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Old 05-12-2018, 05:11 PM
 
Location: Rochester, WA
3,832 posts, read 2,053,214 times
Reputation: 10577

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Quote:
Originally Posted by LifeIsGood01 View Post
You see, to be twisting things instead of saying that I am right and it's not just becuase of financing that an owner can not occupy because an owner can still pay cash and not occupy unless they wait for the lease to end or buy out the tenant. I get it, some people can never admit they are wrong, that's their weakness.
I have no problem saying I'm wrong, I have no problem coming back and giving further explanation if needed. I have many times on this forum.

I think everyone here understands the situation, and has actually from the beginning.... we're just arguing about the words.

You're right. It doesn't say it can't be financed. I think all of us understood from the beginning that the situation meant there was a tenant there with rights and that's why it could not be owner occupied, I was wrong to say it was first a financing issue. While it is a financing issue for many of my clients, that's looking at the situation through a pretty small window when there are better windows I could have looked through to describe the issue to you. I could have been much clearer. I apologize

My ego is really not wrapped up in this one. I just misunderstood the crux of the issue for you. Honest.

Last edited by Diana Holbrook; 05-12-2018 at 05:23 PM..
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Old 05-12-2018, 06:00 PM
 
10,271 posts, read 6,500,789 times
Reputation: 10847
Quote:
Originally Posted by Diana Holbrook View Post
I have no problem saying I'm wrong, I have no problem coming back and giving further explanation if needed. I have many times on this forum.

I think everyone here understands the situation, and has actually from the beginning.... we're just arguing about the words.

You're right. It doesn't say it can't be financed. I think all of us understood from the beginning that the situation meant there was a tenant there with rights and that's why it could not be owner occupied, I was wrong to say it was first a financing issue. While it is a financing issue for many of my clients, that's looking at the situation through a pretty small window when there are better windows I could have looked through to describe the issue to you. I could have been much clearer. I apologize

My ego is really not wrapped up in this one. I just misunderstood the crux of the issue for you. Honest.
Okay thanks for the explanation.
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Old 05-12-2018, 07:02 PM
 
Location: San Francisco Bay Area
4,156 posts, read 2,161,000 times
Reputation: 8091
Default Buying French property en viager (reverse mortgage/life annuity)

Quote:
Originally Posted by lae60 View Post
The house next door to me has renters with a lifetime agreement. Yep, they can stay there for their life, and the rent is fixed at $600 a month. It does not even cover maintenance, repairs and the taxes! And one could rent the house for almost 3 times that amount!
This sounds like the reverse mortgage scheme they have in France. There's an interesting movie I saw
called "My Old Lady" that spotlights this.

When buying French property en viager (reverse mortgage/life annuity), the buyer purchases the property for a reduced price. The seller gets a monthly payment and the right to occupy the property for life.

Read the details of this below:

https://parispropertygroup.com/blog/...al-estate-law/

"The scheme is obviously high risk. Neither buyer nor seller knows in advance how long the annuity payments will continue. And it backfired for the notary (official who handles property transactions) who bought an apartment in southern France from Mme Jeanne Calment. She outlived her purchaser and his widow continued the monthly payments for 32 years until Mme Calment died in 1997 – at the age of 122."

Last edited by SFBayBoomer; 05-12-2018 at 07:15 PM..
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Old 05-12-2018, 07:11 PM
 
25,830 posts, read 49,712,454 times
Reputation: 19277
In areas with Rent Control... unencumbered property has much appeal... a person I know owned a duplex in SF... lived in one side and kept the other vacant except when family visited... when it came time to sell... the property was a hot commodity... two SF units vacant and unencumbered...

I've had a little experience with European customs and property...

Some countries impose high inheritance tax yet property remains in the family for generations...

The work around is very simple... the parents gift the property to a child but with a life estate in place... often this means the child is responsible for maintenance and could extend to cover utilities... note... often these homes have legal in-law type set ups... especially on farm properties which may have several.

So the parents live out their days and passing the property to the next generation is assured... the incentive is a gift of property with a life estate has almost zero value meaning little tax due... often the value is 15% of Fair Market or less...

When in doubt follow the money!
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Old 05-12-2018, 10:06 PM
 
Location: Tennessee at last!
1,870 posts, read 1,722,681 times
Reputation: 3714
Quote:
Originally Posted by Electrician4you View Post
Who wrote THAT agreement? It has to be a scrivener error
Nope, the lady that owned it passed away. She left it to three young adopted children for them to sell and split the money when they are adults. The children's adoptive parents are quite wealthy and they did the rental agreement so the kids will not be able to sell it until they are much older.

And the renter is the housekeeper of the original owner....and she is older as is her husband.
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Old 05-13-2018, 01:35 AM
 
Location: 80904 West siiiiiide!
2,866 posts, read 7,097,466 times
Reputation: 1543
Quote:
Originally Posted by LifeIsGood01 View Post
Looks like Zillow doesn't have the same info Reator.com has

https://www.realtor.com/realestatean...2_M27824-51435


*** Amazing investment opportunity *** Active lease through June 2019 *** Only available for investor purchase *** New Roof 2016 *** Central A/C *** Not Available for Owner-occupant Purchase *** Basement is unfinished ***


Mystery solved.

Frickin' Zillow. Why was that so hard?
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Old 05-13-2018, 04:14 AM
 
Location: Cary, NC
31,605 posts, read 55,320,924 times
Reputation: 30155
Quote:
Originally Posted by ryanek9freak View Post
Frickin' Zillow. Why was that so hard?
Well, many people do mistake Z for a real estate site, when it really is a sales lead delivery portal.
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