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Updated about 11 years ago on . Most recent reply

User Stats

382
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123
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Mary lou L.
  • Investor
  • Wichita Falls, TX
123
Votes |
382
Posts

How to structure this? My dad has 5 properties in a trust and I want to buy one

Mary lou L.
  • Investor
  • Wichita Falls, TX
Posted

My dad (Love him to pieces) has purchased through buy and hold, and finding properties outright, 5 properties.  I am living in one of the properties. It is mortgage free and in a trust. I know that these properties will go to us (4 sisters ) in this trust..but I would like to purchase this one outside of it. I do not want to wait until the inevitable and would like to secure this property soon. I would like to do owner finance and secure a loan to pay my dad off and the trust (which would hopefully benefit my sisters as well. My dad is a hard sell on leveraging property, rather buying fixing, and renting out( but he isn't the best at managing...)

I am thinking seller finance (this property need some repairs, so regular financing I think won't work) how do I approach him  on this. And how would this impact the trust? My sisters are ok with  me owning this home. But how to structure it so they get their fair share? I see it as my dad is still alive and any monies he gets are still under his control and how he uses it  as far as the trust is  his deal. Another concern is taxes, how to structure this for minimal tax impact.

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