Buying Inherited Property
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Buying Inherited Property (by tryan [MA]) Sep 23, 2021 8:05 PM
       Buying Inherited Property (by Nicole [PA]) Sep 23, 2021 9:55 PM
       Buying Inherited Property (by ned [AL]) Sep 23, 2021 10:27 PM
       Buying Inherited Property (by Bill [NC]) Sep 23, 2021 10:30 PM
       Buying Inherited Property (by MikeA [TX]) Sep 23, 2021 11:26 PM
       Buying Inherited Property (by myob [GA]) Sep 24, 2021 12:15 AM
       Buying Inherited Property (by don [PA]) Sep 24, 2021 3:51 AM
       Buying Inherited Property (by DON [PA]) Sep 24, 2021 3:53 AM
       Buying Inherited Property (by WMH [NC]) Sep 24, 2021 9:24 AM
       Buying Inherited Property (by Allym [NJ]) Sep 24, 2021 10:33 AM
       Buying Inherited Property (by Kim [TX]) Sep 24, 2021 10:54 AM
       Buying Inherited Property (by WMH [NC]) Sep 24, 2021 12:33 PM
       Buying Inherited Property (by S i d [MO]) Sep 24, 2021 5:00 PM
       Buying Inherited Property (by Pmh [TX]) Sep 24, 2021 5:36 PM
       Buying Inherited Property (by Pmh [TX]) Sep 24, 2021 5:42 PM
       Buying Inherited Property (by Pmh [TX]) Sep 24, 2021 5:42 PM
       Buying Inherited Property (by Nicole [PA]) Sep 24, 2021 11:35 PM
       Buying Inherited Property (by C & J [CO]) Sep 25, 2021 8:38 AM
       Buying Inherited Property (by Steve [MA]) Sep 25, 2021 9:37 AM
       Buying Inherited Property (by gevans [SC]) Sep 26, 2021 7:13 AM
       Buying Inherited Property (by Ray-N-Pa [PA]) Sep 26, 2021 8:36 PM

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Buying Inherited Property (by tryan [MA]) Posted on: Sep 23, 2021 8:05 PM
Message:

Following up from the EXIT STRATEGY post ... lots said they will carry them to the grave.

Sooo let's share stories for profitting from inherited property.

--72.92.xxx.xxx




Buying Inherited Property (by Nicole [PA]) Posted on: Sep 23, 2021 9:55 PM
Message:

I own an inherited 100 acre farm. I don't profit from it. When I took over perhaps 5ish years ago, it had never made .05 but had cost money annually. I have done several small things and it now pays for itself. Next year, it should make a small profit but that money will go right back into severely needed, long overdue, projects.

Initial cost? $2,000.00 --98.237.xxx.xx




Buying Inherited Property (by ned [AL]) Posted on: Sep 23, 2021 10:27 PM
Message:

Inherited 21 acre hobby farm. Worth about $50k. Never gonna sell it. Did use it as collateral on a multi-unit. --70.92.xx.xx




Buying Inherited Property (by Bill [NC]) Posted on: Sep 23, 2021 10:30 PM
Message:

Back in 2015 I sold an almost 100 acre farm that I had inherited 1/3 of. Two cousins got 1/2 of 1/3

each and 5 other cousins got 1/5 of 1/3 each. All the cousins live out of state but me.

I had a firm buyer and I let the cousins know that I would be sending them POA's to let me do the paperwork for the sale. If they didn't want to do that I was going to quick claim deed my 1/3 to 1/7 to each cousin and they could handle it from there. They all signed.

Sale went through find and everyone got their money and I didn't hear any squawking about it.

It belonged to my grandparents and my grandfater told me one time that if I ever get possession of the property not to sell it to anyone with a certain surname. I don't know why he said that and it was not bought by someone with that surname. Had someone with that surname wanted it I would not have sold it to them because of my grandfather.

After my mother and her sister and brother died, all I did was pay taxes on it. --75.138.xxx.xxx




Buying Inherited Property (by MikeA [TX]) Posted on: Sep 23, 2021 11:26 PM
Message:

I have bought several that were inherited properties, usually at a steep discount. In most cases the kids didn't have enough assets or credit worthiness to clear the property out of the probate so I can step in and buy it with approval from the judge.

Usually, these properties are in a steep state of disrepair. The owners simply got to the point they couldn't handle managing it either physically or mentally so simple things like a drip end up eating away the building structure.

That's not my idea of how I want to end my land lording career. Running properties into the ground and becoming a slumlord because I can't manage it well only to sell them for 50 cents on the dollar to some younger version of me. I'd rather divest and get top dollar and stash the money somewhere it can be managed well by me if I'm able or ultimately the kids. --209.16.xx.xxx




Buying Inherited Property (by myob [GA]) Posted on: Sep 24, 2021 12:15 AM
Message:

Who has relatives rich enough to inherit from?

When my mom passed away we sold her house-- little 1/1bath and split it 6 ways.

I used my portion to learn how to sail 2K. MOM I love you for that. (and other things of course) When I got the money my wife asked me what you gonna buy? I had no idea. She then mentioned -- you know you always wanted to learn to sail-- why not use it for lessons. We all love the water-- yes even here in my new home city of Atlanta. Growing up on LI-- and only1 bock from the great south bay we had row boats growing up (all we could afford). --99.103.xxx.xxx




Buying Inherited Property (by don [PA]) Posted on: Sep 24, 2021 3:51 AM
Message:

I bought out some cousins, my dad, and an uncle to buy my grandmother's row house in what was then a depressed area of South Philly. Did a basic rehab and rented it. Area is now one of the hottest in the nation.

I would have liked to do the same on my other gmom's house, but she had a reverse mortgage that exceeded the value. Supposed to be able to buy at 95% of market value from the mortgage company. Problem was, she left no probatable estate and I could not get the heir to raise an estate just to pursue the house. Warning: the reverse mortgage companies don't go through the normal sheriff sale process. They are allowed to use their own very fast and shady process to gain title. --73.141.xxx.xxx




Buying Inherited Property (by DON [PA]) Posted on: Sep 24, 2021 3:53 AM
Message:

Bill---Quit claim, not quick claim --73.141.xxx.xxx




Buying Inherited Property (by WMH [NC]) Posted on: Sep 24, 2021 9:24 AM
Message:

Both my parents and my in-laws had sold all their real property and were in assisted living places (the step before actual assisted living - in private apartments on premises) when they died, so never inherited real property, just stocks and such.

My grandfather made the tax mistake of adding my dad's name to some pieces of property and my aunt's to others before he died. Which meant the stepped-up basis didn't apply and all taxes from the time of initial purchase applied...7 house lots on Cape Cod purchased for $700 total back in the 40's, maybe? Sold in the 70's for $$$$. But after paying all the taxes there wasn't much left so Dad gave all of HIS kids (us) $5k each and called it a day.

I bought my first house with my share. --50.82.xxx.xxx




Buying Inherited Property (by Allym [NJ]) Posted on: Sep 24, 2021 10:33 AM
Message:

I inherited 20 units in 10 properties when mom passed. The went to her when dad passed in 1990. I was downsized in 1993 and took over where dad left them because mom and his buddy had no idea how to run them. I sold all but 6 units in the three best buildings because I had premonitions of getting sick, which I did and had cancer surgery. Those 3 buildings have buried oil tanks, professionally closed with certificates, but I don't dare sell them. Here in NJ if someone took out the tanks and found leakage I could end up with 6 figures of debt for each one. Removal contractors have been known to pour a little old #2 oil in the hole and then call the inspector so they can keep the $$ rolling in. So I am doing well with them. Nice buildings and two have 20 year tenants. One has turnover every two years or so but maybe not this time. I did have a 7 year tenant there but she became a mess. Fortunately she changed jobs and moved. I personally renovated them and hired contractors also. Dad had been sick before passing so there were years of deferred maintenance. No one was even painting before rerenting and some kitchens were from1938. --108.24.xx.xx




Buying Inherited Property (by Kim [TX]) Posted on: Sep 24, 2021 10:54 AM
Message:

Allym: I have a property in NJ with a buried oil tank, which we abandoned a few years ago. We installed above-ground tank, but I'm scared to have it removed for the same reasons you have. Is selling out of the question without removing the tank? I haven't checked on that... --23.30.xx.xxx




Buying Inherited Property (by WMH [NC]) Posted on: Sep 24, 2021 12:33 PM
Message:

Son & DIL were considering an older property with a buried oil tank and we were all worried about that - Realtor included. But DIL contacted the city where it was located and they had federal grant funds to remove the tanks without risk to the homeowner.

They ended up not buying that one but turned the info over to the Realtor for the seller. --50.82.xxx.xxx




Buying Inherited Property (by S i d [MO]) Posted on: Sep 24, 2021 5:00 PM
Message:

I bought a small retail commercial building with two units from a group of 5 siblings who inherited it. Much like when someone inherits 1/6 of 1/4 of a farm, no one had enough space to actually do anything with it, and as they were scattered all over the country (and one lived in Europe) they were ready to let it go for a song.

It was listed at $125K. I got it for $90K. Rents total $1450/month.

Heirs are notorious "don't wanters" usually, and when they own small slices of a whole piece of land or building with siblings there's really not much they can do but sell it or hang on and watch it deteriorate. When they don't like each other, it's a profit opportunity since no one but a savvy investor can help them each find a way to get a few bucks and not have to deal with each other.

My instructions are my kids will each get 1/3, with the stipulation that if anyone wants to cash out the others must buy them out and/or sell enough of the properties to raise the cash to give them their third. That way at least I hope they get the stepped up basis, if that doesn't get eliminated because of "Fairness". --108.230.xxx.xx




Buying Inherited Property (by Pmh [TX]) Posted on: Sep 24, 2021 5:36 PM
Message:

I have bought several houses from estates. the greedy unwashed beneficiaries wanted quick cash so win / win --107.77.xxx.xxx




Buying Inherited Property (by Pmh [TX]) Posted on: Sep 24, 2021 5:42 PM
Message:

splitting parts of a property does no one any good Sid. as you can see from several of the issues raised here by other posters. so not doing your kids any “fairness” favours. will them separate properties in toto. --107.77.xxx.xxx




Buying Inherited Property (by Pmh [TX]) Posted on: Sep 24, 2021 5:42 PM
Message:

splitting parts of a property does no one any good. as you can see from several of the issues raised here by other posters. so not doing your kids any “fairness” favours. will them separate properties in toto. --107.77.xxx.xxx




Buying Inherited Property (by Nicole [PA]) Posted on: Sep 24, 2021 11:35 PM
Message:

... Never gonna sell it. ...

same as Ned. my property is worth money on paper only. I will never sell.

... Warning: the reverse mortgage companies don't go through the normal sheriff sale process. They are allowed to use their own very fast and shady process to gain title. ...

don/pa- i've been noticing the past year or so on our sheriff sale lists quite an uptick of properties where the defendant is listed as the individual, deceased (no estate) and names of purported heirs. plaintiff is always some convoluted trust and the government. I assumed these were reverses where no estate is opened. I understand if an estate is opened the executor can sign a deed to the lender but when no estate, how do they get it back without foreclosure. --98.237.xxx.xx




Buying Inherited Property (by C & J [CO]) Posted on: Sep 25, 2021 8:38 AM
Message:

Inherited a home in CA, no way was I gonna be a LL in CA. Sold it this year for a very nice price. Now it's upward and onward. --174.245.xxx.xxx




Buying Inherited Property (by Steve [MA]) Posted on: Sep 25, 2021 9:37 AM
Message:

In the early 1970s we bought our first rental property from the estate of my DW's aunt. The executor had 3 appraisals done & offered it to us for the middle one. We said no we'd prefer to pay the highest one so that down the road none of the heirs could ever say we stole the property. It turned out to be a wise decision on our part.

--71.184.xxx.xxx




Buying Inherited Property (by gevans [SC]) Posted on: Sep 26, 2021 7:13 AM
Message:

I'm looking at an estate property next week. The guy passed 3 years ago and the property has sat empty ever since. Now it's going on the block because the kids wouldn't even pay the taxes. --158.115.xxx.xxx




Buying Inherited Property (by Ray-N-Pa [PA]) Posted on: Sep 26, 2021 8:36 PM
Message:

Are you asking about properties we received from family or are asking about how we have bought out inherited property? --24.101.xxx.xxx



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