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Condo for Mom and Dad

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pmaior

New member
What is the name of your state? NJ
I purchased a condo for my Mom and Dad together with my Brother. All Cash (No Mortgage)
What is the best way to manage the property once parents are moved in ?
 


Zigner

Senior Member, Non-Attorney
What is the name of your state? NJ
I purchased a condo for my Mom and Dad together with my Brother. All Cash (No Mortgage)
What is the best way to manage the property once parents are moved in ?
Yours is not a legal question.
What exactly do you mean by "manage"?
 

pmaior

New member
So, what legal entity do you recommend. LLC , Joint Tenants ?
I have a bunch of expenses from Rehab, How would I handle those, I know that is a tax question probably.
Right now title is held in a land trust with my brother and I as 50/50 beneficiaries.
Should I charge rent ?
 

Zigner

Senior Member, Non-Attorney
I think that you ought to seek local legal advice - there are a bunch of moving parts and you don't seem to have any grasp of any of them. That's NOT meant as an insult - it's just an observation.
 

pmaior

New member
If I wanted to Pay a lawyer, I would not be on a site seeking free advice.
I'll move on to a different site that knows how to answer questions.
 

Zigner

Senior Member, Non-Attorney
If I wanted to Pay a lawyer, I would not be on a site seeking free advice.
I'll move on to a different site that knows how to answer questions.
The problem is that you don't even know what questions to ask, nor how to ask them.

Best of luck to you on whatever site you land on.
 

xylene

Senior Member
If you have this kind of cash on hand, then you can afford professional advice, which you and your brother desperately need.
 

xylene

Senior Member
No to mention the consideration if an outright cash purchase IS the best way to proceed...
 

FarmerJ

Senior Member
SO did you get the unit insured as if you were a absentee landlord ? ( That is what you are now) Treat it like a rental property even if you do not get market rate rent from your parents.
 

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