Posted by chet on March 25, 2005 at 21:52:28:
this would be a big change…
good luck.
Land Trust - Posted by Al Nagy
Posted by Al Nagy on March 24, 2005 at 20:16:44:
Can a mansion be sold time-share style, with 10-11 “owners” each sharing expenses and occupying the residence for one month yearly? I would “own” the 12th month, Feb., to do any repair work. Would this be considered a co-op? Months would “sell” around $120K. I know this sounds weird, but I am looking “way, way out of the box” at this one. I feel this may be a possible deal, but would also need financing (HML or private, my credit died 3 months ago!). FMV of home is roughly $1.5M, though the owner has had difficulty selling at $1.2M. It is unbelievably beautiful, well crafted. I think a deal for $600K plus 25% of profits might be accepted, with loan of $400K, seller holding 2nd.
There are certain historical advantages to a potential group of purchasers. Am I dreaming? Nice 6 figure potential if it could work. I would rather be laughed at on this forum than by a lawyer, minus a few thousand dollars.
Thanks folks.
Weird Al
Re: Land Trust - Posted by chet
Posted by chet on March 25, 2005 at 12:11:12:
How would it be structured? 12 TIC w/ a co-tenancy limiting ea. tenant’s occupancy to 1 month?
Maybe some form of co-op or “common interest developement” would be much cleaner since there would be 12 separate deeds.
I think out of the box, and this blew me away.
Project - Posted by Al
Posted by Al on March 25, 2005 at 20:26:14:
Thanks, Chet. Perhaps this will be a long term project for me to work on as I try some other REI strategies. I need a hobby, anyway!
After 15 years working in the Arctic (NW Greenland), I am ready to implement some techniques I have been studying for 3 years–as soon as I thaw out!
Al