HI all
Just musing here.
Dad has made me realize or struck home that life is REALLY short. Seeing him confused is VERY SCARY and makes me want to make the best use of my time and to watch my health what I eat, drink etc.
I do not want to waste time with things I do not want anymore or 'settle'. So re thinking some things in my life.
Anyway
rental updates.
The drama w the homes and 3 units is leaving me which is nice. No dramatic updates. Moved in those 2 folks. Got 4 renewals on the 3 units.. 2 more for the Fall at the much higher rent and we are not concerned. NO MAJOR work needed immediately. I could re-side the place but no need too. I just did a major tree trimming.
City inspection is quoted and funded.
Laundry money is UP
6 homes
1. short term lady moving out next Thursday. We start showing Monday and have 6 possibles lined up to see it. Hoping it rents soon.
2. Property manager is now a preferred vendor with that local insurance company with people in need of short term housing due to fires etc. He just filled one of his other homes at a $500 premium. Mine was not available yet but bodes well for the future that we may be able to do that again
3. other long term lady SHOULD be moving out end of this month. hopefully she is but my guess is maybe not. that house needs the rehab (not quoted)
4. everyone else is fine. I have section 8 inspections on the 4 homes every year and they are not fun. Inspectors appear to want to find something every time. I may look to remove other homes from the program. Others are doing so and Section 8 housing is hard to find. I am tracking how much they cost each year
5. repairs in general are down across the homes .. like break/fix repairs which means the proactive approach has worked
6. got to do some landscape work on 1 home but really feeling fairly in control
I am now forecasting that even with all the repairs I will end the year with $15k in that account and am holding onto $8k to fund forecasted repairs outside of the $15k
Job is fine..working 50-55 hours. LOTS of money but tiring
I need and now have a goal to find HOBBIES, interests, friends outside of real estate and my not for profit
I am in general unsatisfied w my life and want to be happy. No reason to wait to do that until the homes are paid off. I am seeing someone and am in general not satisfied w that too or just stressed or both. I will make some decisions on that in the next few months.
I am trying to get my arms around Dad's finances. He has much more than I had thought and all (ALL) of it is in cash accounts. I want to speak to someone to hep me consolidate and put that into safe interest bearing accounts.He will have about $1MM total cash after the house. any thoughts for advisers or what to do w the money? Plan was to keep a year worth of costs out of the market and invest the rest??
Also house should sell and close in these next 3-4 weeks..
he is not doing super awesome. VERY confused. Very bad. Last week he got into his car and got lost for 4 hours and was found by a good samaritan and driven back. We took away the car and he has an eval next week to see what stage of dementia/alzhemiers he is in. He is NOt happy at the assisted living place and I am not sure how to act. Is he not happy because he thinks he is on an airforce base being forced to re-enlist or am I holding him against his will in a place he does not want to be at? Do I act for his safety or his happiness and he is so confused not sure what to do
He says 'he hates himself, hates his life, wonders if I hate him and he wants to kill himself'
very bad.
Just musings on my 5 year plan-thoughts welcomed
May 23rd, 2015 at 02:21 pm
May 23rd, 2015 at 03:37 pm 1432395440
Also, there are siblings involved. You may find you get a lot of criticism from them and you need to protect both your father and yourself. Has he prepared a will and/or are the assets in a revocable trust? A revocable trust helps with the probate issues later and gives control to the trustee. IRA's do not go into the trust because of the IRS distribution rules, but again you need an attorney to assist you with this.
If you want the money in safe, interest bearing accounts, the options are limited. You will likely need to open high-yield savings accounts and CD's. CD ladders over a few years would likely help, because of the recurring expense of the assisted living facility. The FDIC insurance is $250k per depositor per institution, so you will need to use more than one bank.
There are better forums than this one to read about other folks' experience with this situation. If you have not looked at them, early-retirement.org is one that has some threads about similar problems.
May 23rd, 2015 at 08:37 pm 1432413463
May 24th, 2015 at 06:50 pm 1432493449
May 25th, 2015 at 06:13 am 1432534404
May 25th, 2015 at 07:45 pm 1432583155
I am the POA for FInance and Healthcare but NOT the executor of the will. My brother who is nowhere to be found is the executor. I am secondary. I am thinking of asking Dad to make me the executor so it is not so confusing and because my brother is in no way equipped to do that with his schedle (long haul truckdriving) and knowledge base so it will fall to me anyway
I have POA for Finance so gradually getting myself onto accounts. Most money is at Fidelity.
Dad has an exam next week. (worsening symptoms) will look forward to those results. he is REALLY unhappy.
Will look into that early retirement forum and to get more support and thoughts from other people in the same situation.
Did not think about sibling issues but very possible.. especially as it gets to the will stage. but not there yet and trying to protect Dad's asset as much as I can.
Dad is on week 3 at assisted living.