All Forum Posts by: Jason Wutzke

@Sam Grooms I have contacted the people in charge and am working on getting the original contracts. Hopefully I should have them over the next week or so. Thanks for checking in

@Juan Vargas , @Salem VanderStel, @John Nachtigall Thank you,  you all make really good points. It is very clear that I need to find out more info especially regarding the original contract and agreement. I have requested current financials and  other information regarding the investment so hopefully once I can review that info hopefully I will have a better picture on how to proceed. Thank you

 Thank you very much that does make a lot of sense. I will work on getting documents to show what was in the initial agreement. 

I'm hoping someone can tell me what steps to take (we already wrote a letter asking for current accounting, expenses, value, etc) or would be in a position to look over documents and helps us solve this issue. We also need to try to determine the current value of the property.

 Thank you for your response. Yes he is getting payments and I have a few months expense and payout sheets. Ive looked through them and I don't have confidence in them. Many write offs/expenses such as $17 for fridge, $20 for sink, etc. Seems like they are just trying to create write offs. Everyone's payments are the same no matter if there is an increase in rent taken in. Seems funny to me.

 I'm not sure, how may I find that out? It was originally my grandmothers and was passed to my father when she passed. 

My father has a share in an apartment complex in Lompoc California. They estimated the value in 2008 at $42 million in which he owns 1.231%. Over the last almost 10 years his disbursements have primarily remained the same even though rents have gone up considerably and the payments have slowly started to get later and later in the month. Now they seem to be almost a month behind.

He is trying to see if anything fishy has been going on and what could be done about it. Basically he wants to get out, get anything owed if possible and sell off his portion. I would like to know what his options are and what may be the best way to proceed.  Any assistance would be greatly appreciated! Thank you!

@Mark Nolan Thank you for your response! Unfortunately there was not enough time to open accounts and transfer. What I ended up doing is I extended the loan to 4 years so that the interest she gained would cancel out what she will pay in taxes. Found a way for it to be mutually beneficial because she would have had to start cashing out and paying taxes in a few years anyways.

@Scott Vance Thank you very much! You have been a big help!

@Scott Vance Thank you for your response. She called and they told her because she is retired, they would not allow a loan. She would need cash out and they will take 20% out of distribution for taxes. I believe she has the option if they take it out or she pays later, that is her % and she prefers to have it taken out. Is there any way such as an exchange or transfer that would help reduce the tax penalty on her end? I really wanted this to be mutually beneficial for the both of us.