Hey smithgall,
Dealmaker may be influenced by (and sounds a lot like)the distinguished host of this forum - I won’t mention a name (brrrnchk). I’ve been to a few of his live seminars, got super valuable info on creative real estate, but then had to sit through his dumb social rants. Like:“California is a commie pinko state”, “The People’s Republic of California”(with mostly Republican governors-my comment) “All the corruption starts in California, that’s why they have all those anti-business laws”, “That’s the price you pay for your weather” I’m paraphrasing a little, here, but do have these comments on tape. He tends to categorize all tenants as professional beat-the-system con artists, then uses Michael Moore as an example of mud slinging (while conveniently excluding Limbaugh, O’Rielly), and on and on and on.
I just wish he would stick to the topics he’s really good at and leave the divisive, shock jock language to the radio fools. I’m pointing this out, not to bash him, but to remind him and his followers to keep it professional, not divisive. I’ll be surprised if this is printed.
GregM
Vacant House, owner on medicaid - Posted by smithgall
Posted by smithgall on April 12, 2007 at 07:49:23:
I found a house that is vacant. The owner is now in a nursing home
and from what the neighbor says she is on Medicaid and thus doesn’t
think the house can be sold. I have a little dealing with Medicaid
having had an uncle that was on it. They will not allow you to keep
any significant portion of any money you make from the sale of an
asset. So if I purchased the house for 10,000 or 1 million my
understanding is that she will only be allowed something like 2,000.
Does anyone have a creative way around this? The problem is that the the owners grandchild which is the care taker. woudl like to get out from under it but doesnt know of a way to do it without triggering either a seizure of the gains or worse medicaid taking the grandmother out of the program because she now has assets and no longer need medicaid.
Re: Vacant House, owner on medicaid - Posted by smithgall
Posted by smithgall on April 12, 2007 at 08:03:59:
I forgot that last night as i was drifting off to sleep i thought of a possible work around.
what do you think about a lease option. Set the option out several years so that I lease it from her now (not a sale so no money to grab) then in 5 years i have the option to buy it. She is 90 now so 5 years could exceed her life, or even make it a minimum of two years or upon her death whichever is longer. This way the family gets out from under the taxes and upkeep and also makes a few bucks each month. Comments?
Someone also suggested to pay her the minimal amount for the house and let the government do what they wish but then pay her a seperate non recordable amount for the household items. That might work.
Re: Vacant House, owner on medicaid - Posted by dealmaker
Posted by dealmaker on April 12, 2007 at 08:11:41:
Gee, instead why not try to find a way to do it that’s legal and doesn’t screw the rest of us taxpayers. The medicaid rules were written to prevent exactly what you’re proposing, for good reason! People think “why should I work for my assets then give them to the government?” The short answer is, “if you’ve got assets, don’t ask the rest of us to carry you!”
Funny how “white middle class” folks spend their entire lives complaining about “those welfare cheats”, ie; minorities, and then ALWAYS take take an opportunity to become a welfare cheat.
I thought medicaid wouldn’t let her even keep the house! So how is it that she still owns it? Maybe it’s burdened by debt, or she already transferred title and has a life estate and the grandkid doens’t know about that.
I’d sure find an attorney who specializes in medicaid/property disposition because there’s a real good chance to screw yourself up!
Re: Vacant House, owner on medicaid - Posted by smithgall
Posted by smithgall on April 12, 2007 at 09:32:57:
While I appreciate your social comments and agree with you that the Medicaid does deserver to get their money, let?s think forward on this.
Eventually the government is going to have to sell it to someone to recoup their expenses. Someone is going to make money on that deal. I want to make money on it now. They have not taken then house. They do not immediately take the property. There are no obvious recorded liens and no existing mortgage on the property. I quite frankly do not care about the financial burden of the owner, the recouping of government expenses or any social agenda. i am simply trying to find an investment and make some money. I would guess the same as you.
As for your blanket racial statements
“Funny how “white middle class” folks spend their entire lives complaining about “those welfare cheats”, ie; minorities, and then ALWAYS take take an opportunity to become a welfare cheat”
How can you say that I am white? How can you say I am middle class and how can you say what I ALWAYS complain about and ALWAYS take the opportunity to do? Please let?s keep the conversation on here professional and helpful. Everyone benefits from a forum free of slander and ignorance.