Starting Out
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated about 10 years ago,
Property in Trust brother wants to manage
Hi, We have about 20 properties/36 total units. they are held in trust and currently managed by my mother( who is 88) and my brother. We are all on the trust. My problem is that my brother really wants sole decision making authority, feels that they are his and I also feel that he isn't qualified to manage.
for instance I approached him about signing up for a credit/background check service( they currently don't background check at all and have several non paying tenants) and he had a total angry meldown/rant over this basic management tool and feels it isn't necessary. He often reacts emotionally instead of analytically. He isn't business minded or thinking about how to secure things for the future.
In addition if he were to be the sole manager and something were to happen, we are in our 50's, I would immediately have to manage them, and figure out whatever mess of a system he had.
I intend to try and reason with him on another occasion, but this really worries me and I wonder what suggestions anyone might have. I suppose if worst comes to worst eventually we could change the trust and split the properties 50/50- I'm not sure how complicated that is.
The income from these properties may be my only income in the future. I had counted on it for future security. If managed well it would be enough to live on.