Jump to content
GreaseSpot Cafe

A Friend's Dilemma: Blessing or Curse?


oldiesman
 Share

Recommended Posts

16 hours ago, oldiesman said:

She's checking into whether she can do it legally without the permission of the other owner.    

If I was a betting man... if there's a legal problem with moving in without being able to contact the other owner, I'd bet that constructive notice by published/public notices would have to work.

 

Link to comment
Share on other sites

14 hours ago, GeorgeStGeorge said:

If the other person doesn't want to sell, can your friend sell her half to her?

George

Yes, if the one wants to buy from the other.   Problem is the one cannot be located, she's either out of town, moved permanently to another area, and/or deliberately hiding.   Doesn't make much sense and so irresponsible!

Link to comment
Share on other sites

Got some new info.- she said she was told by an atty that she can repair and rent the place out without the consent of the absent owner.   Problem is, as it was from the beginning:   she cannot sell without the consent of the other owner.   So now she's considering doing repairs, then renting the place to pay for all expenses and upkeep.   Sounds like the only reasonable plan at this point.

Link to comment
Share on other sites

2 hours ago, oldiesman said:

Got some new info.- she said she was told by an atty that she can repair and rent the place out without the consent of the absent owner.   Problem is, as it was from the beginning:   she cannot sell without the consent of the other owner.   So now she's considering doing repairs, then renting the place to pay for all expenses and upkeep.   Sounds like the only reasonable plan at this point.

Sounds just crazy enough to work.

George

Link to comment
Share on other sites

9 hours ago, oldiesman said:

Got some new info.- she said she was told by an atty that she can repair and rent the place out without the consent of the absent owner.   Problem is, as it was from the beginning:   she cannot sell without the consent of the other owner.   So now she's considering doing repairs, then renting the place to pay for all expenses and upkeep.   Sounds like the only reasonable plan at this point.

If the other owner shows up, or her heirs, they probably could eventually have a lawful claim to half the rent, adjusted for what your friend has to invest to make it livable for a renter.

Link to comment
Share on other sites

1 hour ago, Rocky said:

If the other owner shows up, or her heirs, they probably could eventually have a lawful claim to half the rent, adjusted for what your friend has to invest to make it livable for a renter.

Yes definitely.

Link to comment
Share on other sites

Could she move a friend in who just paid cash?

Repairs are a tax deduction and would reduce profit on paper.  You could have zero profit for a long time if continually reinvested in a property.

Get an S-Corp maybe?

Link to comment
Share on other sites

13 hours ago, Bolshevik said:

Could she move a friend in who just paid cash?

Repairs are a tax deduction and would reduce profit on paper.  You could have zero profit for a long time if continually reinvested in a property.

Get an S-Corp maybe?

Don't know.   She's considering having a friend of the deceased move in and be a caretaker of the place and do work around the house to pay off his rent..   This guy apparently lived there before and wouldn't mind moving back in, and he's also a handyman.   Then once that is arranged, have one of the floors rented, and that income going toward taxes and expenses.   Its seems like it could all work on paper.

  • Upvote 2
Link to comment
Share on other sites

Damn, 1 floor rented?  So this is a multiplex?

So fill it up.  Refinance, borrow against the property, get another property.  Rinse, repeat.  The millennials are renters and there's a realitively lot of them.

And stay friends with this friend :biglaugh:

Link to comment
Share on other sites

Posted (edited)
8 hours ago, oldiesman said:

... She's considering having a friend of the deceased move in and be a caretaker of the place and do work around the house to pay off his rent..   This guy apparently lived there before and wouldn't mind moving back in, and he's also a handyman.   Then once that is arranged, have one of the floors rented, and that income going toward taxes and expenses.   Its seems like it could all work on paper.

Did I miss a detail mentioned on this thread? WHO is the deceased ? sorry - I'm confused - is the "deceased" tied to the property in anyway?

 

sorry again - never mind my questions - I reread your first post explaining that !

 

Edited by T-Bone
The forgetful reader
Link to comment
Share on other sites

1 hour ago, Bolshevik said:

Damn, 1 floor rented?  So this is a multiplex?

So fill it up.  Refinance, borrow against the property, get another property.  Rinse, repeat.  The millennials are renters and there's a realitively lot of them.

And stay friends with this friend :biglaugh:

Yes, I plan to :biglaugh:

Your advice is VERY good.   Unfortunately, I don't think she has the motivation and ambition to do all that.  

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

 Share

×
×
  • Create New...