Help, With my wifes Property, terrible Family members....

Help, With my wifes Property, terrible Family members....

Real Estate Investor · Rancho Santa Fe , CA · Member since 2016 · 323 posts · 107 votes

Hi Everybody, Lawyers and experts, I was just curious if anybody know the answer to this,

the story is my sister in law had a step sister, who passed away and left her a 21% stack in a commercial building, the step sisters family is pretty crappy not paying her fair market, rent they said they spend money on this on that, you know typical stuff, so she wants them to buy her out property is worth $1,100,000, so her stake is worth $231,000, since its in a limited family partnership she cant sell to external people right ?, so the people were going to offer her $145,000 a little more then half, that she was heavily considering, since they are a royal pain to deal with and getting anything out of them was already a win, so now her lawyer switch sides and works for her step sisters family against her and send her letter saying that she need to find other counsel that that lawyer she had works now for them and the offer is $90,000 which is crazy, she dosent want me to get involved or use my lawyers, but I was thinking can you sell a investor a promissory note or something like that since he will be getting money her cut of the rent is $11,550 annually that's like 4.5% return, if she were o sell to a investor her stake for the original $145,000 making the investor like 8% on his money is this possible o sell if yes how, hope it made since, I am not very good at the lawyers stuff.

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  • Real Estate Agent · Buena Park, CA · Member since 2016 · 743 posts · 424 votes
    10y
    Paul,she needs a good lawyer who is also a litigator and not just a contract reader.They are setting her up to be cheated out of her inheritance and needs strong legal help to defend her rightful claim.The lawyer will establish the true value of her inheritance and advise her of her options to profit the most money.Also,if her previous attorney did not quit properly before changing sides they can be sued for malpractice and face a bar association disciplinary action committee for turning against her and trying to cheat her out of her money.
  • Investor · Woodbridge, VA · Member since 2015 · 476 posts · 197 votes
    10y

    They can report her old lawyer regardless. Changing sides in the middle of an issue is a huge conflict of interest and since the lawyer has already spoken with her in what was suppose to be confidence there is no way he can represent her family against her fairly. its is tantamount to stacking the deck. I would get another good lawyer and fast. I would also report the old lawyer to the bar association for among other things, lack of professionalism, conflict of interest, and would possibly even consider suing him depending on how the negotiations go for hurting her chance at getting a fair amount of money since the family now have "inside information".

    Because no matter what he does or does not tell the family he already knows her intent and how to best push this issue to get a big win for the side he is on now.

  • Buy & Hold Owner · Redlands, CA · Member since 2015 · 5k+ posts · 2k+ votes
    10y

    Walk away from family squabbles - - there's never future profits, only expenses.

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