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

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Jan 27, 2022
4:27:08pm

Ycrazy All-American

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

due to proximity. Or he could sell them and take cash. The condos are about 300k each his portion of estate is about 500K. So he would have to pay into the pool so others can get equal cash amounts.

He is 52 wife is on board. Secure in his job and income.

He was just curious if he should just take the cash and invest in mutual funds ect.

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Ycrazy

Bio page: Ycrazy
Joined: Apr 14, 2011
Last login: Apr 27, 2024
Total posts: 8,569 (6 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

52

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.

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.

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?

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

1/27/22 4:41pm

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