Got a lot going on, could use some life advice?

[swampratt]

I have repaired some really crappy shacks.
The one I am doing now was turned down by 1/2 a dozen people because they all thought it needed dozed down.

I do not like selling homes in a good rental area.
I would bet you could get 1300 a month for your home and I will also bet you do not pay that much in a house payment.
I have a couple rental homes and they are great income that is hard to beat.

With a monthly income that is more than the payment you can get out of debt pretty quick.

My neighbor was moving out and told me he was going to sell the house and the reason was he did not want to deal with renters because he heard horror stories.
I talked him into renting it out..he has rented it out now for over 12 years and is super happy he went that path.
1250 a month for those 12 years.
15,000 a year and 80,000 total and he still owns a house worth 150,000 kind of hard to beat those investments.

 

[Aku]

In my situation, with where I am in life, what would you do with the proceeds from my home sale?

for you guys further along in life than I am, what did you do right with said windfalls/situations, and what advice can you give me in this sorta time in my life?

Re: proceeds from sale of house; put it in an online bank interest bearing savings account like MidFirst's VIO Bank and keep it away from your GF;

Agree with @Chief Sapulpa. Deposit or invest the money in your name, and your name alone. Keep that money as separate property/money. I would even consider a pre-nup if its a lot of money. Do not commingle the money.

n terms of this crappy attorney, is there any suggested reading on stiff arming this guy into actually Releasing this stuff so that my mom can move on?

Hopefully one of our resident legal beagles will be along to help but it sounds like your mom needs to file a complaint with the bar about that lawyer.

Agree with @RickN. I would send the lawyer a letter, (so that you have it writing to send to the bar association), advising the lawyer, that you want an itemized description of all attorney fees expended to date, the dates of any upcoming court hearings, demand to be present for each upcoming court hearing, and when he expects this matter to be concluded. Also, include that if the matter is not concluded in prompt fashion, the Oklahoma Bar Association will contacted and a grievance filed. If you file a complaint now, the lawyer may be forced to withdraw, leaving you in a lurch.

Wish you well, and I hope you have a long and fruitful life with your soon to be spouse. But protect yourself.

 

[Profreedomokie]

If you sell your home before you move out, you won't have to pay capital gains tax on it. Sale of your primary residence isn't taxed that way.

 

[tRidiot]

I'm of the opinion keeping 'separate' money and bank accounts is one of the factors that lead to divorces. I disagree with that advice. You're all in, or you're not.

 

[Shoot Summ]

I'm of the opinion keeping 'separate' money and bank accounts is one of the factors that lead to divorces. I disagree with that advice. You're all in, or you're not.

I agree, there might be some circumstances where you don't, but you need to clearly communicate the reasons(tax etc).

I have some good friends that got married later in life, they are 100% split finances, it works for them, but it is awkward to be around at times as they figure who is paying for what...

 

[JD8]

I'm of the opinion keeping 'separate' money and bank accounts is one of the factors that lead to divorces. I disagree with that advice. You're all in, or you're not.

Can't speak for others, but it's never been an issue with me and my wife. If both people are responsible then I don't see the issue in choosing to do so. We do have one joint account in addition to our separate accounts.

 

[JD8]

Have you actually run the numbers on renting your house versus selling it? If you have a significant amount of equity I would bet 3-5 years of a rent stream, and the associated tax benefits would produce more return than parking the money in a low % savings account. The house can also be used for equity to borrow against for your next step if you want.

You need to have a sit down with the attorney and get a timeline, and clear closure target for the probate. Also ask for the timeline up to this point. Determine what you Mom has paid so far as well.

I'm going to second this, I'd probably lean heavily towards renting in this situation. It's tougher initially, especially when buying another house or land, but renting it out will likely beat most investments within the same risk profile.

 

[Shadowrider]

Inherited property and assets are not considered marital property in Oklahoma. Keep the money separate in it's own account. Do not commingle it with your own. You can spend it as you want, on things as you wish, but don't mix it up with yours and keep good records of where it came from. Without going deeply personal on a public forum my ex is learning this the hard way and it's costing her. Pretty par for the course with her hard head and all.

 

[Okiedog]

I'm of the opinion keeping 'separate' money and bank accounts is one of the factors that lead to divorces. I disagree with that advice. You're all in, or you're not.

Completely agree. If there are trust or money issues, back out NOW! We got our 50 yr chit a couple months ago. Some of those yrs were not so smooth, but none had anything to do with trust or money.

 

[trekrok]

Probates can drag on forever even on seemingly simple estates. Especially if you have an attorney that's looking for ways to bill vs ways to finish it. Assuming you don't have heirs fighting, you can sell the real estate before the final decree. The sale would have to be approved by the court, but that's generally a rubber stamp type thing unless heirs are squabbling about it. I don't know much about mobile homes, but would the frame be worth enough for a hauler to come get it in exchange for hauling? If not, I'd market it discounted $xxx for removal of existing mobile home, or similar.

Handling the funds is very fact dependent. Time together, kids or step kids involved, views on spending and saving money, and so on..