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.
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!
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.
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.
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.
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.
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.
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.
... 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 !
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
Yes, I plan to
Your advice is VERY good. Unfortunately, I don't think she has the motivation and ambition to do all that.
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GeorgeStGeorge
If the other person doesn't want to sell, can your friend sell her half to her?
George
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Rocky
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.
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oldiesman
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!
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oldiesman
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.
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GeorgeStGeorge
Sounds just crazy enough to work.
George
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Rocky
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.
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oldiesman
Yes definitely.
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Bolshevik
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?
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oldiesman
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.
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Bolshevik
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
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T-Bone
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-BoneThe forgetful reader
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oldiesman
Yes, I plan to
Your advice is VERY good. Unfortunately, I don't think she has the motivation and ambition to do all that.
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