All Forum Posts by: Dan D.

It doesn't show a trust.  Just shows the deceased person's name as the owner.

The value is negligible.  The only person really interested in buying it would be myself.  I thought it might be offering a small amount to bring it back together, but my better option might be leaving it go until it eventually becomes a tax forfeited property down the road.

I am owner of the house.

What is wuiet title (I assume quiet title).

I don't need the property, but I thought it'd be better if I can mow the whole lawn, vs leaving grass grow tall and unkept on the remainder.

I don't think the current owners even know they'd own it anymore. (until the tax bill will come).

Long story, but I bought a house and a portion of the original lot is still with ownership of the person who is deceased.  The house itself went through foreclosure, a slice of the acreage did not.

The remaining piece is still in ownership of the deceased person.

What are my options?

Find each of her children to agree to sell the remaining portion?

Wait for it to go through to be tax forfeited?  What's the timeline for that?

I'm assuming I need all remaining next-generation descendants to sign off on it, correct?

I'd probably look to the Gulf side for a partial retirement home.  (Fort Myers area).  Might take a stab for something to rent out on an annual basis.

Aren't rental laws pretty stringent down there?

I've had a rental for about 6 years now, and now I'm looking to add more. 

I think the market in MN is similar to other areas.  The area I'm in is a pretty fast growing area considering the miserable cold we get for a few months during the year.

I keep thinking of putting my stake in the ground in something in Florida, because like a true Minnesotan, we all get a place down south at some point.

Thanks for the feedback.  I guess at those prices, I'm not real interested.  (Haha).  That's a tremendous amount of money.  It's interesting to see how outside money can impact a area.

 I think there are risks, but the biggest and most costly for the majority is not getting started in my opinion.  

The second would be buying something outside of your means of income that was outside your price range.

If you look at it, you might experience some lumps.

Could have some major expenses to start off, new furnace, long vacancy, but after you learned that lesson and make the repair, the furnace should be good for 20 years hopefully.

I'd say the next level of advice on the stock side would be "Go out and buy an index fund and hold it".  That might get you 8% annually non-inflation adjusted, but you don't have any leverage or cash flow on that investment.

Similar to investing in a house with no renter.

@Eric P. 

So that would be bad.  It would cost an additional $5,000 that at that point would need to go onto credit cards to help absorb that hit.

For a first timer, that would be some awful luck to start off.

Just go out and buy a house on a 30 year fixed rate loan.  Then rent it out for market rates.

Chances are that if you can absorb the cost of the occasional repair like a water heater through your regular income, in 15 years you're going to have a nice net worth gain over what you would have done if you didn't jump into real estate.

If it was much more dangerous than that, everyone would be losing their houses.

Opinions?