Who needs to pay for a financial advisor when I've got such great advice coming from the experience of the members of TFP? I was really starting to feel guilty about being reluctant to get involved with my brother financially. But you people, and I can comfortably say 100% of the responses, have given me some extra backbone for this. I'm going to have to go back and count the "don't do it's". I'll tell my brother that I talked to my financial advisor and that I was strongly advised against this. That will get him to back off a bit.
Jazz, thanks for the lighter side. How did you know I was talking about Cam? And I like your idea about a concrete plan, but as soon as I tell my brother to give me a plan he'll think I'm agreeing to the whole thing. So, my advisor's NO is my best bet right now.
Cimarron, I wish I had you in my earbud saying "don't loan it to him" when I talk to my brother again.
Grasshopper, if it goes smoothly I'll let you know.
Sticks Man - I hear you.
Greywolf, great link.
The rest of you, great advice and great details.
Jazz, any advice on playing Oregon?
---------- Post added at 04:12 PM ---------- Previous post was at 04:07 PM ----------
Quote:
Originally Posted by kutulu
First of all, this has to do with inherited property. He isn't asking for any money from you, only to buy you out of it. Therefore, it isn't the typical situation when a family member needs money.
Why can't you hire a lawyer to draw up a payment schedule for the property. You can "sell" to him based on that and let him obtain a new deed for the property in his name but you and your other brother can put your own liens on the property that will only be released when the payments are met.
That way you will be protected. If he fails to pay, you still retain control of it and he can't sell it without you releasing the liens on the property. You should still get your own independent appraisal done but don't be surprised when it comes back as less than you thought. Property has lost lots of value recently.
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Good advice, but my only recourse if he didn't pay would be to evict him and his three kids? Not sure I could do that to the kids, and deep down I know he won't pay what he owes. I'll have to think about this some more.