The Landlord-Lessee Joint Venture

[up4golf]

sheepskin covers in the mas. maybe you can offer to pay partial motoring costs

 

[TheSheep]

:rofl:..I have always found your posts amusing..way back when I first started lurking on Sowal even. I do wonder if you are drunk . Do you think that writing off your payment as a business expense is legal?

Why not? And please, get off the floor, yo Momma doesn't like having to do yo wash because you decide to flip around like a soon to be dead fish on a dock. :roll:

 

[TheSheep]

I don't understand the household expenses thing. Is this like giving them one of my extra bedrooms and partial ownership of the house and they pay the utility bills, garbage removal, and new lightbulbs etc..? I enjoy reading it like I enjoy listening to the dialogue in "Clockwork Orange" but no comprendo.

Don't be fillying, me droog, when domy gollies are drat. We horned nothing anew, we're no prestoopnicks. Tek your rook finger and spin your vermin wheel, asked and answered reclearifications.

 

[elgordoboy]

Mama is gonna have to wash more.

 

[elgordoboy]

Why not? And please, get off the floor, yo Momma doesn't like having to do yo wash because you decide to flip around like a soon to be dead fish on a dock. :roll:

On the legality--I missed the "has two places" in the earlier post- my brain was reeling from being pummeled. Worth a shot shhh......eep

 

[SHELLY]

Let me get this straight...some sclub bought an overpriced home he couldn't afford in an incomplete golf course community; you came along and are paying 50% of his $829,000 bank note and expenses for a home valued at $730,000 (and falling every day); your name is not on the deed.

Who has the responsibility to pay the bank note and expenses monthly? Are you sending him a check every month and trusting he's paying the mortgage/taxes/insurance/HOA on the house?

How long has Mr Bear been living in this home and how much was his initial downpayment on the property?

How much good-goody equity do you and Mr Bear currently share in the home?

Please explain to me what type of risk is involved in this deal? What could be your losses and what events would trigger those losses?


.

 

[elgordoboy]

You hold 'em Shelly I'll go get the waterboard! I want answers also.

 

[TheSheep]

Let me get this straight...some sclub bought an overpriced home he couldn't afford in an incomplete golf course community; you came along and are paying 50% of his $829,000 bank note and expenses for a home valued at $730,000 (and falling every day); your name is not on the deed.

No sclub, could afford, 50% or more, no longer falling, yes.

Who has the responsibility to pay the bank note and expenses monthly? Are you sending him a check every month and trusting he's paying the mortgage/taxes/insurance/HOA on the house?

He does,yes and no

How long has Mr Bear been living in this home and how much was his initial downpayment on the property? How much good-goody equity do you and Mr Bear currently share in the home?

Brand new, 10%, depends on how you value equity (golf club membership is saleable and at what market value?)

Please explain to me what type of risk is involved in this deal? What could be your losses and what events would trigger those losses?
.

Risks are that all parties, collectively or individually, fail to upkeep necessary payments, losses would be any payments that accrue to the reduction in house cost to purchase (assuming that part of the rent is over market and that we ever wished to option the purchase) triggered by foreclosure.

 

[SHELLY]

Brand new, 10%, depends on how you value equity (golf club membership is saleable and at what market value?)

He put $82,900 (10%) down, leaving a $746,100 mortgage on a property now worth $730,000, so currently the equity is -$15K and his $83K has gone to money heaven.

I wouldn't count subsidizing the guy's golfing as part of the "investment."

BTW: Is this place in Florida?

 

[elgordoboy]

It's like punching smoke. And by asking if this is in FL you are assuming that "this" is on Planet Earth.