Rhadit One Blog

What was your toughest job ever real estate? Nasty investor, a foreigner, or? Would you happen to be a member of your family? Perhaps a parent ??

My worst real estate deal involved buying a home of my parents and dealing with my father a widower.

Basically, he is very learned a retired university professor, teaching at the university level his entire career and knows how to speak fluent in 8 languages​​. and generally knows a lot of 'useless' information that the shares in the conversation and shows, in accordance with her ​​mother (ie Q: When was the Battle of Hastings fought?: 1066 AD ).

He raised a large family, many of whom are well educated, MBA's, MA's and PhD's. But he still thinks we are all incompetent when it comes to business. He is very conservative, went through the Great Depression, he grew up very poor, and does not like to talk about business matters, nor try to understand them. He is good at business and nervous just talking about business matters. He gets nervous watching a basketball game and must turn the TV off and pace the floor.

So, when he moved from his home at the age of 89 to assisted living communities, he wanted to sell the home. Now, it's a great home with a total of 5400 SF, 2700 SF finished basement, main floor of the 2700 third acre, all very nicely decorated with an arbor, the garden, across from city park and tennis courts. It was a block from the success of elementary school. I approached him many times about me buying it as a rental property, but, oh no, it would not work. He would feel bad if something goes wrong or broke after I bought it. He could not bear to think about all the trouble that might happen. And, what would I do if I need a plumber when I live 400 miles away in Phoenix? (Short answer: Look up on-line number and call a plumber ).

I finally tried and true techniques we learned as teenagers: wear it down. So, I pointed out a written plan to purchase a home, I had lined up the preliminary evidence of financing, how does it all work, and many benefits. Of some major repairs needed to be done to home, I made economic obsolescence deductions as appropriate. We had to get approval from all my brothers and sisters (seven of them, and they were all just fine with him). I reviewed my plan with him a dozen times, but he did not want to see a lot of numbers, they have him nervous.

a clinching factor is that our late mother, who designed the house for more than 20 years, would want to stay in the family. And he could drive in from time to time and I know that it is well taken care of. You seem to be the clincher. He finally gave us great reluctance and agreed to the job. It was such a difficult process two months! However, we could not push it, an older gentleman can be stubborn.

post mortem

We had a renter in the home each month from purchase, have done extensive remodeling and dad are back dozens of times to see the house and attached memories. I'm reminded him at least 50 times in the four years since then, how beautiful the house was taken care of and that the tenants have paid rent regularly.

has proved a success, but definitely the toughest real estate negotiations I was involved.