Life Estate - Posted by Elizabeth (NJ)

Posted by Elizabeth (NJ) on July 02, 2005 at 17:38:45:

Thank you Brian for your comments. When I said no offense to the newbies, that’s what I meant, “no offense”. You have no way of knowing that I advise newbies all the time, both on and off this site, and I love watching the light bulb click on when they “get it”.

I agree that helpful information can come from those with absolutely no experience in this business. Sometimes a fresh mind can see things from an entirely different perspective.

You’ve given me some ideas on how to tweak this deal. It’s a boarded up property (my niche), which indicates to me that the life estate holder has probably passed on and the family just walked away from the property which is typical.

Thanks again for sharing your experiences.


Life Estate - Posted by Elizabeth (NJ)

Posted by Elizabeth (NJ) on July 02, 2005 at 01:45:47:

Hello Happy Investors:

Hope you’re all having a great summer and making a lot of money!!!

I’ve been busy lately with several new ventures, including buying matured tax certs to foreclose on. I’m getting tired of chasing down missing prop owners, so buying the cert will save me a lot of time & money. Wish me luck.

Here’s something I’ve not encountered before: buying a property deeded in a Life Estate. Have any of you bought this way & did you encounter any unique problems? Thanks for your feedback.

No offense, but if you’re a newbie, please don’t respond. This question is only for the experienced investors.

Thanks and regards to all.


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Re: Life Estate - Posted by Brad

Posted by Brad on July 06, 2005 at 16:18:43:

I have a life estate tenant that’s 97 and in good health, who had sold the property about 30 years ago to a person maybe 25 years younger that the tenant. Well the owner dies and the life tenant is still there. The tenant pays no rent, none of the taxes, insurance, or maintenance. The tennat only pays utilities.

My understanding is that the only way that the life estate is extinquished is if the tenant dies or volunterly leaves.

Estate - Posted by Nike

Posted by Nike on July 02, 2005 at 19:46:39:

Do you have a copy of deed? What’s the language creating the life estate? How is the life estate measured (grantee or third party)?, who holds the future interest? The future interest will be either a reversion or a remainder–what does the grantee portion of the deed say? ie. to Elizabeth for life?, or To Elizabeth for life, then to Brian.? Is the grantee (or measuring life) alive? If the grantee is dead then the interest should’ve passed to whomever holds the fututre interest. Discuss these issues with your attorney. If the grantee is dead (assuming the grantee is the measuring life) ask your attorney about naming the party holding the future interest in the foreclosure action as you may be able to foreclose their interest.

Discuss this with your attorney and post more information as you move forward. Good luck

Re: Life Estate - Posted by brian, ut

Posted by brian, ut on July 02, 2005 at 10:44:39:

Elizabeth, don’t knock the newbies, they often have knowledge and ideas that have helped me. My experience with life estates is you need to acqire both interests, the remainder which is actual title to the property and the life estate which is the right to use or occupy the property held by someone. I once leased a life estate with the idea of subletting it, problem was she died shortly after in an accident. The next time I bought, again to rent the property out, eight months later the guy had a fatal heart attack ending the life estate and my rights. So I decided to focus on the remainderman’s interest and buy that at a very deep discount. I still have it 30 years later and the woman with the life estate is 93 and still healty and active, I think she will outlive me even though she was ill when I bought the remainderman interest. The key to success is to control both sides and that is the only way I will do it, plus they don’t come along very often. you can buy the life estate and couple it with a life insurance policy on the person with the life estate, I did that once (an idea from a neewbie) and it worked fine. One final deal was with a life estate
holder, she was young and healty and wanted to move back to her hometown. The remainderman knew her life expectancy was about 40 more years, I got him to sell and then gave a life estate to the life estate holder in a house in her hometown that I purchased. I was going to offer to split the profits in order to buy het interst but the house in her hometown was only half the amount I would have given her and my heirs will end up with another property.

Re: Life Estate - Posted by brian, ut

Posted by brian, ut on July 07, 2005 at 12:57:10:

Don’t know what state your in but when I was messing in life estates I was in California and the life estate holder was responsible for the taxes, insurance, and upkeep of the property, they just didn’t get title. If the remainderman had to pay that I could have bought their interest in a minute for a penny.

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