“Same,” James agreed.
“Rebecca?” Mom looked at me.
“I’ll do $1,000.”
“Thank you, all of you. This means everything.”
New monthly contributions: Caroline, $4,500 total. James, $4,000. Me, $2,000. Their shortfall was covered for now.
In November 2024, I received an email from my property management company.
“Rebecca, the tenants in the Queen Anne property gave notice. They’re relocating to Austin for work. Lease ends January 31, 2025.”
I called them.
“Any interest in renewing?”
“None. It’s a job relocation. Definite move.”
“Start marketing for new tenants.”
“Will do. Just so you know, the market is strong. We could probably get $7,200 now instead of $6,200.”
“Let’s list at $7,000. I’d rather rent it quickly.”
“Perfect.”
The property went on the market. Photos were posted online. Address visible.
Three days later, Mom called me.
“Rebecca, you’re not going to believe this.”
“What?”
“Our old house is for rent. I saw the listing online.”
“Really?”
“$7,000 a month. Can you imagine if we still owned it?”
“That’s a lot of money.”
“It is. We’d have enough income to cover your father’s care and then some.” She paused. “I have an idea.”
“What?”
“What if we rented it?”
“Mom, you live in Bellevue.”
“I know, but what if we rented it and then immediately subleased it? We could rent it for $7,000 and sublease it for $7,500. Make $500 a month in arbitrage.”
“I don’t think landlords allow subleasing.”
“We could ask. Or better idea, what if we told the landlord we wanted to rent it long term, then approached them about buying it? You already tried that, but that was an anonymous offer. For tenants, we have a relationship. We could negotiate from inside.”
This was getting absurd.
“Mom, I don’t think that’s a good idea.”
“Why not?”
“Because it’s dishonest and risky and probably against the lease terms.”
“Rebecca, we’re desperate. Your father needs care we can barely afford. This house, our house, could solve everything.”
“It’s not your house anymore.”
“But it should be. We never should have sold it. It was a mistake.”
“You can’t undo the past.”
“Maybe we can. Maybe if we rent it, we can convince the owner to sell.”
“Mom…”
“I’m going to apply as a tenant. Just see what happens.”
She did.
Morgan Property Trust received a rental application from Alan Morgan. My mother applying to rent the house she’d sold four years ago. The house I owned.
My property manager called me.
“Rebecca, this is unusual.”
“I know. What do you want me to do?”
“Deny the application.”
“On what grounds?”
“Insufficient income. She only has Social Security and investment withdrawals. That doesn’t meet the income requirements of three times monthly rent.”
“That’s true. She’d need an income of $21,000 monthly. She only shows about $9,800.”
“Deny it professionally. Just say she doesn’t meet income requirements.”
“Done.”
Mom called me that evening crying.
“They rejected my application.”
“I’m sorry.”
“They said insufficient income. But, Rebecca, I was going to pay the full year upfront. $84,000. I have that. I could show them the money.”
“Maybe they have other applicants.”
“This is our house. We should be living in it, not strangers.”
“Mom, you sold it. You made that choice.”
“It was the wrong choice. Don’t you see? We should have kept it. We should have listened to the financial adviser from the beginning. We should have put it in a trust and rented it out.”
“You’re right. You should have.”
“So help me fix it.”
“How?”
“I don’t know. Talk to the landlord. Put in a good word. Something.”
“I don’t know the landlord.”
“You’re resourceful. You work in tech. You know people. Please, Rebecca, help me.”
I took a breath.
“Mom, I can’t help you buy a house you already sold.”
“Why not?”
“Because some decisions can’t be undone.”
She hung up on me.
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