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Updated 5 months ago,
Person taking advantage of a little old lady who barely lives on rental income
My mom barely lives off the income from her properties that she worked her butt off to obtain over ~30 years. She now lives in a memory care facility, and her properties are part of an irrevocable trust. The property manager refuses to show any numbers on her properties, and they are not licensed in Champaign, Illinois, either. In addition, one of my mom's "friends" is in control of the trust. Today, I found out the property manager bought one of my mom's properties for a ~$100K discount (on a ~$320K property) from my mom's friend. I said there was no reason to sell the property (as rent would easily pay the mortgages, taxes, and insurance). When the property was sold, mom's "friend" and the property manager refused to show us the HUD-1 statement.
This morning, I found out the property manager bought the property for a ~$100K discount.
Is there anything we can do to get these people off the irrevocable trust? Do we have any legal recourse against mom's "friend" or the property manager?
The property manager still runs 8 of her (small town in the midwest) properties. Retaliation is a concern for me here as well.
Any thoughts how I should proceed? Any attorneys willing to help?
Here's a link to social media post where I asked the property manager about it:
https://www.facebook.com/share/p/mRVzr9w2QBQcR5ba/
Also, if you think I'm overreacting or I'm wrong for inquiring, I'd love to hear it. I feel like I've been made to feel I'm crazy for feeling like this is a conflict of interest.
I own a two long term rental in the Pacific Northwest and one in the Midwest. I say this to show I understand we'd all be buying cash flow properties at a 33% discount. This really seems like a conflict of interest.
Thanks in advance for any help, guidance.