Bob served his country for well over 20 years in the Army. Carol was at his side, raising the family, wherever the military sent them. On Bob’s second tour of Vietnam, Carol and the kids stayed in Las Vegas to be near some of Bob’s family and she got her realtor’s license. After Bob came back, they lived in other states and Carol became licensed in that state. There are always homes being bought and sold around military towns. She was good, hard working, knowledgeable about the military and the market.
When Bob retired, they lived in several states, but finally returned to Las Vegas. They bought a nice home, reflecting his LT Col status, and she jumped back into the Vegas real estate market. After a few years there was a new area being developed. The buyers could pick the lot, home style, etc, etc. So Bob and Carol bought a lot and built their dream home. Nothing too outrageous, but with a pool and a couple of extra bedrooms for the kids when they visited. They were able to rent the first house out for more than enough to make the payment, taxes, upkeep, etc.
Las Vegas was booming. Their son’s company decided to put a branch office in Las Vegas. Bob and Carl were very excited at the idea of having their son (Bob, Jr) and his family living close again. When he decided to take the manager’s position in Vegas, Carol found a “deal” on a house and bought it for them to live in. The plan was that in a few years, he’d buy it from his folks.
We all know what happened here, don’t we? The George W. Bush Recession hit. Jr’s company closed the Vegas office without offering him an opportunity to move back to the company HQ. His marriage broke up. Mrs. Jr was able to get her old job back, took the kids and moved back home. Jr couldn’t afford to make the payments on the house, of course, so Bob and Carol had to pick them up. People were abandoning Las Vegas like rats leaving a sinking ship and the renters of their first house left town. Now Bob and Carol are making payments on three houses. A retired Lt Col’s pay is pretty good, but not that good. Put the houses on the market? Sure, but they’re not worth anywhere near what they paid. They’re upside down in three houses.
So they went to the bank, and luckily had enough equity in all the houses to just deed them over to the bank and walk away. At 70 years old, they’re living in a friend’s lake house until they can decide what next. They have enough income to live comfortably, unless he dies. Then she would lose his Army retirement pay and she’d have to make do with Social Security. You know: that Socialist program that Bush wanted to get his hands on?
Were they dumb? No. Were they greedy? No. They invested their money into real estate, something they knew (both had brokers licenses). The lack of oversight, of enforcing the laws by the Bush Administration led this couple to where they are today. And it’s a shame.
When Bob retired, they lived in several states, but finally returned to Las Vegas. They bought a nice home, reflecting his LT Col status, and she jumped back into the Vegas real estate market. After a few years there was a new area being developed. The buyers could pick the lot, home style, etc, etc. So Bob and Carol bought a lot and built their dream home. Nothing too outrageous, but with a pool and a couple of extra bedrooms for the kids when they visited. They were able to rent the first house out for more than enough to make the payment, taxes, upkeep, etc.
Las Vegas was booming. Their son’s company decided to put a branch office in Las Vegas. Bob and Carl were very excited at the idea of having their son (Bob, Jr) and his family living close again. When he decided to take the manager’s position in Vegas, Carol found a “deal” on a house and bought it for them to live in. The plan was that in a few years, he’d buy it from his folks.
We all know what happened here, don’t we? The George W. Bush Recession hit. Jr’s company closed the Vegas office without offering him an opportunity to move back to the company HQ. His marriage broke up. Mrs. Jr was able to get her old job back, took the kids and moved back home. Jr couldn’t afford to make the payments on the house, of course, so Bob and Carol had to pick them up. People were abandoning Las Vegas like rats leaving a sinking ship and the renters of their first house left town. Now Bob and Carol are making payments on three houses. A retired Lt Col’s pay is pretty good, but not that good. Put the houses on the market? Sure, but they’re not worth anywhere near what they paid. They’re upside down in three houses.
So they went to the bank, and luckily had enough equity in all the houses to just deed them over to the bank and walk away. At 70 years old, they’re living in a friend’s lake house until they can decide what next. They have enough income to live comfortably, unless he dies. Then she would lose his Army retirement pay and she’d have to make do with Social Security. You know: that Socialist program that Bush wanted to get his hands on?
Were they dumb? No. Were they greedy? No. They invested their money into real estate, something they knew (both had brokers licenses). The lack of oversight, of enforcing the laws by the Bush Administration led this couple to where they are today. And it’s a shame.