Motorhome on own land - Posted by michaela-ATL

Posted by Mike(Al) on June 15, 2003 at 22:24:42:

Michaela,What I meant was to buy another house for less or equal value(what you are paying for her property).If it had an appraised value the same as hers you could exchange yours for hers on a 1031.Then when you finish repairing her house you can exchange it for a higher price property tax free.

Motorhome on own land - Posted by michaela-ATL

Posted by michaela-ATL on June 14, 2003 at 17:41:45:

I need some advice/help. I’m buying a house from an older lady, that is being condemned. She has to be out june 25th.

I know she has some land in Bremen (Georgia). What would be involved for her to buy a motor home and put it on that piece of land? I don’t think it ahs running water or power.
I assume there’re are permits necessary?

I know nothing about mobile homes and really don’t want to deal with them, but I don’t want to let her live under a bridge, as she’s saying, she will. She is deteriorating mentally and she’s the guardian of a mentally handicapped daugher.

Even though the court is throwing her out I feel i need to try to find her some kind of place to live. She will get 70K from the sale.

Michaela

Re: Was thinking about - Posted by Ed Copp (OH)

Posted by Ed Copp (OH) on June 15, 2003 at 16:08:00:

you and your situation a little bit ago. I was driving on Ohio Route 124, East of the town of Wilkesville. There was an open field with several Llamas in it. In the middle of the field was a fenced off area. In that area was a motor home, with a picnic table. It seems like this property owner has figured out how to live in his motor home and have it all be deductable at the same time.

Your question about the motor home is a matter to take up with the local zoning folks. The county may not have any restrictions against the placement of the motor home. Many times where only one unit is involved there will be no restriction. The county auditor should be able to tell you, or direct you to the office that can assist.

Since she is doing a tax exempt sale of her personal residence there will be no need for any type of exchange.

She will have a bunch of cash, about $70,000 I think you said. I would be happy to borrow that cash from her and pay her handsomely for the use of the money. Perhaps three or four percent interest would interest her. She could use this income any way that she liked and I am sure that it would make her happy. If she is interested please let me know.

Re: Motorhome on own land - Posted by Mike(Al)

Posted by Mike(Al) on June 14, 2003 at 22:47:43:

Michaela,I have a suggestion on dealing with this matter.Find a house that will meet code and do a 1031 exchange.This will allow you to defer the taxes until you sell the exchanged property.How much will it cost to bring her house back up to code.You mentioned a motor home on land,it requires RV Park zoning in most areas and only allows p/t not permanent occupancy.

Re: Motorhome on own land - Posted by Gary

Posted by Gary on June 14, 2003 at 18:28:48:

Michaela, a mobile home might be the right thing for her. If you are in Atlanta contact dyches Boddiford, or Spenser from our Jim Napier list. Gary

LOL - Posted by michaela-ATL

Posted by michaela-ATL on June 15, 2003 at 17:19:21:

Ed,

You’d have to stand in line behind the 5-6%, that i’d be offering her :wink:

Michaela

Re: Mobile home on own land - Posted by michaela-ATL

Posted by michaela-ATL on June 15, 2003 at 07:26:29:

Mike,
thankyou for your response. I’m a little confused, though. Maybe I wasn’t clear. I don’t understand what a 1031 exchange ahs to do with that? She owns her house free and clear and won’t have to pay any taxes on her gain.

I don’t want to do an exchange, because i want my money whenever I sell.

It’ll cost me about 50K to rehab the house.

I used the wrong word in my subject line. It should have read ‘mobile home on own land’. I assume there’s no problem with living full-time in one of those? Would it still need RV Park zoning?

Michaela

Re: Motorhome on own land - Posted by michaela-ATL

Posted by michaela-ATL on June 15, 2003 at 08:02:29:

Gary,

thank you, I sent an email to Dyches and also posted on the Jimmy Napier list for Spenser

Michaela

Re: Never hurts to try (nt) - Posted by Ed Copp (OH)

Posted by Ed Copp (OH) on June 15, 2003 at 20:40:26:

$