All Forum Posts by: Ibrahim Hughes

 Thanks Scott! I'll check with my attorney as well. Be well!

Hi everyone. I searched this on the site and did get some basic information on life estates.but nothing clear-cut on property taxes. So I want to make sure by asking this question. It does appear that whoever is giving the life estate is still responsible for a paying the property taxes. In other words if you purchased a property, yet gave the seller a life estate, you as the new owner are still responsible for maintenance and keeping the property taxes current. Is that a correct assessment?

Hi everyone. In addition to real estate investing I also run a nonprofit youth mentoring organization. any CPAs out there who can answer the following question ?

Can our Non Profit legally serve as a "conduit" for a for profit company?  we've been approached by a for-profit company who's owner has been supporting our nonprofit organization for many years (we've been in existence for 20 years). The Money given to the For Profit company (via our non profit) woukd be used to "save their business" during this Covid-19 shutdown. They are not an essential business.  If so, can we be compensated by the For Profit business for serving as the conduit ? any direction anyone can give me on this is very much appreciated.

@Claudia Ho

I have two suggestions.

1) search ny mortgages or deeds where the company may have taken out a loan or conveyed a property. Usually these docs require someone in charge at the company to sign off on.

https://a836-acris.nyc.gov/CP/

2) have the tenants start feeding the stray Cats in the area. Have them start leaving cans of food out. Maybe you can even supply the food. The More cats in the area the less rats and mice you'll have. Additionally you may want to advise your tenants that having a cat as a pet is allowed. I don't know of any tenant who has a cat yet complains about a mouse or a rat problem.

@Steven Schulman

I believe it will still be considered a bedroom. But you won't be able to rent it out to section 8 tenants without there being a closet there from my understanding. Have you tried the cut a closet from the bedroom and into the adjoining room?it makes the adjoining room a bit smaller but you don't shrink the space of the subject bedroom. Perhaps the joining bedroom can give up enough space for closet.

 Thanks much for your response! understood and agreed. However it's not my call. I have gone through a couple of dozen of these over the years but of course that was in New Jersey. I'll suggest the attorney angle and see what he decides. All the best!

I'm about to start assisting my cousin in probating his mother's estate. He hasn't been able to find a will but he is her only heir. She never married. I told him it's probably easier and cheaper probating it from self as his funds are limited.

Does anyone know the basic procedure for doing it in Kern County, California? Looking to figure out where should he go and what forms. We're going to Google it as well but just trying to see if there's some inside information that isn't so obvious. He and I are on different coast so I won't be there to personally walking through. Thanks in advance.

@Aaron K.

Loan mods. And banks typically do when the borrower shows a sudden ability to pay where there previously wasn't any.

@Patricia Steiner

You'd be surprised how much attention politicians pay when something is blasted to the media. If you can somehow get the media to give coverage or start some type of social media campaign that gets the politicians attention, I'm sure they'd take care of it. I would probably start by organizing The neighbors and start some type of public relations campaign.might be a good opportunity, if you don't already have one, to start a block association of some kind.

@Cheryl Jones

You mean vacant from covid-19 shut down? Why would these houses be vacant?