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Country Discussion Topics
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Mountain Property Real Estate Help, please
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Suska    Posted 04-12-2004 at 08:33:19       [Reply]  [Send Email]
Can someone help please? I don't know where to begin looking for info on this. My husband & I bought the house & 16 acres next to my inlaws. They decided to move to town to be closer to the grandchildren. We want to buy their house & property but in a way that we can sell shares to family & friends. They get a certain amount of weeks/year. The rest of the time it is rented out as a vacation house. I'd like to find the how-to's of going about this. Any suggestions? What forms of ownership? Leglities?

suska    Posted 04-12-2004 at 13:42:17       [Reply]  [No Email]
Thanks to all for the advice. I hear what your saying about relatives. Wish we could afford to buy. Perhaps our fortunes will turn for the better.

Salmoneye    Posted 04-12-2004 at 14:00:25       [Reply]  [No Email]
You can afford it...

You would need the down payment and a 'business plan' to show to a bank...Run it just the way you described it as a 'Seasonal Rental Property'...

Show the bank the potential income after expenses (taxes, upkeep, insurance, etc.), and they will write you a 10 year note if the numbers jive...

donna in w.v    Posted 04-12-2004 at 11:27:38       [Reply]  [Send Email]
salmoneye is right if you can own it outright and offer family a rental but otherwise your looking for trouble. We went thru it with some land we wwere left along with 3 family members and I'd have given my share away not to go thru it again and i was the one who said "my family's not like that" boy was i suprised .

cowgirlj    Posted 04-12-2004 at 09:21:53       [Reply]  [Send Email]
This site might help a little.

Dieselrider    Posted 04-12-2004 at 08:36:40       [Reply]  [No Email]
Talk to an attorney.

And then...    Posted 04-12-2004 at 09:06:40       [Reply]  [No Email]
Forget about the idea...

My family has a whack of land in joint ownership at this point and if there was a way in all the wide universe to get out of it they would...

Buy it outright, keep it and RENT it to the relatives if they want...Sweet and simple...

My 2...


bo    Posted 04-12-2004 at 09:17:09       [Reply]  [No Email]
Listen to Salmoneye. Never,ever get into joint ownership with relatives or friends.There will be nothing but problems and even good paper work won't stop hard feelings.

That's why...    Posted 04-12-2004 at 09:53:35       [Reply]  [No Email]
They market and sell 'Time-Shares' to people that don't know each other...


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