All Forum Posts by: Christina Maciejeski

George,

It is a sad fact that we may have to sell the cabin. With new non-homestead taxes, upkeep, marketing, LLC fees and current and future repairs seem to be running us into the red. That is why I asked the initial question to see what avenue to start looking at and crunch the numbers. You are right, it seems this asset is turning into a liability.

Yes the property is free and clear, my mortgage rep is a personal friend who handles my personal and my family's personal property here in the metro Detroit area.

Thank you for your responses.

My brother and I now own the property as Joint Tenancy. The property is currently homesteaded but we are switching it to non-homestead in a couple of days. My mortgage rep said wait until after May 1st to switch it. He said that we will benefit us and keep the taxes the same for one more season, then a just accordingly in 2012. Does this mean I don't have a clear title?

My brother and I just inherited the family cabin this past winter. Our mother is moving to FL and does not want any financial ties to the property. The cabin is still currently homestead, even though my brother already owns a house that is homestead and myself is not on the title or mortgage on my house with my husband. My brother and I are very happy that we are able to keep the cabin that hold all of our childhood memories but at our age we cannot afford a second property up keep and taxes. So we decided to rent out the cabin this summer to help pay all the cost. We are looking to rent the place so we can break even at $3,00 each summer.
I want to protect my personal assets. Is it better to put the property in a living trust or a LLC? I already have a call into my State Farm rep for additional insurance. I am uneducated with all the up keep of both of them.

Thank you,
CC