Property flipping couple file for divorce after realizing first capital loss – The Betoota Advocate
RORY SALAZAR | Finance | CONTACT
A homeowner couple in their 30s made more than $150,000 a year flipping houses.
For husband and wife team Kyle and Jess Ward, the past few years have been a wonderful blur of romantic weekends figuring out a budget to buy on champagne, assessing their financial situation with oysters and contacting their mortgage broker. to seek ever more funds.
These things were kind of foreplay for the profit-minded couple, which inevitably led to the main relationship of buying the next fix, fixing it, and turning it into a booming real estate market.
It seemed like the good times would never end. That was until the recent auction of their tenth renovation in Betoota Heights when the unthinkable happened.
There on the ground, the lawyer can confirm that with buyers fearing the collapse of the housing market, offers did not meet the reserve price and the house was passed on.
Normally that would be fine. However, reports indicate that because top performers have overstretched themselves financially, buying multiple homes simultaneously and at the top of the market, they now need a large amount of capital to meet the minimum repayments on variable rate loans that swell in correlation. with RBA rate hikes.
Shortly after the auction failed, the lawyer understands that the couple begged the highest bidder to buy the house for much less than the reserve price.
According to eyewitness accounts, the couple were shocked later that evening as they crunched the numbers and confirmed they had sold the house to a…it’s hard to say…a capital loss.
This shock quickly gave way to something else, namely hatred. Not for themselves but for each other. As the capital loss gnawed at their souls, the couple quickly decided to file for divorce.
How fickle is love.
Before the evening was over, the soon-to-be divorcees phoned their lawyers, plotting to become the sole beneficiaries of the assets they had foolishly deposited in their two names.
the lawyer sat among the spouses and their attorneys at an ugly divorce settlement meeting later that week, and while most of the terms used during the proceedings were too indecent to print here, there were some tender moments of nostalgia that reminded this masthead of the power of love.
“We’ve been flipping houses since we first met,” said future bachelor Jane, as she stared blankly across the cold metal table that separated the couple and their legal experts.
A former husband’s envelope briefly met his gaze, lamenting that he ‘thought it was love that kept us together, turns out it was just heavy appreciations’.