C (2:53)

How many properties? How many properties do you have total?

B (2:57)

We now have three and we've been trying to get rid of this one for a while. It's just a troublesome problem.

A (3:03)

What do you owe on it?

B (3:05)

$6 million.

D (3:06)

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A (3:38)

What do you owe on it?

B (3:40)

$6 million.

C (3:43)

And what's it worth?

B (3:46)

It just got appraised at like, like just over six. Not much though.

C (3:52)

Is it residential or is it.

B (3:54)

It's a commercial apartment complex. Residential.

A (3:57)

And so you can't sell it for what you owe on it.

B (4:04)

We, we can sell it. It's. It just takes so long to sell them. Like it's always takes over a year to like get the packages put together. So, so he says like again, I'm not in this world. I don't know what this all really means. Which is why I wanted to ask like if we just walked away from this mortgage and. But here take it like we're not personally liable for it. It's business liability.

C (4:26)

Yeah, but that's.

A (4:27)

No, I'm not. Are you sure you're not personally liable for it?

B (4:30)

I am, I'm 90% sure.

A (4:33)

I'm not.

B (4:34)

Okay. Again, this is why I don't know what I.

A (4:38)

They make non recourse loans but sell them as small as $6 million. If it's a non recourse loan and you can walk away from it. Yeah, I just walk away from it because it's not worth what you owe on it. If it's a non recourse loan, put the keys in a shoebox and tell them to come get them. But I don't think it is. I want you to be sure you're not personally liable. Just because it's in an LLC doesn't mean he didn't sign it personally.

B (5:05)

Yeah, I think it's a non recourse loan, but I can be sure before I get that.

A (5:09)

But if your numbers are correct. Okay, if it's an $8 million property, it's going to take a little while to sell it. Then let's sell it for seven million or six and a half and get a little bit out of it and sell it. But if your numbers are correct that it's worth what you owe on it and your only option to keep the thing running is to go deeper in debt again and this time personally in order to fix up this property.

B (5:34)

Yeah, that's the option.

A (5:36)

No, I'm not doing that. It's good money after bad is what you're thinking and I am too, but I don't know. I want you to verify the numbers and I'm not sure if you're just pissed off or if that's the real numbers. So I want you to get in there. Well, I want, I want him to say it.

C (5:53)

Yeah. Because what if happens if you tell them, hey, I want to start the process of selling this today. I don't want to do.

A (5:58)

We're not. I'm not going to borrow money on it. No, we're not that. Okay, that's off the table. Now what are we going to do? We either going to give it back or we're going to sell it as is. What are we going. Which one are we going to do? Well, we can't give it back. I did sign personally. Oh crap. Now then you got to sell it, right. Because you're going to get your butt sued. So. But if you, if it's a non. If it's a non recourse and it truly is worth six before I put another million into this sinkhole. Yeah. And, and this is a lower income property and it's a pain in the butt to manage. I can tell by the way you're talking about it. You got a bunch of crummy renters and it's not. It's not. It's not a fun property to own.

C (6:37)

And by the way, if you say your opinion on this and do what Dave said and your husband says that that doesn't matter and he goes ahead and does what he wants to do, that's also your signal that you guys need help beyond. This is no longer a money problem at that point, right?

A (6:54)

Yeah, we don't do big deals. We don't do deals of size, whatever size is at the Ramsey's without both being in agreement, period. And at the wash house as well, you know, I mean, we don't give, we don't give large sums to a charity or a ministry. We don't buy things of size without talking about it. And the things that we buy that aren't of size, we have talked about it in the form of it's a category and a budget. So it fits. And so, you know, you can buy that beef tenderloin, it's in the food budget. But that's, you know, whatever. So. But because yeah, that's the whole thing. So, Nicole, the deal is this, you guys are running on two different tracks and you get on the same track. That's first and foremost as far as the particular property goes. Then that if you get on the same track, that'll better inform what to do with the property and you'll feel better about if you decide to keep it and work it and you use some of the cash flow. But so far it's not been a blessing, it's been a curse.

C (7:54)

But Dave, I like how you set up the very beginning because we get that call a lot about a spouse feeling like it's being disrespectful to go. To go in the opposite direction of what their spouse is saying.

A (8:08)

I don't know. We're hillbillies, so arguing is an art form. So I don't know. I mean, we. I do not think my wife is a bad Christian wife because sometimes she looks at me and goes, oh, I don't like that.

C (8:24)

Absolutely.

A (8:25)

That means like she's a full grown woman with an opinion is all that means. Create your free every dollar budget today. The simplest way to budget for your life.