Property a Little Out of My League

[Joshua Durrin]

I recently launched a marketing campaign and received a call back on a four unit property valued at about $1M. It's a bit out of my league for myself but there is definite potential. Being new, I'm not sure what I should do. Any advice?

[Brian P.]

Joshua

I'm still going to keep my secret weapon secret for a few more years. But something I have used in situations like this is to ask what do you think your heirs are going to do with a large amount of cash they get all at once. My experience is they usually blow a lot of it on ridiculous things, and that is wonderful for a short while. But you give them a double gift Mrs. Seller. you can fix it now where they will get the money already invested at a good rate of return and available to them over time and by then their choices will be wiser and benefit their futures.

How do you do that, easy, you can check with a lawyer and your tax adviser, but all you do is take back the mortgage on the sale of your property and put it into a trust to avoid probate and when our maker calls you, you avoid probate on that part of your estate and your heirs as trustees can get your gift to them already invested wisely.