Maria-in-law on Firmer Ground?

This post is all about a follow up on my wayward sister-in-law. If you will recall the last time we visited A Problem Like Maria, my sister-in-law was an albatross around my neck.

I am happy to say that things have moved in a positive direction since then.

Some small credit is owing to myself and my plan to set her up with reoccurring infusions of cash on a monthly basis to augment her budget. This was intentional and instead of giving her a lump sum of her monies due from selling her deceased parent’s house.

But most of the credit is due to her finally getting better about being an adult and accepting her limitations. She has friends and a life and manages to not need her younger sister (my DW) nearly as much. Perhaps the process of grief is just longer for some people.

Anyway, the newest set up is this;

We bought an apartment building and installed my sister-in-law in it.

What does she get? A way bigger place for the same price she was paying. Spacious 2 bedroom, 1 bath with a dining room and in apartment laundry. Bonus for her.

We also put her name on the building with us as tenants in the entirety with rights of survivorship. If she goes first, we just get it back. If something happens to us first, she always has a place to live and the income from the downstairs tenant. Long range wife guilt problem – SOLVED.

What do I get? 3 things actually.

First, her name is on the building so it is 50% owner occupied, so 50% homestead exemption, so 9 mils less in taxes every year.

Second, I know she will always pay rent, because I kinda control her finances. Direct deposits have been set up and no need for her to ever move, i.e. no need for me to ever have a vacancy or a need to find a new tenant.

Thricely, (not a word apparently, but I like it) I get to soft shoe into owning my first rental. Instead of worrying about 2 tenants and no eyes on the building. I only have to worry about 1 stranger tenant and my sister-in-law is kind of a property manager.

Those semi-duties and her new found, ‘my name is on the deed’ give her a certain amount of life gravitas that I think will do wonders for her self-esteem.

So I am confident enough that I am not holding my breath, but nervous enough that I am knocking on wood as I type this. For Real, not just an expression.

 

More from the Rental Property series;

Running The Numbers on a Rental

Zoning Laws and Red Tape

Problems with Appraisal

The Home Inspection

The New Building is Acquired!

Pacing Acquisitions

FrankenApartment

Demolition Completed

5 thoughts on “Maria-in-law on Firmer Ground?

  1. sounds like a solid plan. i am very curious about finding or keeping the “stranger tenant” with all the present happenings involving a certain pandemic. if i had to hope for one thing i think it would be to look for a tenant now that all the unemployed ones have been shaken out.

  2. So if she kills somebody or injures them and a lawsuit is filed can they take the building away from her and you? She sounds like a walking lawsuit waiting to happen.

  3. Thanks for writing about this. Gives me plenty of tried and tested ideas for future use. I do have a relative that I foresee becoming a problem like Maria… I’m crossing fingers that will not come to be and crossing fingers in the meantime.

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