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Started By
Message
3 way camp ownership - best way to do it
Posted on 4/27/18 at 8:22 pm
Posted on 4/27/18 at 8:22 pm
My widowed sis and I and a male friend wish to purchase camp/waterfront property to retire on. Just looking for a few acres and room enough to create 2 -4 smallish houses (or triplex), workshop,etc. So here are a few questions...
1) what are good websites or places to find such properties for sale (southeast La)?
2). Are there any agents that specialize in such properties?
3) no one wants it in their name. Can we make an LLC or "foundation" to own it for us?
Misc details..Financing is not an issue. We have excellent credit, own other land, have guaranteed income, etc.
We do not wish to own it, we want each of the 3 to have usufruct rights till death. Haven't figured out what to do after that.
I am sure there are lots of negative things to say about why we would want to do this. There are very personal, serious medical and life choices at stake here which is why we are considering something like this.
1) what are good websites or places to find such properties for sale (southeast La)?
2). Are there any agents that specialize in such properties?
3) no one wants it in their name. Can we make an LLC or "foundation" to own it for us?
Misc details..Financing is not an issue. We have excellent credit, own other land, have guaranteed income, etc.
We do not wish to own it, we want each of the 3 to have usufruct rights till death. Haven't figured out what to do after that.
I am sure there are lots of negative things to say about why we would want to do this. There are very personal, serious medical and life choices at stake here which is why we are considering something like this.
21
Posted on 4/27/18 at 8:24 pm to gingerkittie
Didn’t you try this already and it failed miserably?
Posted on 4/27/18 at 8:28 pm to gingerkittie
The pitfalls of this scenario are too numerous to list.
Posted on 4/27/18 at 8:29 pm to gingerkittie
I read this as
quote:
3 way ... best way to do it
Posted on 4/27/18 at 8:30 pm to gingerkittie
quote:FMF
3 way camp ownership - best way to do it
Posted on 4/27/18 at 8:32 pm to gingerkittie
quote:
3 way camp ownership - best way to do it
Don't.
Posted on 4/27/18 at 8:33 pm to gingerkittie
quote:
My widowed sis and I and a male friend wish to purchase camp/waterfront property to retire on
He gonna dick both y’all down at the same time or just alternate nights like the Mormons do?
Posted on 4/27/18 at 8:39 pm to gingerkittie
Divide it up into three parcels. You don’t want Medicaid coming for your camp when your widowed sister has to go to a nursing home.
Posted on 4/27/18 at 8:40 pm to gingerkittie
Don’t do business with friends and relatives
Posted on 4/27/18 at 8:41 pm to gingerkittie
You'd be better off with three adjacent lots that you own individually. Otherwise somebody dies, gets tired of it, needs to unload to raise cash, it puts the other two in a bind. You or your heirs will eventually want to partition it. Might as well set it up that way to start.
Posted on 4/27/18 at 8:42 pm to Tino
quote:
Didn’t you try this already and it failed miserably?
Actually no. I lived om my ex husbands family farmland before and the situation was different.
My sister is widowed (married 30 years to HS bf ). I want her to retire early in a few years.
My sweetheart will also be retiring early in the next 2 years.
I am already retired but don't claim ssi or any of that. I live on my own money.
So we would like to buy our property and make a home together.Sis is not likely to marry again. I will marry my bf when the time is right.
We have the money, have the means and after all we have lost in the past few years (siblings, our mom, our husbands, etc) we are just looking for our "happily ever after" and fully intend making it happen for the 3 of us.
Posted on 4/27/18 at 8:44 pm to gingerkittie
if you want an answer that does not involve a joke about 3-ways you might post the op on the money board or outdoor board
is this going to be one of those nudist camps?
is this going to be one of those nudist camps?
Posted on 4/27/18 at 8:47 pm to gingerkittie
Have 1 person own it
Posted on 4/27/18 at 8:48 pm to gingerkittie
quote:
I live on my own money.
quote:
om my ex husbands family farmland before and the situation was different.
Sounds like you are living on ex-husbands money
And will be claiming half his SSI when he gets it.
This post was edited on 4/27/18 at 8:49 pm
Posted on 4/27/18 at 8:49 pm to fr33manator
Nothing good will come of this.
Posted on 4/27/18 at 8:50 pm to Ric Flair
quote:
Divide it up into three parcels. You don’t want Medicaid coming for your camp when your widowed sister has to go to a nursing home.
No nursing home. Alzheimer's runs in our family so a very strict DNR is in effect. I will not let her suffer. This is all part of part of the 3deal.
I already told sis if i get Alzheimers that she can put a pillow over my face, suffocate me and it will look like I had a seizure in my sleep.
To the other poster. medicaid cannot gtet the property as it will be in a protected status. If one of the 3 wants out then the money is in the bank to buy them out, no problems.
Posted on 4/27/18 at 8:50 pm to gingerkittie
Best way?
Your best friend owns 1/3
Your other friend owns 1/3
Your other friend that wastes his oil field money owns 1/3
Your best friend owns 1/3
Your other friend owns 1/3
Your other friend that wastes his oil field money owns 1/3
This post was edited on 4/27/18 at 8:51 pm
Posted on 4/27/18 at 8:51 pm to gingerkittie
Sounds like you have the legal hashed out.
Buy a property and do it.
Buy a property and do it.
Posted on 4/27/18 at 8:53 pm to gingerkittie
This has bad idea written all over it
Posted on 4/27/18 at 9:00 pm to Jizzy08
Sooooooo besides telling us what you want to do, what are you expecting here? Feels like you knew the answer was not to do it this way.
Why do you believe this is the better route?
Why do you believe this is the better route?
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