Donna Ross
Beverly Hills, CA Active 6 years, 11 months agoForum Replies Created
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Jackie,
Am guessing you have been too busy w/other matters to reply……but if you think my relative must invest more at first, ie to find good, reliable investor, pls just let me know…that will be do-able…..but we had thought it best to start slow; then to risk larger amts after seeing how it all went.Thnk-you, Donna
Thank-you Jackie:
Is it important which state she lives in…..? ie. does she need to be driving past the investments etc?
Right now she is in Texas (north texas: dallas suburbs-for medical reasons). She likely will move to the
Washington DC area w/in a few months (somewhere outside DC where the air is purer: eg Leesburg ?, or outside Annapolis possibly. But somewhere around there since she needs to sue the gov’t for her accident/return of her estate (it was their fault she had the accident). Originally she was from California…is a longtime Californian- she formerly owned real estate there (pre-accident). For a year, 2012, per doctor’s suggestion, she lived in Washington state; just north of Seattle’s Bainbridge Island. She has some close friends there.Amount to invest:To start out, going slowly as you also suggested, she will want to try seeing what happens with $50,000, more or less, depending on the situation/investor. Going slowly was our instinct, too.
Income vs growing nest egg……
Depends on the time the money would be tied up for. Is it possible to accomplish both?
If not, then likely we need to know how long the money will be tied up for, before being able to decide that.
Per your input, I will check with her.Thank-you so very much….
DonnaHi Jackie:
Very humorous response and very helpful…..I wholeheartedly agree……ie. too many brain cells for such a small thing.
The problem is that it is a ‘classic’ vintage. As in nearly an Airstream. And my client wants only it (or something nearly identical to it: these are not being made any more and are not made out of plastic and chemicals like most other brands/types. But there are few ever available…this is like an art project for my client.) His getting this is just one leg of a multi-legged 1031 exchange, where ultimately I will end up earning some tidy sums.
So, if the client were not an artsy type; it would be easy to find a replacement. These artists can be pretty picky……but since the total earnings for me will be decent, I seem to be stuck in a situation where I am forced to wade through this.
But thank-you for all the inputs. Any other will be appreciated as well.
Donna
Jackie:
How and where can we find out if and how much in back taxes are owed?
The dealer is taking it to an inspection station today , as part of the process of getting the title bonded. (apparently req’d by state; it allows police to confirm that the trailer is not reported as being stolen).
The consignment dealer said that the seller is a 78 yr old man who bought it on a bill of sale from someone; that it was in a barn for the past 5 years, that the 78 man had planned to restore it (it is vintage trailer; ie 1970), but lost heart after cutting the first piece of wood and asked this consignment dealer to sell it. Am not sure this seller, the 78 yr old with a bill of sale, can get clear title…are you?
They say 2 more weeks to have bonded title. Someone told us that bonded title is somewhat dangerous for my client; since if a prior owner materializes during the next 3 years, has a legitimate claim of ownership, and wins a judgement in court, that the bond company will pay off his claim, then my client will have to pay the bond company the claim amount, plus could lose possession of the trailer (a prior owner could even ask for it back). So, it looks ridiculous to buy it on bonded title.
However, someone else told us that if the dealer puts the bonded title into HIS name (or into his clients- since the dealer is selling it on consignment for someone), and only after having it in their name, sells it to my client for clear title, that then he, the dealer and not my client, would be liable for any financial claim of a prior owner. (but I’m guessing my client could still lose possession of the trailer……client has a special health issue that this trailer helps address; and is not easily reproduced by other trailers; not impossible to find another, just complicated and time consuming, and at this point, time is money, plus health).
Any input highly appreciated!
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