@Uncle Gump
A thought. For most of your life, like all of us, you have been juggling 10 balls at once, with your foot against the dike so it will collapse on you, while dancing on the other foot. Correct?
Just because you’ve done that forever, you do not have to do that from this moment on. I assume you saved a few dollars, and you got a few dollars when you sold the business. You do not have to sell your house, look for a new permanent residence, buy a rental unit as a temporary residence, etc. etc. etc., all in the next weeks. It would be the same juggling and balancing and reaction stress that you’ve had, the only difference would be that right now you would be the only reason you’re creating it!!
If you have a buyer for your home and you know that you are leaving for sure, take advantage of it. Having said that, you are a businessman, and nothing should be done on a handshake. Create a sales agreement, with penalties for delays, that establishes the purchase price and conditions, and have everybody sign it, and escrow it with an attorney with firm deadlines and a non refundable down payment. I know these folks are your good friends, but business is business.
Since you have run a business and managed people for many years successfully, and since you know these people, I would recommend that you owner finance the house, especially if you’re looking at capital gains from the sale of the business. Don’t compound that with capital gains on the home. But, the way you should owner finance it is to get a significant down payment, a down payment that would cover all the legal fees if they default. If they don’t have an adequate down payment before they sell their home, still execute a purchase sale agreement, and still get several thousand dollars as a down payment, with the balance of the down payment to be paid at closing by the closing attorney on the sale of their house. Take them out of that. The agreement should provide for a monthly additional amount if they do not close by a calendar specified date. Your financing should be at a 20-yr rate, but with a balloon in 5 years. It spreads out your capital gains, increases your income and the profit on your house, but you still get the windfall while you can still enjoy it.
As regards where you are moving to, remember that life is an adventure. I urge you not to create a monster that you do not have to create and deal with. Having said that, buy some sticky notes at the Stationæry store, only two colors, and stick one color on everything that you can live without for a few months, and the other color on everything you will need day to day. Maybe a third color for the things you actually want to put in the car and truck and bring with you personally. That simple process, maybe one day, will make it crystal clear how much you could put in storage, and by default the things you need with you, the size place you need temporary.
Whether you move it all yourself or you use a moving company, I would not use the moving company to store what you don’t need. Very expensive, and let me just say problems are common. You can’t avoid the problems of the move, but rent a temporary storage space and put everything you don’t need in that space. It’s a day or two work on the front end and a day or two of work when you permanently locate, but it will all be under your control.
As regards buying a temporary place that will become a investment property, let me say you’re thinking exactly the way I have thought an acted for 50 years, and then let me say get that notion out of your head. I’m allowed to say this because I personally am a real estate broker and it’s required we talk out of both sides of our mouth!
The marrying the purchase of a second property and all the headaches that go with the inspections and the financing, etc. etc. etc. is not necessary and only heaps on stress in a situation that is already very stressful. There is nothing wrong with renting a nice little apartment for six months. This will give you an opportunity to familiarize yourself with the area and the market, and remove a ton of stress. During that six months you can determine if buying a temporary/future investment home is prudent, what area you should permanently select to live in, etc. It just opens up many many options and relieves a ton of stress regarding what are really very important life decisions.
OK, I’ll take off my professor hat, and I will step down off my soapbox. I hate when people have all kinds of advice, but can’t offer a helping hand. So, I would be happy to work with you on the terms and conditions of a purchase sale agreement with your neighbor. No charge, if it gets crazy, may be a few hundred dollars. Understand I cannot act as a broker in your state, So this would be “consulting.” I’m really not looking for money. And nothing we come up with is binding on anybody. It just puts down on paper a framework of how you would proceed. So this would be “consulting.” You can change it anyway you want, but coming up with it, and having the neighbor sign it and provide you with a nonrefundable deposit will make it crystal clear if they are serious about buying the house, or if they are just trying to take advantage of the situation and test the waters.
If you sell to them and you owner finance, and you don’t have to do any repairs on the house, keep in mind there would also be a minimal legal transfer cost, and the 4 to 6% real estate commission would stay in your pocket.
Last note on a different topic, that I believe you could carry off since you’re a savvy businessman. I’ve been in Georgia continuously since 1979 as my home base, but I have also maintained residences around the country and actually internationally for my business, and some pleasure. When I got divorced from the practice wife, I bought a surplus 26 foot U-Haul truck, repaired it, used it to move my ex-wife and kids to the New York area (3 trips), and then sold the truck for more than twice what I had paid for it. It was a fraction of the move-in cost using a mover or even renting the truck, and of course I got all my money and more back. Having said that, it’s also crazy to put that additional pressure on yourself, when you’re stressed out already.
My two cents, and I hope it helps. If you’d like to discuss it and pick my brain or have me help with paperwork, just reach out to me in a private message. I would require a release for legal purposes since I’m not a broker in your state, and through Monday, I am still bitch slapping the city’s attorney, but I’m completely free after that!
Good luck, stay calm, be cool!
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