House update (last one I promise)

[Linda/NE]

House went up for auction Monday nite. Cat lady and we were bidding on it. Somebody behind us was bidding as well. It got up to $40,000 (that was over our limit). The banker came over to talk to us about what we thought--The auctioneer stopped the bidding and switched to a couple vehicles. The Cat lady came over and said she was done bidding. The banker was telling us what payments would be if we went higher. The auctioneer came over and tried to twist our bankers' arm by telling him that what we want to do with the place would be awesome for the kids in the community. The banker went over to the guy who was bidding against us and asked him what he was going to do with this place. He said he was going to rent it. The banker said we have a successful daycare business over there (pointed to it) and wanted to use this place for a daycare. The guy said he was going to fix up the house and rent out the house and the back lot but the 2 front lots (the large yard!!) he was going to do something else with.
So, I told the banker I didn't want to get in too deep so we passed and let this other guy have it. This guy is from around here but he's been in California. I guess he made a bunch of money there and has been buying up property here. The auctioneer/realtor said this guy had asked about whether this property could be zoned industrial or commercial. I'm afraid he's going to dig up this beautiful yard and either build something or park a bunch of junk and just make it look awful!

So we are on hold, keeping our eyes open for other places that maybe would be big enough for the whole business in one building. In the meantime I'm working on building up some capital and reducing some debt.

I'm disappointed but somewhat relieved at the same time. If it's meant to happen, it will. Thanks so much for the well wishes!!!

[Leigh]

(((Linda))) You have a wonderful attitude about it... I hope everything works as planned!

[Diane]

I hope it will still somehow work out for you. (isn't this place right behind your current day care?) If so... it would be so convenient having both places back to back from each other. I'll be keeping my fingers crossed for you... and please do keep us updated.

[littlesista06]

is renting it from him an option? let him use his money to fix it up and i'd guess the rent you'd pay to use it would be considerably less than the mortgage on it, if you'd flat out bought it.
good luck!!

[Amy]

At least you played out all your options to the fullest. You can rest knowing it wasn't meant to happen for you at this point and something better will come along.

[AnnW]

is renting it from him an option? let him use his money to fix it up and i'd guess the rent you'd pay to use it would be considerably less than the mortgage on it, if you'd flat out bought it.
good luck!!

that's exactly what i was thinking!! rent it from him!!!!

[vea29]

that's exactly what i was thinking!! rent it from him!!!!

I was thinking exactly the same thing.

[RCT]

At least you played out all your options to the fullest. You can rest knowing it wasn't meant to happen for you at this point and something better will come along.

I agree., you tired your options....something will come up.

Renting? could be your solution

[Linda/NE]

is renting it from him an option? let him use his money to fix it up and i'd guess the rent you'd pay to use it would be considerably less than the mortgage on it, if you'd flat out bought it.
good luck!!

We could rent but the whole appeal to the place was the large front yard which would be an attractions to the families. We might still consider it--maybe just have the infant & toddlers there--I don't know. The biggest determining factors will be what he would charge us and what he does with the front yard . If he builds some eye sore it'd be tough to convince parents to bring their children there. I'll just have to see how it plays out. They don't close on the house until Oct. 10th.

Thanks again!!

[littlesista06]

Heck, I'd apporach him before he does anything with that yard!
If he got enough rent from you, he might feel justified not to do anything with it for a while, at least.
Good for you for trying Linda!! Let us know what happens.

[AnnW]

We could rent but the whole appeal to the place was the large front yard which would be an attractions to the families. We might still consider it--maybe just have the infant & toddlers there--I don't know. The biggest determining factors will be what he would charge us and what he does with the front yard . If he builds some eye sore it'd be tough to convince parents to bring their children there. I'll just have to see how it plays out. They don't close on the house until Oct. 10th.

Thanks again!!

the yard usually comes with the rental.
i would call him tomorrow and make him an offer!!!

[Amy]

I don't think I would want to rent. If she outfits this place to her liking, gets a lot of kids registered and then what happens if he decides to give 30 days notice? That's a lot of scrambling around. My opinion would be to save some cash and buy a bigger place that can house both.

[AnnW]

I don't think I would want to rent. If she outfits this place to her liking, gets a lot of kids registered and then what happens if he decides to give 30 days notice? That's a lot of scrambling around. My opinion would be to save some cash and buy a bigger place that can house both.

wouldn't she have a signed lease?

[littlesista06]

even with a signed lease, the landlord can give like, 60 or 90 days notice that they have to be out - same with the tenant. at least that's how it is with our rental property.
never thought of that in linda's case.... but if she's making rent and keeping up the property, i can't see him yanking the carpet out from under her, but who knows

[Amy]

wouldn't she have a signed lease?

Yea, but what if he decides after a year to not renew it? Then what? I think there is more security in owning a property, then you are not under the thumb of a owner's whim. KWIM? If she wants to build on her current business, then switching locations might turn off some customers.