dflkjaw n asked:


My mother is planning on buying real estate with my grandmother and aunt. All three provides capital for down payment, grandmother provides the loan, and my aunt and grandmother live in it since the've only lived in apartments for the longest time. This time they think they will just pick up a foreclosure... The problem is that their plan is for the property to be split up when my grandmother dies. But there is ANOTHER aunt that could lay claim to the property after this AND the argument could deffinately be made that since my mother only provided an initial down payment and didn't pay the mortgage she could easily lose out on the "1/3 share" of the property she thinks she will get. ALSO my parents don't think these things out, they were originaly going to get land thinking in 5 years they will cash out not knowing much research goes into land speculation on top of the fact that they would have to be paying the mortgage, no renter, until they did sell it. (Sorry its not that im stupid, the program just mixed up some of my paragraphs, the line about foreclosure goes here)... They think (because they told me) that you could get foreclosures for really cheap, like 150k off of market value. And I tried explaining that its simply not as easy as the late night infomercials make it sound but I'm their son so what do I know. They really think its going to be easy and nothing will go wrong but as with all things, especialy business between family members, this WILL go sour and I don't want to see my parents burned. They won't start an LLC, get a contract signed with all members, anything to cover themselves. What on earth could I tell them to bring them to their senses? Websites or resources they can read so that they know that they really need to treat this as if they are dealing with non-relitive investors?

Vancouver Washington Real Estate