We Want to $BUY$ Your Property at . . .

[dudley0]

What about my splendid offer?

You do have the option of selling the place to the current tenant on contract. Unless you need the lump sum now you can make more money that way.

I have done rent to owns where they pay a little above rent each month towards the purchase price. Had a couple that did that for about 14 years. They called me up one day and said they were ready to buy. It amazed me.

I currently have a duplex that a guy is buying from me where I play the bank. I told him I would charge more because I didn't want to do it. He was fine with me charging 10% interest on a 15 year loan.

Just make sure you have it all legal like. Also make sure if they are responsible for things like property taxes and insurance that they actually have them.

Another option is to contact the owner of the other side and see if they have an interest.

But really..... what about my offer!

 

[maxwelhse]

Someone else owns the other residence that is the other half of the duplex.

So there are 2 deeds and parcel numbers and all of that? How does it work if it need a new roof?

Just curious.

 

[churchmouse]

So there are 2 deeds and parcel numbers and all of that? How does it work if it need a new roof?

Just curious.

Yeah that is seriously going to limit your buyer market.

 

[rhino]

What about my splendid offer?

You do have the option of selling the place to the current tenant on contract. Unless you need the lump sum now you can make more money that way.

I have done rent to owns where they pay a little above rent each month towards the purchase price. Had a couple that did that for about 14 years. They called me up one day and said they were ready to buy. It amazed me.

I currently have a duplex that a guy is buying from me where I play the bank. I told him I would charge more because I didn't want to do it. He was fine with me charging 10% interest on a 15 year loan.

Just make sure you have it all legal like. Also make sure if they are responsible for things like property taxes and insurance that they actually have them.

Another option is to contact the owner of the other side and see if they have an interest.

But really..... what about my offer!

I'll counter your offer: State assessed value in cash! BOOM!

Selling on contract won't work. Medicaid needs to get most of it up front, because that's how they roll.

So there are 2 deeds and parcel numbers and all of that? How does it work if it need a new roof?

Just curious.

Yes, they are separate properties with separate addresses even though it's physically one building. The entire neighborhood is like that, although I suspect that by now some are rentals with both halves owned by the same owner.

I don't know.

Yeah that is seriously going to limit your buyer market.

People buy and sell them all the time. However, it doesn't matter in the big picture because it has to be sold. There won't be any kind of profit from this as Medicaid is involved and after the spend down following the sale, Medicaid will get the bulk of the sale price.

 

[maxwelhse]

However, it doesn't matter in the big picture because it has to be sold. There won't be any kind of profit from this as Medicaid is involved and after the spend down following the sale, Medicaid will get the bulk of the sale price.

That sucks, man. All I can add at this point is a genuine "good luck". You're in an interesting situation that will be educational to follow.

 

[dudley0]

I know this contractor who built a house for his mother in law. She never moved it into anyone else's name and got put in a home. They just let it sit. Won't sell because the home takes all the profit. Can't rent it because the profit goes to the home. Odd situation, but that is how they are doing it.

Duplex housing isn't that uncommon. Kind of like condos.

Let me work up a counter to your counter...

I will buy it for the state assessed taxes. Annual only. You take the money to medicaid with the bill of sale. I take you and the wife out to a nice dinner. Everyone wins.

To sweeten the deal I will throw in a 50 round box of 9mm range ammo. We can meet at Deer Creek CC and I will spring for the guest fee as well.

Now try and get that kind of service from a flipper.

 

[rhino]

That sucks, man. All I can add at this point is a genuine "good luck". You're in an interesting situation that will be educational to follow.

Appreciated! Navigating the Medicaid minefield has been an arduous, treacherous journey even with the aid of the best elder care/Medicaid law firm in the area (Brauman Moore & Harvey in Brownsburg). They are an awesome team, but Medicaid is just a huge challenge even if you have help. Plus, we (as a family) consulted with them way too late in the process. I made initial contact just before Medicaid became a necessity, but head we worked with them years ago, the level of problems would be close to zero now.

Hindsight is 20/20, so I will say to all reading this: for yourself and for your parents, I strongly advise consulting with an attorney who specializes on elder care and Medicaid well before retirement age if possible so that they can help you much more effectively in terms of retaining assets. By the time someone has to go on Medicaid, it's five years too late for trusts, transferring assets, etc.

I know this contractor who built a house for his mother in law. She never moved it into anyone else's name and got put in a home. They just let it sit. Won't sell because the home takes all the profit. Can't rent it because the profit goes to the home. Odd situation, but that is how they are doing it.

Duplex housing isn't that uncommon. Kind of like condos.

Let me work up a counter to your counter...

I will buy it for the state assessed taxes. Annual only. You take the money to medicaid with the bill of sale. I take you and the wife out to a nice dinner. Everyone wins.

To sweeten the deal I will throw in a 50 round box of 9mm range ammo. We can meet at Deer Creek CC and I will spring for the guest fee as well.

Now try and get that kind of service from a flipper.

You're a saint! My counter to your counter to my counter:

You pay me the assessed value + 10%, reimburse us for the property taxes for the last ten years, AND take SWMBO and me to dinner (at Fogo). I will hand you the keys and give you a 50 round box of 9mm range ammo as a thank you gift.

 

[dudley0]

Bring me the keys, the ammo and the address.

Deal expires in one hour from this time stamp.

Remember to track any and all expenses that you have for the property. That won't be much but it will help with diluting the profits.

Oh and even if you are a speed reader you just wasted almost a minute from the beginning of the last post. 58 and counting...

 

[rhino]

Bring me the keys, the ammo and the address.

Deal expires in one hour from this time stamp.

Remember to track any and all expenses that you have for the property. That won't be much but it will help with diluting the profits.

Oh and even if you are a speed reader you just wasted almost a minute from the beginning of the last post. 58 and counting...

I'll see that and subtract 1 hr and 1 minute from your clock!

 

[dudley0]

Done deal... now get here.

 

[maxwelhse]

...I feel like these negotiations have not been productive.

 

[rhino]

Done deal... now get here.

I'll be there right before you typed that . . . just as soon as Sherman & Mr. Peabody get here with the Wayback Machine.

...I feel like these negotiations have not been productive.

It probably went better than what might happen had I called some of those "I want to buy your house" people.