He knows he can’t afford it by himself. That’s why he doesn’t want to buy them out. Brother in law wants out of a bad deal, but he can’t afford his life without him.
The moment he mentioned his take home pay it became obvious what the hold up was. He knows he can't afford to buy out his brother in law. The house is as good as sold and he wont be living in it.
Pro-tip: Don’t go out to dinner with family if you can’t afford to pick up the whole bill. I.e., don’t expect to split things with family. Sometimes it works out, sometimes someone gets stuck with the bill.
The only issue might bump up to with Daves plan is that the brother who wants to sell half of the property only has a trailer on it so it’s probably not gonna be worth as much as a half with the house on it. it’s probably a bad deal his end.
The brother in law is/has been paying mortgage for the house! lol the caller can complain all he wants, but his mortgage has been paid by his brother in law for years.
He didn't say it was his decision.. could of been the wife. Could be the other couple if Ryan and his wife are the mortgage owners... don't assume. "Insert donkey emoji here".
@@shareworthy5720 Didn’t you hear that the brother in law is on the mortgage for 50% of it? That’s why Dave told him he would have to refinance to get his brother in law out or sell the property and get a new mortgage.
You're right. This guy seems greedy, he seems like the kind of a person who always want to take advantage of others, this strategy works until it doesn't and you feel the sweet bite of Karma on your backend. Plus he is completely financially incompetent. No Bank will refinance this mess
@@razojacqueline you seemed to be confused. I was talking to the comment above. Yes, he is on the mortgage and the advise Dave gave was great. There are too many " know it alls", saying it's this guy's fault the relationship soured and that he is the reason why they took the trailer. As always, bunch of ignorant comments. Since there are a total of four people, shouldn't blame the only person with the brains to call in and ask for help..
@@razojacqueline he said they are all paying the mortgage. Just listing examples of what other options could lead to a sour relationship. Maybe if you don't lead with "didn't you hear", you might not come off rude. :)
He's not going to buy that half because he got a steal on his end with the house while screwing his brother in law assuming his brother in law wouldn't change his mind.
Hang on now, 10 acres with a house on it is worth more than 10 acres with a trailer. So if they went in 50/50 and the he got to live in the house, that is not exactly a fair split for the brother who was already getting the short end of the stick. They would need to do 50/50 0n the current value of the entire property, then subdivide (if that is even possible), and then the brother can sell half for whatever they can get, but if it is less than 50% of the entire value of the whole property, then he needs to make up that difference. That would be reasonable fair, especially since I imagine there will be time and cost involved in subdividing the land.
Exactly. The brother in law was stupid as well, for choosing to go in 50/50 while taking the worse living situation in the mobile home. This was bound to be a traincrash, really surprised how they couldn't see that coming.
Subdividing may not work due to 10 acres not having a house on it. Therefore it is not worth 50% of the $400K value for entire property. May be better to simply rent the trailer for income and/or add additional rental trailer, now or later. If neither of these works, then selling entire property may ultimately be the answer, IF increased ranching or other income not possible here. Very good real life situation and solution Dave. Thanks.
It'd be a lot messier than Dave's solution at the end. Subdividing it is fine, but BIL is probably not going to get $200k or even $160k for 10 acres with just a trailer on it. I think the first solution is the only clean one. Sell the whole property, split the proceeds 50/50.
@@JaredHoutsma Ok, but that was the agreement that was made in the first place. You see in the video that one got a good deal out of it and the other not so much.
Subdivide if the zoning allows it. And if they can, it needs to be divided by equal values, which does not always mean equal sizes, especially when there will be a site built home (real property) on one part and a manufactured home (personal property) on another. Could be sticky, but good luck.
For who ever needs to hear this, don't ask for someone's advice, NOT do it, then ask that same person for advice on how to get out or cry to them when your plan didn't go your way
It’s dumb, because you watch to see Dave. Only Dave. I think he is preparing for retirement, but he needs a stronger team. I think he chooses people who kiss his behind. I love Dave though. He is just a force of nature, with no need for an assistant. Although I like what Rachel adds. She is a little young to go on her own.
Here in Kitsap County Washington that trailer would rent for $1,500-2,000 and that would be about 75% of the new mortgage. I wonder what it would rent for in Fresno, they didn't factor in potential rental income into the equation.
That’s income of 72k and what Dave responded with bout he can’t afford 400k on 15 yr mortgage just slapped me in the face to not buy a home anytime soon. I’m in Cali(near San Fernando valley) and even town houses are at 450k+… this is disappointing might not become no home owner.
This solution from Dave won't work because the 10 acres with the larger house on it will be worth more than the 10 acres with the trailer home on it. The guy with the trailer home property will be stuck with paying half of the mortgage of the whole property, but got less than half the value of the whole property because the trailer home will inevitably be worth less than the large home, even though they both got the same amount of land.
It might have made more sense if the guy and his wife had just purchased the whole thing and then rented it to the sister and brother-in-law. Another good example of why to reconsider business plans with family.
I know this is an old video but Dave's solution of subdividing still doesn't seem fair. A property of 10 acres and a trailer is not equivalent to 10 acres and a house... Brother-in-law may not even get 160k on his "half." They would need to get both properties appraised individually and then his brother-in-law could pay whatever is fair to the original mortgage.
Exactly. The brother in law has figured out he git a raw deal and that's why he wants out. Even getting out of this, he loses. A house and a trailer are not equal in value.
I would have never brought property with in laws. The only people you should buy property with is your spouse/kids means immediate family that's it. Because when things go sour and doesn't work out they will try to make you sell it or help stop paying.
If the relationship is already in trouble, trying to split the land 50/50 is probably going to be a major headache, there's no way the other guy gets half the value of the property if he's just selling the mobile home and not the home, odds are he won't even be getting enough to clear his half of the mortgage, unless the property has gone up in value significantly. Lesson here is don't buy with someone else if you don't have a clear and written exit strategy for this kind of situation, also, don't buy too much house.
That's probably not going to work splitting the land. The 10 acres the house is on is probably worth more than the 10 acres that trailer house is on. That's not half and half
Daves eventual solution isn't a solution IMO. The brother-in-laws land (10 acres) won't be worth as much as the 10 with the main property on. The brother-in-law has been co-paying the mortage so is as entitled to that building's equity as much as anything else. Fella's gotta sell IMO.
Apply to the county to split the parcel. He can sell his part. That said. He just sounds dumb. He could rent the darn trailer and recoup the additional mortgage.
Having the BIL sell his 10 acres plus the trailer is not equitable! The house is worth more than the trailer. That's not a 50-50 split! The BIL may have agreed to OCCUPY the trailer, but that doesn't mean he agreed to forgo 50% ownership of the house. The BIL shares 50% ownership of the house and trailer--just like the 20 acres. Sounds like caller Ryan is the one who suckered his BIL into a bad deal--BIL ended up financing Ryan's lifestyle and home!
By subdividing the property the 10 acres with the trailer won't be half of the property because the house is giving the property most of the actual value not the land... or the trailer
Thats a good follow up after the commercial break. Thats what I like about Dave. If he doesn’t feel right about something, he usually comes up with an alternative solution. Good stuff!
I disagree, the follow up doesn't make sense. Dave assumes the property with the trailer on it is equal to the value of the property with the house on it, which is unlikely. The guy with the trailer was paying for half of the property and getting less than half of the value probably. This would explain the relationship souring. They just need to sell the whole property and split 50/50.
You can’t just say you want to subdivide and expect it to easily happen. There are rules and restrictions no doubt involved and extra expenses. The whole process if even possible could take months or even years. Plus you never figure in selling costs of real estate which is huge and depletes equity values a lot
My first investment with Mr Walter Peters gave me the assurance that have made me invest without the fear of losing, I got four of my friends involved with him already
Dave Ramsey suggested for his brother-in-law to sell 10 acres, which 10 acres ? the one with the house or the one with the trailer ? 🤔 Since the house worths more than the trailer, this is not a fair solution. If no one can afford to buy the other out, the cleanest and fairest way is to sell the whole property and split the profit.
Assuming that the brother in law would get half the value of the full property when it doesn't include the house is very optimistic. Probably more like that half would be worth a third of the total value of the property so it would still be messy to cleanup.
He could sell the trailer maybe and get the mortgage down some to an affordable level. Also he could potentially rent out the mobile home or main home to increase his income and afford the mortgage.
There must have more of the non - disclosure agreement between the two that we are not aware of. So I can’t say if this guy is at 100% at fault! And yes, doing business with the family member is sometimes risky!
Does anyone know when Dave says no more than 25% of you take home should go towards a mortgage, is he just talking about principal and interest or is taxes and insurance included in that amount?
Who knows Dave just calculates things the way he wants count your gross income then doesn't count insurance and taxes and says you can afford it...but then if you use take home pay and full mortgage with taxes and insurance you can't.
Not quite mission accomplished. Inlaws agreed to own half of the whole and live in the trailer, not own ten acres and a trailer for half the price of 20 acres and a house. Need to figure out what the whole is worth, then figure out what piece of the property will get you to half of that. For instance, it may be house and one acre are worth 200 so the other 19 acres will get you to the other 200. I have a feeling the house and a couple acres will be worth 260 so you will need to pony up some more cash to brother in law on the refi then let him sell 18 acres for 140. 10-10 split won't work here
Subdividing in California ain't happening in any short order. That's a 10 year proposition. He's better to rent the double wide. But that's only davish
One half may not equal 50/50, for instance, the trailer could be run down and at the time the brothers purchased they both knew the lion's share of the equity would be "ranch side" Dave: Sell the wallmart. Bro: how about I give my brother a 10 acre undeveloped parking lot, I keep 10 acres of ranch homestead and call it even?
Why doesn’t the guy rent out the mobile home to pay the additional mortgage that he can’t afford on the full 20 acres that would make more sense in the long run.
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Guessing games are fun!
He knows he can’t afford it by himself. That’s why he doesn’t want to buy them out. Brother in law wants out of a bad deal, but he can’t afford his life without him.
users
Don't buy property with family. No matter how good your friendship is.
Why not? Save money and stress.
@@LifeofaLandlord Maybe save money but not stress, did you not listen to the video ?
Agreed, so many people make this mistake when the relationship is good, but it almost never ends well.
Yeah my brother was pushing to buy a rental with him and I wasn’t against it but I wasn’t for it. So glad it did not go ahead
@@unnamedchannel1237 Great move, you did the right thing. It's surprisingly how quick this turns into a nightmare
We have all made 'non-Dave' decisions..
Even Dave, that's the beautiful thing.
Yes, but some non-Dave decisions are worse than others.
Oh yea bud...🤣
And that is why we keep seeking his financial wisdom.
Even Dave has made some non Dave decisions son.
The moment he mentioned his take home pay it became obvious what the hold up was. He knows he can't afford to buy out his brother in law. The house is as good as sold and he wont be living in it.
They should just sell the property and split the proceeds equitably. He doesn’t sound like he can afford (or want to) buy the other folks out.
My wife tried to get me to do this with her sister and husband. I said NO!!!!!
Smart guy !!!
Never do anything with in-laws including take money from them
Swingers
Pro-tip: Don’t go out to dinner with family if you can’t afford to pick up the whole bill. I.e., don’t expect to split things with family. Sometimes it works out, sometimes someone gets stuck with the bill.
💯
In laws
This is why you NEVER buy property with anyone other than your spouse
I'd go one step farther than that.
The only issue might bump up to with Daves plan is that the brother who wants to sell half of the property only has a trailer on it so it’s probably not gonna be worth as much as a half with the house on it. it’s probably a bad deal his end.
Considering it's Fresno I would think that the land its pretty valuable.
The brother in law is/has been paying mortgage for the house! lol the caller can complain all he wants, but his mortgage has been paid by his brother in law for years.
Exactly, the brother-in-law got the short end of the deal and the less valuable 10 acres.
Time and time again, we hear "don't do business with kinfolk." Exhibit A ^^^^ above.
Even well off families fight over money, when all involved can afford not to.
This guy sounds like the reason why the relationship soured lol. Other people definitely got the short end...
He didn't say it was his decision.. could of been the wife. Could be the other couple if Ryan and his wife are the mortgage owners... don't assume. "Insert donkey emoji here".
@@shareworthy5720 Didn’t you hear that the brother in law is on the mortgage for 50% of it? That’s why Dave told him he would have to refinance to get his brother in law out or sell the property and get a new mortgage.
You're right. This guy seems greedy, he seems like the kind of a person who always want to take advantage of others, this strategy works until it doesn't and you feel the sweet bite of Karma on your backend. Plus he is completely financially incompetent. No Bank will refinance this mess
@@razojacqueline you seemed to be confused. I was talking to the comment above. Yes, he is on the mortgage and the advise Dave gave was great.
There are too many " know it alls", saying it's this guy's fault the relationship soured and that he is the reason why they took the trailer. As always, bunch of ignorant comments. Since there are a total of four people, shouldn't blame the only person with the brains to call in and ask for help..
@@razojacqueline he said they are all paying the mortgage. Just listing examples of what other options could lead to a sour relationship. Maybe if you don't lead with "didn't you hear", you might not come off rude. :)
Why the brother in law agree to pay half of the mortgage while living in trailer is beyond me. I hope he learned his lesson.
Sounds like a situation where there’s a power dynamic problem and the brother-in-law is just now speaking up about it because he’s sick of it.
He's not going to buy that half because he got a steal on his end with the house while screwing his brother in law assuming his brother in law wouldn't change his mind.
Correct
He made them live in the trailer and now he doesnt wanna pay half.
Did he say " it was my decision"?
I don’t ever think I will agree to pay equal mortgage if I am not getting equal value. He wasn’t clear on the equal monthly mortgage payment.
Exactly and the manufactured home may not even contribute anything to the total value.
Hang on now, 10 acres with a house on it is worth more than 10 acres with a trailer. So if they went in 50/50 and the he got to live in the house, that is not exactly a fair split for the brother who was already getting the short end of the stick. They would need to do 50/50 0n the current value of the entire property, then subdivide (if that is even possible), and then the brother can sell half for whatever they can get, but if it is less than 50% of the entire value of the whole property, then he needs to make up that difference.
That would be reasonable fair, especially since I imagine there will be time and cost involved in subdividing the land.
When you stop learning, you get left behind. Never stop educating yourself.
💯 FACTS
Caller is a weasel and a bad family member. Look in the mirror.
This is a tough one...but there are some red flags already. xCC
The decision was stupid. The math is easy. He can't afford to buy his way out. I will never understand why people make dumb deals with family.
Exactly. The brother in law was stupid as well, for choosing to go in 50/50 while taking the worse living situation in the mobile home. This was bound to be a traincrash, really surprised how they couldn't see that coming.
@@Cookieboy70 He's probably one of those that just rolls over for everything someone wants. That's not me.
Can you handle the mortgage by yourself? Bingo. No.
This guy just coined a new phrase "a non-Dave decision"
I was gonna be harsh, but about half way through I realized who we're dealing with here. So I'll just say nothing.
Subdividing may not work due to 10 acres not having a house on it. Therefore it is not worth 50% of the $400K value for entire property. May be better to simply rent the trailer for income and/or add additional rental trailer, now or later. If neither of these works, then selling entire property may ultimately be the answer, IF increased ranching or other income not possible here. Very good real life situation and solution Dave. Thanks.
It'd be a lot messier than Dave's solution at the end. Subdividing it is fine, but BIL is probably not going to get $200k or even $160k for 10 acres with just a trailer on it.
I think the first solution is the only clean one. Sell the whole property, split the proceeds 50/50.
I agree and everyone involved will start over from scratch....in the long run it may be for the better anyways.
I wonder how much he could make if he rents out or sells the trailer. Who knows if the trailer is new and worth a hefty amount.
Good Job Dave by coming up with this creative idea for allowing the caller to keep some of his land. Very well done!
@@JaredHoutsma Ok, but that was the agreement that was made in the first place. You see in the video that one got a good deal out of it and the other not so much.
thats not an answer -which half? are they equal? too many problems, Dave should know that.
Sounds like he just didn’t want to pay the guy what was owed to him.
It wasn't just that, it was he was scared of assuming on the remainder of the mortgage, while also not being able to afford to make a payout.
He’s just doesn’t want to pay. This call was unnecessary
If it’s in California rent the trailer out for 4K a month
He lives in Fresno, Ca. An average mortgage on a decent home is about 1,800.
@@razojacqueline This 20 acres is going to be in a rural area away from everything
@@TheLivedeath yes, which is even cheaper rent and quite frankly it would be hard to rent out a trailer in fresno
That's actually a decent idea
The brother-in-law is tired of getting a raw deal and wants out. Sounds reasonable.
Subdivide if the zoning allows it. And if they can, it needs to be divided by equal values, which does not always mean equal sizes, especially when there will be a site built home (real property) on one part and a manufactured home (personal property) on another. Could be sticky, but good luck.
For who ever needs to hear this, don't ask for someone's advice, NOT do it, then ask that same person for advice on how to get out or cry to them when your plan didn't go your way
Ohhh no!! Why I gotta get the trailer 🤦🏽♀️
Why does Dave literally never let Ken Coleman talk? And when he does he talks over him. Give the guy the respect he deserves.
Then he needs to toss him. I personally think he’s one of the better ones
It’s dumb, because you watch to see Dave. Only Dave. I think he is preparing for retirement, but he needs a stronger team. I think he chooses people who kiss his behind. I love Dave though. He is just a force of nature, with no need for an assistant. Although I like what Rachel adds. She is a little young to go on her own.
@Anthony Harris that's by Dave's design he finds robots that will only regurgitate his outdated advice.
@aaront936 what's outdated by yis advice?
Lots of people with stay at home spouses call this show that can't afford it.
there's another solution, wife finds a job so they can afford the morgage
Here in Kitsap County Washington that trailer would rent for $1,500-2,000 and that would be about 75% of the new mortgage. I wonder what it would rent for in Fresno, they didn't factor in potential rental income into the equation.
At first I thought he bought a FIAT/CHRYSLER/ DODGE when I first heard read the Title...
"Endless money pits"
@@leadnsteel1428 Scotty Kilmer
That’s income of 72k and what Dave responded with bout he can’t afford 400k on 15 yr mortgage just slapped me in the face to not buy a home anytime soon. I’m in Cali(near San Fernando valley) and even town houses are at 450k+… this is disappointing might not become no home owner.
The fact that Ken was hesitant to correct Dave's math is a little insight on the dynamics of the show.
Didn't Ken just start though? The black gentleman that works with Dave always corrects him and even changes the advice on a caller
Ha, in my county there are quite a few areas that won't subdivide below 20 or even 40 acres where it's anywhere near a river
This solution from Dave won't work because the 10 acres with the larger house on it will be worth more than the 10 acres with the trailer home on it. The guy with the trailer home property will be stuck with paying half of the mortgage of the whole property, but got less than half the value of the whole property because the trailer home will inevitably be worth less than the large home, even though they both got the same amount of land.
Unless the land the trailer sits on is the better parcel of land.
It might have made more sense if the guy and his wife had just purchased the whole thing and then rented it to the sister and brother-in-law. Another good example of why to reconsider business plans with family.
He cant afford a 400k property on a 70k income. Banks wont loan him
@@TheLivedeath Bingo, reality check, plus he is broke.
@Anthony Harris Is that your attempt at humor? Your killing it!
What would've made more sense was realizing he couldn't afford it on his own. Period.
I know this is an old video but Dave's solution of subdividing still doesn't seem fair. A property of 10 acres and a trailer is not equivalent to 10 acres and a house... Brother-in-law may not even get 160k on his "half." They would need to get both properties appraised individually and then his brother-in-law could pay whatever is fair to the original mortgage.
Exactly. The brother in law has figured out he git a raw deal and that's why he wants out. Even getting out of this, he loses. A house and a trailer are not equal in value.
Subdividing would work if...they put the trailer on there too, or what? Buy it out?
I would have never brought property with in laws. The only people you should buy property with is your spouse/kids means immediate family that's it. Because when things go sour and doesn't work out they will try to make you sell it or help stop paying.
If the relationship is already in trouble, trying to split the land 50/50 is probably going to be a major headache, there's no way the other guy gets half the value of the property if he's just selling the mobile home and not the home, odds are he won't even be getting enough to clear his half of the mortgage, unless the property has gone up in value significantly.
Lesson here is don't buy with someone else if you don't have a clear and written exit strategy for this kind of situation, also, don't buy too much house.
Dave hang up on this guy. Period
That's probably not going to work splitting the land. The 10 acres the house is on is probably worth more than the 10 acres that trailer house is on. That's not half and half
20 acres in Fresno california?? That’s gotta be worth more than 400k
Well that was your first mistake
Rent out the mobile home part of the property.....
Sell the whole thing
Daves eventual solution isn't a solution IMO. The brother-in-laws land (10 acres) won't be worth as much as the 10 with the main property on. The brother-in-law has been co-paying the mortage so is as entitled to that building's equity as much as anything else. Fella's gotta sell IMO.
In the township i live in, you would not be ne allowed to divide this parcel.
Apply to the county to split the parcel. He can sell his part. That said. He just sounds dumb. He could rent the darn trailer and recoup the additional mortgage.
Very good advice, Dave👍👍👍
I’ll put this on my NOT TO DO LIST.
Nice thinking on that solution.
We have to be real here, the caller just wanted to finess his brother in Law hahahaha
Only if the rules of the county allows it to be subdivided
Having the BIL sell his 10 acres plus the trailer is not equitable! The house is worth more than the trailer. That's not a 50-50 split! The BIL may have agreed to OCCUPY the trailer, but that doesn't mean he agreed to forgo 50% ownership of the house. The BIL shares 50% ownership of the house and trailer--just like the 20 acres. Sounds like caller Ryan is the one who suckered his BIL into a bad deal--BIL ended up financing Ryan's lifestyle and home!
This is why the brother in law wants out. He fired out he got a raw deal
No, too many factors.
Cost money to divide land.
One half has a house.
Is the entire land completely the same quality.
By subdividing the property the 10 acres with the trailer won't be half of the property because the house is giving the property most of the actual value not the land... or the trailer
True, the resulting mortgage will just be bigger than the $160k but might still be doable
Ken gave amazing feedback!
The thing is, it costs quite a bit of money to subdivide.Doesn’t seem like neither one of those couples have money to do that
Never mix money or business with family. Odds are it will not turn out well.
Thats a good follow up after the commercial break. Thats what I like about Dave. If he doesn’t feel right about something, he usually comes up with an alternative solution. Good stuff!
I disagree, the follow up doesn't make sense. Dave assumes the property with the trailer on it is equal to the value of the property with the house on it, which is unlikely. The guy with the trailer was paying for half of the property and getting less than half of the value probably. This would explain the relationship souring. They just need to sell the whole property and split 50/50.
You can’t just say you want to subdivide and expect it to easily happen. There are rules and restrictions no doubt involved and extra expenses. The whole process if even possible could take months or even years. Plus you never figure in selling costs of real estate which is huge and depletes equity values a lot
I live in Fresno
A refi with appreciation might get him out of PMI. He could also rent it the trailer. Sounds like he is drowning, regardless.
Doesn't subdividing property cost a massive amount of money and time? Around here it would be tens of thousands of dollars...
Sounds alright but what is the cost of subdividing. It's thousands of dollars here.
Refinance and buy out the partner and rent out the mobile to bring in cash flow.
Sharing property is such a bad idea, and sharing it with family REALLY is a bad idea
I liked that he revisited the issue
A lot of people want a good lifestyle but the way they spend can't see them get that lifestyle anytime soon the better rich invest more and spend less
He has really made a good name for himself
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My first investment with Mr Walter Peters gave me the assurance that have made me invest without the fear of losing, I got four of my friends involved with him already
Great idea
He "ranches" on 20 acres? It's a hobby farm.
He might be focused on being self-sufficient moreso than ranching for profit. You don't need 20 acres to get enough for your family.
What about letting the building, and living in the trailer for a season?
How do you have 20 acres in Fresno for 400k even if just land?!
Dave Ramsey suggested for his brother-in-law to sell 10 acres, which 10 acres ? the one with the house or the one with the trailer ? 🤔 Since the house worths more than the trailer, this is not a fair solution.
If no one can afford to buy the other out, the cleanest and fairest way is to sell the whole property and split the profit.
If the bother in law is still there he owes rent after he gets full ownership. Else rent it out to someone else.
Assuming that the brother in law would get half the value of the full property when it doesn't include the house is very optimistic. Probably more like that half would be worth a third of the total value of the property so it would still be messy to cleanup.
He could sell the trailer maybe and get the mortgage down some to an affordable level. Also he could potentially rent out the mobile home or main home to increase his income and afford the mortgage.
Don’t do this ever!!!
There must have more of the non - disclosure agreement between the two that we are not aware of. So I can’t say if this guy is at 100% at fault! And yes, doing business with the family member is sometimes risky!
Does anyone know when Dave says no more than 25% of you take home should go towards a mortgage, is he just talking about principal and interest or is taxes and insurance included in that amount?
Who knows Dave just calculates things the way he wants count your gross income then doesn't count insurance and taxes and says you can afford it...but then if you use take home pay and full mortgage with taxes and insurance you can't.
Split the property and have him sell his part
They should have subdivided it straight off the bat.
I once bought a property with my mother.
Big non-Daveness right there.
Not quite mission accomplished. Inlaws agreed to own half of the whole and live in the trailer, not own ten acres and a trailer for half the price of 20 acres and a house. Need to figure out what the whole is worth, then figure out what piece of the property will get you to half of that. For instance, it may be house and one acre are worth 200 so the other 19 acres will get you to the other 200. I have a feeling the house and a couple acres will be worth 260 so you will need to pony up some more cash to brother in law on the refi then let him sell 18 acres for 140. 10-10 split won't work here
why would you do that? 🤦♂️
I have to soon make a non-Dave decision pretty soon. My emergency funds have pretty much run out.
Come on man!
Subdividing in California ain't happening in any short order. That's a 10 year proposition. He's better to rent the double wide. But that's only davish
If you split the property the brother-in-law won't get the part with the house on it so he's going to get shafted there.
One half may not equal 50/50, for instance, the trailer could be run down and at the time the brothers purchased they both knew the lion's share of the equity would be "ranch side"
Dave: Sell the wallmart.
Bro: how about I give my brother a 10 acre undeveloped parking lot, I keep 10 acres of ranch homestead and call it even?
Interesting video..
Why doesn’t the guy rent out the mobile home to pay the additional mortgage that he can’t afford on the full 20 acres that would make more sense in the long run.