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investment real estate question
#3133843
05/31/20 11:43 AM
05/31/20 11:43 AM
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Joined: Jan 2014
Posts: 10,421
Scottsboro, Al
jbatey1
OP
Lucky Bastage
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OP
Lucky Bastage
Joined: Jan 2014
Posts: 10,421
Scottsboro, Al
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I’m loosely eyeballing a property with multiple rental opportunities on it. I won’t get into details of the property right now, but.. The realtor told me that the property “can’t sell for less than what the county has it appraised for because Medicaid won’t allow it”
Is this some kind of elder law? or something dealing with a seller that may be in a nursing home?
The fool tells me his reasons; the wise man persuades me with my own.
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Re: investment real estate question
[Re: jbatey1]
#3133846
05/31/20 11:44 AM
05/31/20 11:44 AM
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Joined: Aug 2001
Posts: 65,219
Luverne, AL
Skinny
GUVNER
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GUVNER
Joined: Aug 2001
Posts: 65,219
Luverne, AL
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Section 8 housing zoning laws. Run away.
Never Trust Government
"You can be broke but you cant be poor." Ruthie-May Webster
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Re: investment real estate question
[Re: Skinny]
#3133858
05/31/20 12:13 PM
05/31/20 12:13 PM
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Joined: Jan 2014
Posts: 10,421
Scottsboro, Al
jbatey1
OP
Lucky Bastage
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OP
Lucky Bastage
Joined: Jan 2014
Posts: 10,421
Scottsboro, Al
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Section 8 housing zoning laws. Run away. I’m obviously not familiar with section 8 zoning laws, but this sounded different than some type of section 8 zoning laws. Does that apply to apartments or houses as well? FWIW, this is 3 houses on 1 property. I’ll research It and then speak with the realtor if I gain more interest.
The fool tells me his reasons; the wise man persuades me with my own.
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Re: investment real estate question
[Re: jbatey1]
#3133867
05/31/20 12:33 PM
05/31/20 12:33 PM
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Joined: Jan 2020
Posts: 339
Waverly Hall, Ga
4ssss
4 point
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4 point
Joined: Jan 2020
Posts: 339
Waverly Hall, Ga
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My Social Worker wife says it's not a law, however it's a state statute that assets cannot be disposed of for less than fair market value, because the asset value needs to be used for care. It essentially is there for Medicaid so they can recover their expenses for care, whether the owner is in a nursing home or after death.
Last edited by 4ssss; 05/31/20 12:33 PM.
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Re: investment real estate question
[Re: jbatey1]
#3133921
05/31/20 02:33 PM
05/31/20 02:33 PM
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Joined: Dec 2014
Posts: 5,034
Northport, AL
Phil_Army
12 point
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12 point
Joined: Dec 2014
Posts: 5,034
Northport, AL
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I’m loosely eyeballing a property with multiple rental opportunities on it. I won’t get into details of the property right now, but.. The realtor told me that the property “can’t sell for less than what the county has it appraised for because Medicaid won’t allow it”
Is this some kind of elder law? or something dealing with a seller that may be in a nursing home? Not a true statement at all. They might need some justification on why it's being sold for less than the tax appraisal value but they'll sell it for less if you can provide that. More than likely it's a Medicaid-ordered sale where an elderly person is having to sell ALL of their assets to pay for nursing home or assisted living care. You can work your entire life and pay off your mortgage but the minute you need government-assisted elder care you'll likely have to sell everything you've worked for over the years. I have helped a bunch of families with these sales and all you have to do is prepare an addendum or memorandum stating why it's being sold for the price it's selling for. Super simple, let me know if I can help in any way...
Broker/Owner and Area Representative for 1st Class Real Estate
2018's #1 Real Estate Agent according to the Tuscaloosa News
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Re: investment real estate question
[Re: jbatey1]
#3133922
05/31/20 02:37 PM
05/31/20 02:37 PM
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Joined: Jul 2005
Posts: 19,131
Chelsea, AL
straycat
Old Mossy Horns
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Old Mossy Horns
Joined: Jul 2005
Posts: 19,131
Chelsea, AL
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Phil Army is spot on correct, if that is your situation.
"The grass withers, the flower fades, But the word of our God stands forever." Isaiah 40:8
"Neither the wisest constitution nor the wisest laws will secure the liberty and happiness of a people whose manners are universally corrupt.� Samuel Adams
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Re: investment real estate question
[Re: Phil_Army]
#3133924
05/31/20 02:47 PM
05/31/20 02:47 PM
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Joined: Jan 2014
Posts: 10,421
Scottsboro, Al
jbatey1
OP
Lucky Bastage
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OP
Lucky Bastage
Joined: Jan 2014
Posts: 10,421
Scottsboro, Al
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I’m loosely eyeballing a property with multiple rental opportunities on it. I won’t get into details of the property right now, but.. The realtor told me that the property “can’t sell for less than what the county has it appraised for because Medicaid won’t allow it”
Is this some kind of elder law? or something dealing with a seller that may be in a nursing home? Not a true statement at all. They might need some justification on why it's being sold for less than the tax appraisal value but they'll sell it for less if you can provide that. More than likely it's a Medicaid-ordered sale where an elderly person is having to sell ALL of their assets to pay for nursing home or assisted living care. You can work your entire life and pay off your mortgage but the minute you need government-assisted elder care you'll likely have to sell everything you've worked for over the years. I have helped a bunch of families with these sales and all you have to do is prepare an addendum or memorandum stating why it's being sold for the price it's selling for. Super simple, let me know if I can help in any way... That’s exactly what sounds to be going on with this situation. A lady (I’m assuming to be The owner of the property) is in a nursing home. The house she was living in has set empty for the last 9 months, another house is empty and the third house currently has tenants. If I decide to go further, I’m definitely reaching out to you. Thanks.
The fool tells me his reasons; the wise man persuades me with my own.
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