Joined Oct 2005
2K Posts | 1+
Lost in translation
I finally have nothing more to do with the house at 4 David St. It has been sold and I have received my final payment from it. It was not anywhere near what I thought I would get and I have built up a little bit of debt while getting into the new house and paying the other mortgage as well. I was able to knock off some debt, but I still have a little way to go.
The reason I am also sharing this with you is to share an experience that has put a large strain on my personal relationships with two people that are very close to me; my wife and my mother. I originally bought the house at 4 David St. under my mom's name since she could get a better interest rate than me. She even told me she would put some money into it to help get the payments down.
What ended up happening is my mom did not share all of the financial information with me and just asked me for the monthly mortgage payment. This fact drove my wife up a wall. Add five years to the mix and a number of improvements to the house (some out of my pocket and some out of my mom's) and the drop in value to what was originally assesed as the sale price and we really don't know what was paid out. My mom gave me a check for what was to be my cut of the proceeds of the sale of the house and we really don't know what happened.
My wife is upset as she thinks that my mom tried to make a profit on us. My mom did not fully explain what has been paid out in a sufficient way and I am not sure has happened; but she is upset with me because I questioned her on the final settlement of the proceeds of the sale. I am in the middle of a fight with my mom and wife and I do not see this ever being reconciled as my mom will never tell my wife directly how the money was spent. My wife will never talk to my mom agian and is extremely upset with the debt we have to pay off.
So the moral of the story is; never go into business with family without a contract. Treat it like a business deal and write everything out on what will happen. If possible, just avoid it. The cost of family will be much greater in the long run. Having a happy family is more important.
good luck and God bless.
-Dave
The reason I am also sharing this with you is to share an experience that has put a large strain on my personal relationships with two people that are very close to me; my wife and my mother. I originally bought the house at 4 David St. under my mom's name since she could get a better interest rate than me. She even told me she would put some money into it to help get the payments down.
What ended up happening is my mom did not share all of the financial information with me and just asked me for the monthly mortgage payment. This fact drove my wife up a wall. Add five years to the mix and a number of improvements to the house (some out of my pocket and some out of my mom's) and the drop in value to what was originally assesed as the sale price and we really don't know what was paid out. My mom gave me a check for what was to be my cut of the proceeds of the sale of the house and we really don't know what happened.
My wife is upset as she thinks that my mom tried to make a profit on us. My mom did not fully explain what has been paid out in a sufficient way and I am not sure has happened; but she is upset with me because I questioned her on the final settlement of the proceeds of the sale. I am in the middle of a fight with my mom and wife and I do not see this ever being reconciled as my mom will never tell my wife directly how the money was spent. My wife will never talk to my mom agian and is extremely upset with the debt we have to pay off.
So the moral of the story is; never go into business with family without a contract. Treat it like a business deal and write everything out on what will happen. If possible, just avoid it. The cost of family will be much greater in the long run. Having a happy family is more important.
good luck and God bless.
-Dave
