All Forum Posts by: William Coet

Quote from @Scott Mac:

Easier fruit to pick than this one.

For sure, but there are important reasons that I would like to purchase and control the property.

Quote from @Jonathan Bock:

William,  

This is a mortality play with a lot more risk really think through the financial, legal and ethical consequences before you do this.  I do not recommend what you are trying to do its essentially a reverse mortgage for this individual and you are the lender if I understand the scenario? 

Thanks Jonathan,

I could make her a fair offer and pay her.  She would receive a sum of money and lifetime use of the property.   I do not collect any rent or payments.  In return, I become owner (not landlord) and do not get use of the property until she either moves out or passes away.  The details of property taxes and insurance would need to be determined.

Quote from @Dave Kush:

Good question. 

I think one thing to consider is how bad the place is. As the landlord, you could have liability for issues related to condition of the property. If you need to make significant repairs or updates (or clear out some of the hoarded material), but she's mentally not ready for that, you could find yourself in a tough spot. 

Conceptually, I see where you are going w this: if she's good with the property as-is, then you could have a nice long run play on your hands, if the numbers work. Just not sure you can do that without risk due to the property condition.

That said, I am thinking of a true hoarder, like the sort with a mental disorder that makes it nearly impossible to get rid of things (like the old TV show). If I've misunderstood and she's just a person w a lot stuff, could be workable. 

Be careful with it. 

Thanks Dave, If I offer purchase it and offer her lifetime use I would not receive rent., I would not be interested in being the landlord and servicing the property for the reasons you mentioned above. 

I would make it part of the agreement that she is responsible for all maintenance,etc.

Hello,
The situation:  Edit: She is the homeowner, not yet a seller.  A woman in her 70s lives in a home and has no children and is a hoarder.  The home is in very poor condition and has been neglected for decades.   She is very eccentric and sometimes irritable with an erratic personality.  She is likely not in a good financial situation.  Nonetheless, she likely does not want to leave the home.  
I am seeking advice on how to navigate this situation because I would like to purchase the home.  I can offer her lifetime use, or perhaps another similar arrangement so that she does not feel threatened but she could also benefit from having the income from a sale.
Any thoughts on how to find a mutually beneficial arrangement would be very much appreciated.
Thank you

Quote from @Mohammed Rahman:

Hi @William Coet - why not just buy the property from the owner right now? 

I'm not entirely certain how relevant right of first refusal clauses can be applied to residential properties (although I've worked on transactions in the commercial world with these clauses). 

If i had to get creative, I suppose you could put a right of first refusal "lien" on the property (assuming the owner agrees in exchange for a lump sum in cash from you). 

Would be a good question to ask an attorney in your area. 

Mo, Thanks for the reply.  I would like to buy it now, but the property is owner occupied by a woman who is very attached to it.  None the less, she has allowed it to deteriorate into bad condition.  She will be very sensitive to what she may perceive as a threat.  I have considered offering her lifetime use of the home if I could buy it now.

Hello,

I would like to offer a woman a payment for a Right of First Refusal on her home.  I am wondering what can go wrong and if there are ways to guarantee it will work.  I am considering offering the RoFR because I do not think she would sell the house now.

For example:  1. What if she has granted the property to someone else in her will?

2. What if she goes into a nursing home and the nursing home places a lien on the property?

3.  Etc., etc.,

Is there a way to avoid problems like this?

Thank you!

@Jay Hinrichs

Well Done Jay.  This is a great looking project.  You mentioned offering some customization as a way to complete against big builders.  Is there a reason that the big builders don't do the same?

Quote from @Eliott Elias:

Most handymen are not tech savvy. If they are, use excel and have to do’s and construction schedules. If they are not savvy, you are going to have to remind them constantly.

 Good point.  I checked out the Asana app and the handyman will not want to use it!  Need something very simple

We need a simple way to keep track of projects with a handyman.  As urgent repairs come along, other projects often slip through the cracks and the handyman has to be reminded.  Also, it would help if notes can be made by owner and handyman to update on project status, list materials and methods, notes about access, etc.

Someone suggested Google Docs, but I have no knowledge of this subject.  Thank you

Hello,

If someone gives a dishonest review, can it be removed? 

Thank you in advance