All Forum Posts by: Rayan Faris

@Wayne Brooks

Thanks for the reply. Yes, it a delicate situation.

I would probably have to have a mortgage written up as you mentioned. 

The sibling and inheritance is not really the issue at all. Its about waiting for my father to agree, when he is a dire financial situation, he will be stuck between either getting a reverse mortgage or having liens put on the property due to non-payment of prop. tax (has happened before, but was paid off). Once its clear to him that me loaning him the money is a lot better than other options, hopefully he'll agree.

@Brian Adzadi

Thanks for your advice. Sibling inherits 1/3, I inherit two-thirds. If he does something irresponsible like reverse mortgage, then there won't be much of an inheritance. It would also make him unable to sell in the future in case he ever needs to move.

I think I can make a condition of the loan to pay prop tax.

The other option is that I will have to give him cash to pay his living expenses. Otherwise they will take his car (unfortunately he bought it on installments), and they will put a lien on his place due to non-payment of prop tax. His current income is not enough to support his expenses. It makes more sense to me to loan him the money against equity in his property. I won't charge him interest. (I understand the IRS will consider imputed interest).

He is in his mid-70s, so inheritance is a something to think about it. Also, considering his age, his medical expenses can only increase and he may need financial support for the next 10-20 yrs. He has been diagnosed with bipolar disorder which explains why he is financially irresponsible at times.

Hi,

My father lives in NJ. I would like to loan him money, paid monthly to help with his expenses. Unfortunately, he is not always financially responsible. I would like to loan it against his property which he owns free and clear. How can I do this legally in NJ?

The reason I want to loan it against his property is because he may take a reverse mortgage and waste the money, I want to prevent him from doing that and let him live in his place as long as he wants. Also, the reverse mortgage will pay very little. Secondly, I have a sibling who would also inherit but by me loaning the money, the inheritance would pay off the loan to me first.

I want to pay him monthly, not in a lump sum and I want to make sure his property taxes are paid first. I am not wealthy and loaning him this money is a sacrifice for me, but I am more than willing to do it with his property as collateral even if I don't see the money again until 20 years from now.

@Bill S. 

Some great points bill.

But even if PM doesn't have tangible assets, doesn't it have an insurance policy (assuming its a decent PM) which counts as an asset?

@Joe Villeneuve 

Thanks for your answer Joe.

Someone correct me if I am wrong but there is a difference between knowingly hiring a fraud and unknowingly hiring one. In the first case I am negligent and in the second case I am not.

If I hired an experienced, reputable PM what can I be held liable for?

If a property owner is using a reputable property management company how can he be held liable? What could he be held liable for?

Obviously if he denied repairs or funds for them?

What else if he isn't actively managing the property at all?

@Account Closed 

Who do you use in KC?

Thanks

@John Matthews and @Nancy L. 

Older masonry homes?

Are they any good if they've been rehabbed?

What are advantage/ disadvantage of masonry homes like the row houses in Philadelphia?

Thanks!

How landlord friendly is Missouri?

How is the Kansas City rental market, especially the rougher areas?