschmerz on May 23, 2015 17:36:50 GMT -5
It's a very nice house, but I wouldn't live there. All the indoor pools and 3-car garages wouldn't make up for the lack of "walkability". I'm a Big City girl at heart. I like to be able to walk to the bistros and terraces, walk to the fishmongers and fromageries, walk to all the French bakeries and fabulous restaurants. I can't see myself living in a place where it will cost me $5 in gas to pick up a $3 loaf of bread.
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Plain Old Petunia
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Post by Plain Old Petunia on Jul 1, 2015 14:21:35 GMT -5
Just an update, under contract for 1.055m. Theoretically 30 day escrow.
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lexxy703
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Post by lexxy703 on Jul 1, 2015 15:12:50 GMT -5
What a gorgeous house. It would be very hard to let it go. Congrats on the contract. I hope it pans out.
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CCL
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Post by CCL on Jul 1, 2015 22:00:52 GMT -5
Just an update, under contract for 1.055m. Theoretically 30 day escrow. Nice!
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Deleted
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Post by Deleted on Jul 3, 2015 18:27:53 GMT -5
Plain Old PetuniaPS - Can I 'rent' one of his cabins for free? At least I'd do upgrades and repairs in lieu of rent. And isn't there a point at which squatters can take over the property if they continue to live there an not pay rent for an extended time? He really needs to demand rent (have attorney send demand letter) & evict. At least turn over the tenants so they can't make a claim on the property & he looses it.
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