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17 April 2024 | 3 replies
She will get each beneficiary to sign off on allowing this to happen, lessening their inheritance cash-wise but keeping the family in a home.My idea is that the trustee daughter could purchase the home, but could do so instead through a sort of owner-financing where the Trust finances the asset to her directly rather than buying it in full at great cost and taking out a mortgage on an already paid for property:- Property is in Trust and is fully paid off,- Trust finances the property to Trustee for closer to market value, and payment can still be set at 1500- No/less down payment required- Any interest rate, maybe 0- Tenant family makes rent payment of 1500, which pays off the property and pays into Trust- Beneficiaries' % share accrues gradually as payments are made- Set future balloon payment if necessary (if Balance required at a certain time, for college, etc.)This would decrease the out-of-pocket cost for the Trustee purchaser, and increase the amount that each beneficiary will receive (eventually).I have no Trust experience, though, and I'm hoping to hear from the experts.
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17 April 2024 | 8 replies
- Should I source a consultant or some sort of assistance to devise a business plan?
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17 April 2024 | 5 replies
then you really don't have a problem...except that you are forced to switch horses in mid-stream which I know is not desirable....A new GC will not always charge so much more to take over a job mid-stream, it just depends on a lot of things (like the original GCs reputation).I would get a release (of sorts) stating that the original GC will warranty the work that he has completed and that the new GC is not liable for any work not performed by his company.
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18 April 2024 | 141 replies
Trust, you will crowd out alllll sorts of unnecessary stuff if you do that one thing.
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16 April 2024 | 3 replies
Think BP calculator x1000 everyday, so investors can sort the best options every day without having to underwrite every single one.
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16 April 2024 | 7 replies
Reputable contractors will likely have some sort of social media presence where you can parse through some of their previous projects and work.
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16 April 2024 | 2 replies
I would suggest working with a real estate-focused accountant, as they are more involved in these sorts of specifics.
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16 April 2024 | 5 replies
Regardless, you sort of need to take two steps at once: A) talk with an attorney to understand your options and nuances of those options and B) start having conversations with people you might think would invest with you to understand if there is any real interest, what they are looking for and if you can realistically offer that to them with what you are doing.Once you have that, then you need to understand underwriting with investor capital, proper fees and profit splits, taxes, reporting, etc.
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17 April 2024 | 18 replies
I honestly don't know a whole lot about this sort of stuff just yet.
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17 April 2024 | 34 replies
MY wife and I aren't some sort of big time multi family real estate agents, but we have done a deal or two a year and have had some success just starting simple (we started by house hacking a duplex), and have incrementally increased our projects.