All Forum Posts by: Rob Hayes

Hello all, looking for advice on my grandparents property situation. They both have reached the age of being admitted to a nursing facility. They did not have the best asset protection strategies in place & may lose the property to some agency instead of passing it down to their offspring. And since they’re already in the process of being transferred to a nursing home, they’re unable to gift the property without raising red flags.

Question: Whats the best strategy to go about keeping the property within the family? I was thinking of purchasing the property outright but was wondering if there’s another option my relatives could take that didn’t involve me buying it for myself.

@Indy Anna

That is correct, the idea is to not have any strain on the partnership especially when it involves many decisions over the long run. Just was curious as to how other handle most decision makings especially in a equal partnership.

@Kenneth Garrett 

Being philosophically in agreement seems to be ideal. Outlining the overall goal of the partnership & letting that be a guide to how each situations are approached maybe?  Maybe I'm overthinking it. I see it far too often in my profession as an industrial technician where most people want to patch & move on rather than properly fixing things to last longer. 

@Daniel Haberkost Thanks that does help a lot. However, in the event that you and your partner may disagree on repairing vs replacing & the cost difference for getting the job done, how does a team handle such situations?

As of now, I do not have a partner but would like to partner up some day. But the thought came to mind when the water line in the yard ruptured recently & I received a quote to repair or replace. I chose to replace but wondered what if I had a partner(s)that strongly disagreed on replacing & would rather patch the line instead.

Hello all, I'm curious as to how decision makings are handled in a equal partnership? One example would be if a water line rupture & a contractor gives two quotes; one quote to repair ($225), one quote to replace ($750). How are these binary decisions handled in a partnership especially when it involves using funds for a repair vs replace scenario? Also how are tenant management handled such as keeping vs replacing or which tenant to choose during lease signing? I'm curious as to how this could be structured & maybe backed in some type of written agreement. Thanks

Could we have this post deleted for the greater good of BP? It was a silly question that is taking up network spacing. It is also quite embarrassing & has no replies so no one would miss it. Thanks

Hello,

I’m having trouble understanding and structuring a subject to deal. I will try to paint the senerio first. Direct mailed to owners in my desired locations, found owner willing to sell. The owner wants 185k (triplex) yet still owes roughly 155k. I myself would need to get bank financing to meet the 185k asking price & thats where I’m lost. How could you make this work? As much as I researched sub to’s, I keep seeing situations where the buyer essentially take over payments. Plus The interest rates already in place probably wouldn’t be ideal compared to what’s available today. Is it even possible to buy property with a pre-existing mortgage if I need to obtain a loan myself? 

Thanks to all for the inputs. @Denny Faircloth - The condition of the property is .... livable. Tenants currently reside at the property & there's a "for rent" sign which would indicate that another unit is also rent ready.  Based off of those factors, along with good curb appeal & general up keep, the property seems decent & SHOULDN'T require any major rehabs. My goal is to buy and hold but if I need to adjust strategies just to get a decent deal under my belt than I'm more than willing to adapt.

Today I came across a triplex that sparked my interest in the Atlanta, Ga area. I contacted the owner to see if they were interested in selling & they gave a ridiculous price of 280k. I asked if they would be willing to accept a cash offer of about 150-180k just to flirt with the idea & they were willing to consider.  To crunch the numbers, 2 units are 2bed, 2.5baths renting 650-700 based off of their price & nearby comps; 1 unit is 1bed,1bath & I'll assume rents are 500-550 for now. This unit also has two separate garages as well. Not necessarily the 2% rule but as a rookie in today's economy that knows the area & would like a place to stay, it would be a start.

So my problem is that i would have to obtain a loan for this property (FHA) & wonder why is cash such a motivation vs financing if the seller is going to ultimately receive the same amount of funds? Contingencies shouldn't be a problem if its off market to begin with; no dead line , no other buyers lined, no unnecessary holding cost on the sellers end, etc.

How should I go about acquiring such a property without an experienced team nor prior practical experience?

Any other advise would be appreciated, thanks in advance.