Sounds like they are right where he should want them.

Jan 27, 2022
3:33:31pm

All-American Truly Addicted User

Alternatively, sell both condos, do a 1031 and buy even nicer property, like a ski condo in Park City. ($500k won't get you all the way there, but close enough.

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All-American

Previous username: all_american01
Bio page: All-American
Joined: Sep 5, 2001
Last login: Apr 19, 2024
Total posts: 14,944 (48 FO)

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Messages

Author

Time

For all you money guys on the board, if you came into an inheritance of 500K

Ycrazy

1/27/22 3:27pm

Just $500k? I would probably keep it in my wallet as walking around money in case I saw something

kimdaddy35

1/27/22 3:28pm

Never know when you could come across a nice Bentley or Lambo.

Ycrazy

1/27/22 3:30pm

Like a blue Corvette?

Bob Vance

1/27/22 3:32pm

How old is your brother?

DKN

1/27/22 3:28pm

Ycrazy

1/27/22 3:30pm

So the 500k is tied up in two condos?

WJCougar

1/27/22 3:29pm

Yes. The condos are owned outright.

Ycrazy

1/27/22 3:31pm

Sounds like they are right where he should want them.

All-American

1/27/22 3:33pm

A ski condo in Park City for $500k....

WJCougar

1/27/22 3:36pm

Right, but it's more than enough for a hefty down payment.

All-American

1/27/22 4:06pm

Keep it in the condos, enjoy the passive income

Crazy Joe Davola

1/27/22 3:29pm

Can he just continue to rent them and maintain ownership?

Beggar

1/27/22 3:29pm

Yes he would have to pay siblings about 100K to buy them out. He has that avail

Ycrazy

1/27/22 3:32pm

I’d go for that. He can always sell them later if needed.

Beggar

1/27/22 3:34pm

#'s seem off. Condos F&C worth 500K. How does he buy out sibling (S) for only 100K? There are other

grandpacoug

1/27/22 4:22pm

There are other assets in the estate. He would be the one to get the condos

Ycrazy

1/27/22 4:27pm

REason for the questions was to suggest the other options. Does he need the cash flow? If not, he might want to ask an

grandpacoug

1/27/22 5:40pm

6.5% dividend before taxes. Assuming no debt on the property? I’d probably keep

Cougforgood

1/27/22 3:30pm

I would acquisition another insurance agency. That would buy a 2.5 million book.

JAGA97

1/27/22 3:32pm

What’s the EBITDA on something like that

kotacoug

1/27/22 3:36pm

<< Deleted >>

Ycrazy

1/27/22 3:40pm

Around 100K a year.

JAGA97

1/27/22 3:41pm

Put it toward my student loans

Slim

1/27/22 3:35pm

He said $500k not $5,000,000

TNT

1/27/22 3:37pm

What school did you go to that charged you 5 million?

WJCougar

1/27/22 3:39pm

Trump U

DKN

1/27/22 3:40pm

That’s why I phrased it put toward and not pay off

Slim

1/27/22 3:39pm

Oh. Gotcha

TNT

1/27/22 3:41pm

Put them in an LLC and earn the rental income.

LifeLongLakerFan

1/27/22 3:44pm

Tell him to give it to me and I will give him $1 a day for the rest of his life.

panacablue

1/27/22 3:45pm

He could then buy tomato plants, brilliant

BYUFootballisBack

1/27/22 3:56pm

What's wrong with holding the condos in LLCs and accepting the rent which

Archaea

1/27/22 3:51pm

Nothing wrong. We were just looking into his options.

Ycrazy

1/27/22 4:31pm

So does that mean that you got a similar inheritance?

D.T. Survivor

1/27/22 4:01pm

Unless it was his brother's wife's family

BYUFootballisBack

1/27/22 4:12pm

Not my family ---in laws. Sadly

Ycrazy

1/27/22 4:35pm

6.6% on gross rents? What does that put you at after all costs? What is the actual historic cash flow over a year?

mvtoro

1/27/22 4:21pm

AMC

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