All Forum Posts by: Chris Colvard

Yes, Bill:

So far we do not no the capacity of these POA bothers. I am assuming that they actually have an interest in helping this lady. This type of deal is certainly not off the radar. More common than you think.

It defiantly requires an attorney to do it right.

James is right on complexity.

However, it's only a matter of figuring out how the POA (power of attorney, not an organization) can transfer title to complete the deal.

Do the deal based on legal advise. If it works you are a hero, if it doesn't pass on the deal.

You need a legal way to get the title out of her name.

This must not have the effect that Medicaid can come back on this. Otherwise you will learn what it is to be sued to early in your career.

Pay a real estate attorney to tell you how. Don't risk it!

This is even if you pay them out of your pocket.

I'm not sure they can deflect proceeds to them.

The house can go to them via quit claim or other deal that an attorney advises for consideration to seller not to exceed the disqualification amount above.

You will need some legal advise here. Perhaps advise them that it would be worth it. Value is if you know, then you know how to structure and they want to do business with you.

POA will not be acceptable for them to receive proceeds. They only have a right to do so for the seller. It still goes in her name. Title must be transferred prior to, so proceeds do not go to seller.

Then you have a deal. (hint: show them how to do it but only after you have an option to buy when it goes into either of their names, or even better any name or entity.)

Start working on your buyers list now. Take a pic and don't give the address. Get buyers now!

Bill:

Is there a lien recorded based on this?

Can you tell me what the limits, as far as lump sum received per year by this Medicaid recipient, if applicable, would be?

Sorry, ment to say only problem is ability to sell until a lawsuit is resolved over interest in LLC.

Interest in LLC should be contingent on performance and converted upon sale. As long as job is done the right to convert option to purchase interest in LLC is done prior to closing.

Question. What if they do not do they not do the job and you have to hire it out? Are you still willing to pay 50%

You need an attorney to advise on your specific situation. It will be worth the cost.

You can set up an LLC, offer the interest in the LLC based on performance.

Partnership, JV, etc... can go bad if you have problems. Only recourse from a judge is to liquidate the asset. Much better to have a lawsuit over interest in an LLC. If they don't perform, LLC still has property with only effect is ability to sell after lawsuit is resolved.

Seek advise of attorney before you do anything!

Tried it 2 times, no go.

Is there a lien on the property from the nursing home?

If so, there may be a play to do an end around with the nursing home.

Also, what is the relationship of this POA.

What benefits are you explaining the sellers?