[quote=Hobie]This is the good Pigg discussion I like to see !!
I’ll add, I think she will cash flow out and you would be stuck trying to evict her. Seems with only $75k, now add her medical, UTC HOA, and taxes, not enough money. On top of that by the time the s*it hits the fan, you would be on the hook for back HOA and fees as you are an ‘owner/partner’. No actual life tenant agreement here, just a weak stab to shill you.[/quote]
Good point.
I really hate how some of these people exist. One my reasons why I wouldn’t want to “partner” with anyone I don’t know well, and even then, I am reluctant to.
[quote=scaredyclassic]Are her medical records avail. For review?. For the right level of extreme decrepitude, it could work. Of course, then , she’s probably be in assisted living[/quote]
If she’s on title, isn’t assisted living going to suck all the equity out of the property?
I really hate how some of these people exist. One my reasons why I wouldn’t want to “partner” with anyone I don’t know well, and even then, I am reluctant to.[/quote]
These people are all over. And other people fall for investing schemes all the time. Not a rare thing.
[quote=no_such_reality][quote=scaredyclassic]Are her medical records avail. For review?. For the right level of extreme decrepitude, it could work. Of course, then , she’s probably be in assisted living[/quote]
If she’s on title, isn’t assisted living going to suck all the equity out of the property?[/quote]NSR, a “life estate” agreement is not recorded. She can’t be on title. The investor will be on title and subject to all the liability of the tenant(s), their guests, and sublets, as well as for the HOA dues and taxes. Her “life estate” agreement could prohibit her from being evicted if she fails to pay the HOA dues and property taxes which likely would be wa-a-a-ay beyond her monthly budget. In any case, it would be a “public relations nightmare” for the investor to try to evict her in her ’80’s or ’90’s, even if she breached the “life estate” agreement and they were in the right to attempt to gain possession of their property.
I have a feeling the OP here who perhaps “represented” his elder client at one time (w/estate planning services?) does not practice in the state of CA. OP??
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