What was your quickest property purchase time and what was the outcome?
- Thread starter Monopoly
- Start date
Kathryn how does this work? I'm not understanding how you make this work for you-financial wise?
You have folks living rent free in your properties?
I've missed something here...
You have folks living rent free in your properties?
I've missed something here...
We haven't been taken up on this offer.
How I would like to see it work:
A senior, or someone with very limited time on Earth has a house that is paid for.Most likely with no family they want to will their home to.They may want to stay in their home, and have a care giver but cannot afford it on their current income.
In exchange for them to sign their home over to us, we would allow them to live in the house until they weren't able to any longer. Either they die, nursing home etc.We would pay the taxes, maintenance, insurance,heat and light bills and possibly a small monthly allowance. The amount would depend on the value of the home, or how ill the senior was
By the time the house is vacant for us, we will probably have paid for the house.
Very much like a reverse mortgage.
An average $130K house
Taxes $1200
Insurance $900
Heat & lights $3500
Maintenance $1000
The house would be available for us to immediately take equity from.
If the senior remained in the home a long time, we would end paying more for the property.
Not trying to wish anyone dead.This would be a win-win situation.
It could make the last few months/years very comfortable for someone.
How horrible.....
I'm really hoping I have read your posts incorrectly.
Please please tell me I'm wrong; I don't want to believe that you would be so low as to do what you propose, or what your posts insinuate, which is nothing short of stealing from the vulnerable.
This, plus (your earlier post):
What box is that Kathryn, a pine one?????????
I'm really hoping I have read your posts incorrectly.
Please please tell me I'm wrong; I don't want to believe that you would be so low as to do what you propose, or what your posts insinuate, which is nothing short of stealing from the vulnerable.
Last edited:
There is actually a book describing how to buy property like this, its called "SELL AND STAY"...I bought it years ago and its on my bookshelf somewhere,
Like anything, providing it's for a legal purpose, you can form contractual relations around almost anything.
Like anything, providing it's for a legal purpose, you can form contractual relations around almost anything.
Yes I suppose that's true, as long as it's legal which I see now that it could well be, that is, if the home-owner is prepared to sell you his/her home for whatever cost and/or sign it over to you for the few expenses and smaller stipend paid prior to them passing on. But I can't see how this could be anything but immoral.
It is very sad to see that people actually would engage in this sort of business to make a buck!!!!
You will be obliged to disclose the life interest you have created with the senior to your lender. You lender would then decline the loan.
Hardly a win-win for the deceased, and for your sake (or that of your business) you'd be praying their time on this earth is not too long otherwise you'd be more out of pocket than you already are, which going by my calculations of what you've quoted, ain't that much!!!!!!!
This is IMO no better (morally) than grave stealing, except the grave hasn't been occupied yet!!!
Kathryn, Woudl you almost NEED to pick an olide without realtives in order to secure such a deal, becuase most relatives would scream you out of town if you suggested this to them ?
Guess what sort of reaction you would receive from me if you had such a chat to me or my mother about such a deal ?
Is it really that hard to find a good property deal in Canada that you ahve to resort to something like this, you've been in the busines long enough, so I and appear to know your way around etc, why would you wnat to go down such a dirty (and to me anyway, complicated sounding) path ?
Guess what sort of reaction you would receive from me if you had such a chat to me or my mother about such a deal ?
Is it really that hard to find a good property deal in Canada that you ahve to resort to something like this, you've been in the busines long enough, so I and appear to know your way around etc, why would you wnat to go down such a dirty (and to me anyway, complicated sounding) path ?
Two kinds of people in the world
good people with good intention who assume that others are of good intention
and A-holes who assume that everyone else must be an A-hole, because they can only plan for ripoff
What kind are you
Thanks for the pms from somersofters apologising for the a-holes
Pensions in this country are pitiful
heating bills for a -20C 7 month winter are huge, it does not take long to expend the cost of a house
would it be more ethical to purchase the house from the public trustee after the occupant froze to death, knowing we could prevent them freezing to death, let them stay in there own homes, potentially for 20years
asset rich, income poor, no financial support, there would be no difference if the homeowner used the equity in their home to purchase an annuity.
good people with good intention who assume that others are of good intention
and A-holes who assume that everyone else must be an A-hole, because they can only plan for ripoff
What kind are you
Thanks for the pms from somersofters apologising for the a-holes
Pensions in this country are pitiful
heating bills for a -20C 7 month winter are huge, it does not take long to expend the cost of a house
would it be more ethical to purchase the house from the public trustee after the occupant froze to death, knowing we could prevent them freezing to death, let them stay in there own homes, potentially for 20years
asset rich, income poor, no financial support, there would be no difference if the homeowner used the equity in their home to purchase an annuity.
Shame on You!!
My mum is 80 years old.Her ONLY fear is to need to go to a nursing home.
Take this scenior:
An elder with no family who will provide them the resources to have in home care.Only asset of value is their home, and their kids are waiting for their inheritence.Meanwhile the senior is trying to EXIST on $1200 a month.Our government pensions are not nearly as generous as Australia's.
Now they still need to pay for heat (winter can easily be $800 a month) and lights, taxes, insurance, maintenance and repair.
Take our offer.They now have an extra $550 +our monthly stipend.
They have increased their monthly cashflow more than 50 %.
It would be cheaper for us to buy their house and kick them out.Rent to someone willing to pay market. That would entail us going to save for deposit and going to lenders etc,
This also doesn't help the senior in staying in their home.yes they could rent the home back from us, but what happens if we change our mind or want to move in?
Many seniors want to stay in THEIR home.
Many lenders wouldn't even consider giving them a LOC, even if they would enquire.
This is an option.Maybe no one will take us up on it.
My mum is 80 years old.Her ONLY fear is to need to go to a nursing home.
Take this scenior:
An elder with no family who will provide them the resources to have in home care.Only asset of value is their home, and their kids are waiting for their inheritence.Meanwhile the senior is trying to EXIST on $1200 a month.Our government pensions are not nearly as generous as Australia's.
Now they still need to pay for heat (winter can easily be $800 a month) and lights, taxes, insurance, maintenance and repair.
Take our offer.They now have an extra $550 +our monthly stipend.
They have increased their monthly cashflow more than 50 %.
It would be cheaper for us to buy their house and kick them out.Rent to someone willing to pay market. That would entail us going to save for deposit and going to lenders etc,
This also doesn't help the senior in staying in their home.yes they could rent the home back from us, but what happens if we change our mind or want to move in?
Many seniors want to stay in THEIR home.
Many lenders wouldn't even consider giving them a LOC, even if they would enquire.
This is an option.Maybe no one will take us up on it.
Yeah sure why not, you've convinced me, it's a good samaritan act after all
We could be the answer to someone's prayer
Hi Kathryn (and AB)
I see this strategy as relatively risky as you have no control on the level of outgoings nor the length of time those outgoings are going to continue.
In the meantime this property is actually 100% -cf
What DD are you going to use to mitigate your risk, insurance would normally use mortality table whereas in this instance it would be the inverse.
I can see the benefits for the aged pensioner but I also see some risks for the aged pensioner. One thing is how do you guarantee that non statutory expenses will be paid or worse that for some reason you become bankrupt or in some way incapable of servicing the expenses and simply can't fulfill your end of the bargain. Similarly what guarantees the level of services that you will provide and what happens when they are not delivered.
All up with extended life spans and the risk of non performance there are substantial risks on both sides that all parties would need to understand.
Cheers
PS just as an afterthought and in line with this thread this could be the longest deal that you could ever do
I see this strategy as relatively risky as you have no control on the level of outgoings nor the length of time those outgoings are going to continue.
In the meantime this property is actually 100% -cf
What DD are you going to use to mitigate your risk, insurance would normally use mortality table whereas in this instance it would be the inverse.
I can see the benefits for the aged pensioner but I also see some risks for the aged pensioner. One thing is how do you guarantee that non statutory expenses will be paid or worse that for some reason you become bankrupt or in some way incapable of servicing the expenses and simply can't fulfill your end of the bargain. Similarly what guarantees the level of services that you will provide and what happens when they are not delivered.
All up with extended life spans and the risk of non performance there are substantial risks on both sides that all parties would need to understand.
Cheers
PS just as an afterthought and in line with this thread this could be the longest deal that you could ever do
disagreed with, have own views,
AS stated, its their prayer, not ours
If I were religious, would that make us god's agent on earth?
I dont think so, I dont think that any of those things exist
but some of our tenants do, and tell us so
$270 per month to BUY their house from us 0% interest,
we bought it so they could buy it from us
not a CF+ deal, they are a good young family, they just need a hand.
bagged because you cant use vendor financing
bagged because you cant buy a house for $10000
bagged because you cant have a CF+ multi unit residential development
bagged because you cant be the developer of another multi unit residential development
bagged because you cant buy six houses at once
bagged because you cant do a deal to make 0 profit
bagged because you cant offer to help someone in an untenable situation
"morally wrong"
just the same posters,
who is exactly doing the same as them is right,
those who are living on the opposite side of the world in different circumstance with different government systems in place, so doing something different must be morally criminal
how ayatollah of them
Last edited:
Yes you're right. It could be the longest deal we may ever enter into.
Even though we do have a VF that may last as long.
The deal is 100% -cf, and it may be a gamble.
Isn't life anyways?
We would make sure THEIR doctor agreed they were "of sound mind" when signing this contract.
Many forum posters think we are wrong, and that's ok.
They are looking at the world thru rose colored glasses.
They would never allow their elderly family members to go a nusring home.Not every elder is so lucky.
All we would be providing is an option to remain in their home for as long as possible.
The amount on a monthly stipend would depend on a lot of factors.
If they were terminal it would be more than if they were just old.That is something we would negotiate with the elder.
Many eldered have not done simple maintenance on their homes, which lower heating costs.Rob is very good at this.
Someone only needs to be 2 years behind in their property taxes and the property is sold at Sheriff's auction for the amount of the taxes.
My mother was so worried about it, she had a video made, when she definately had all her faculties.She has declined somewhat, but we have assured her as long as she has her mind, she will not be put in one.(nursing home)
On occassion she has had employed home care, which comes out of her own pocket.
Jaycee,
Good deals are everywhere.
Last year someone put an ad on wanting similar what we are offering.They wanted a family to live with her for free, in exchange for helping her.I believe at the end, she offered them the house.
Elders without family, or estranged family, would be in the most need of our help.
Would you give your mother $60K a year to maintain her $600 k home?
What if you couldn't afford it? Just tell dear old mum to sell and move to a smaller place, right? Never mind what she wants..this is your inheritenace, and your ENTITLED to it. Mum is just so thoughtless.
How is me offering a complete stranger the chance to stay in their own home, for as long as possible bad?
Every life insurance policy is based on the law of averages.
If we could do this for a couple of people it would probably average out.
Since I am such an immoral person,,off to the obituaries to scour the widow/er childless homeowners, left behind.
No, I'm not one of these. I have far too many faults to label myself as "good" but I do assume better of others.
I have been called far worse, but thankfully (among the many colourful choices) have NEVER been accused of ripping off anyone, nor would I EVER plan/want to.
What kind are you
Last edited:
You shouldn't be surprised when you write of deals involving people in different circumstances, and expect to get the same (positive?) responses to those living on your shores.
Similar threads
