All Forum Posts by: Swat Khan

Originally posted by @Jean Bolger:

I don't understand: You talk about the trust, and then specify that the property is not is a trust? Could you clarify that?

An 80  yr old person with dementia can live a long time, so you may be jumping the gun on the heirs/probate notion.

Is the conservator a family member, one of the heirs?  I'm no expert but I think his heirs would be nuts to sell it to you while he's still alive. It is much more to their advantage from a tax standpoint to wait and inherit the property. But I guess if they want to sell you don't have to tell them that.

1. The contact that I'm speaking with says he is the trustee of the family trust. When I pulled title the property is in original owner's name. Not family trust. 

2. The conservatorship/trustee says that the owner is not capable or soon will not be capable of making decisions, and he can present a purchase offer to the courts to sell the property. 

3. The property is negative cash flow to their estate's portfolio which justifies selling it. 

Note: Property is managed by local Texas property management and is currently -$24,000 per year due to 75% occupancy and ALL BILLS PAID. Adjacent apartment complexes are at full occupancy with tenant paid utilities. He will also do a lease purchase.

I hope that answers your questions, if not let me know. 

Originally posted by @Brian Gibbons:

Ypr best bet is Rick Harmon probate Calif expert

Thanks Brian. I sent him a message. 

Summary:

1. Owner of record is 80+ years old with dementia, out of state in California

2. i am communicating with conservatorship who lives in California and wants nothing to do with property. He is the trustee of the trust

3. 3 heirs on property

4. Currently not in probate. 

Question: What is the quickest way to close? Can i just do an affidavit of heirship then purchase cash or lease purchase? Any other ideas or questions I should ask?

Asset: C-Class 44 unit apartment at 60% market value. Texas. Currently owner of record is 80 yr old owner, not in a trust.

Question:

1. Is it a good idea to buy a mobile home park by just transferring ownership interest of the existing LLC established in 2008?

We will buy the LLC and transfer the entity using the Texas amendment (Form 424) and file it with teh state.

The amendment will state current owner relinquishes membership interests to my partner and I.

2. What happens to the title insurance? Can we leave it in place?

3. Anything else we should consider?

Cliff notes: We are buying a mobile home park. The owner is financing 75% and we are putting 25% down. The seller offered to simply transfer all ownership interests of the LLC to me via amendment (Texas Amendment Form 424) and is wondering if we need new title insurance?

Question: 

1. Is it a good idea to buy a mobile home park by just transferring ownership interest of the existing LLC established in 2008?

I will buy the LLC and transfer the entity using the Texas amendment (Form 424), In the amendment we will relinquish the current owner's membership interests and to my partner and I.

2. What happens to the title insurance? Can I leave it in place? 

Cliff notes: We are buying a mobile home park. The owner is financing 75% and we are putting 25% down. The seller offered to simply transfer all ownership interests of the LLC to me via amendment (Texas Amendment Form 424) and is wondering if we need new title insurance?

John DeMayo thanks for the reply. I will look into your suggestions.

Hello BP, Does anyone have experience converting a school into an income property? What are the options? I have an off-market deal for a nice elementary school in Texas. The town has around 50,000 people and growing. School has 18 classrooms, 6 large community style school bathrooms, gymnasium, 3 mobile home style classrooms, and an auditorium. Price: $70,000. I have a good connection into the city if we need to re-zone. Comes with 3 acres of open grass space. Any ideas on how to convert this into an income property?

@Brie Schmidt 

That is very exciting to hear. 

You should celebrate for a new beginning. :) 

Good luck!

Swat

Great choices. Joshua is a wise man behind the scenes. 

I didn't mind the old layout at all but my favorite new features are that it's clean and minimal. 

Welcome to BP! I am not too far from you and have family in Arcadia. Not sure if you are already active but there are a lot of great investment clubs that draw big crowds in LA county and OC. There is also an Orange County meet up in the end of May. You may want to do a search on that if you're interested in going. Good luck with building the SFR portfolio.