Wow...who could have predicted today!!!
Ed is in crazy meetings all day, I'm working in the morning which included my annual review with my manager (good news! that went well) and then off to a funeral; my good friend Larry Borne's mother passed away. After the funeral, I was talking with Larry's son-in-law Austin, about the house he recently purchased as a rental unit. He was telling me about all the tax benefits there is to owning rental property vs. your primary residence. Wow...that certainly sounded interesting given the fact that we haven't received an offer on our Carrollton home.
As soon as I got in the car from the funeral, Laura called me to tell me we received an offer on the Carrollton home. I immediately thought 'Praise the Lord'! Then she went on to tell me about the low-ball offer they gave us. As we were talking, Ed called into Laura and we hung up. I knew Ed wouldn't be happy with the offer but I also knew how much he wanted to sell this house so we wouldn't have three mortgage payments. I thought for sure he would accept the offer and we would walk away with a 'sold' house...no, that's not what happened at all.
Ed countered the offer.
Ed knew something I did not know; Ed had received his commission check from his Q2 deal and now things had changed! Finances were not as important as before and now we're needing more tax shelters than we did earlier that day. Remember, I was just talking to Austin about tax benefits less than 30 minutes earlier. We decided to call our accountant tomorrow to learn more about this to help us make a educated decision.
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