a deal? I pay taxes & I'm on the deed.
A friend of mine would love me to pay his high real estate taxes. 30 years ago, he bought a bit of land in florida for 10grand.
It is now worth, minimum, 350,000 grand (It was thought to be 500g, but I am considering the recent real estate slow down).
His property taxes are ~$7,000 a year.
There is now an industrial grade, bulletproof, hurricane proof building on the property ..it's in a very nice neighborhood on the water (it's a two story building, with two very small apartments)...solid concrete top to bottom which includes the roof. Construction was completed a few months ago.
He would like me to make a deal with him: I pay the taxes, I get put on the deed, I get use of the property...and will "get" the property when he passes on (dies). (frankly, I get use of the property any time anyway, so no surprise)
Neither he nor I are financially savvy...so the calculus of all this isn't obvious in terms of deciding whether this is a great deal or not. I tend to think it's a great deal and it's clearly in my favor, but sometimes the obvious conclusion isn't the correct one.
He isn't interested in having a stranger take care of his taxes because he fears what an "investor" would do to the place when he passes on. He simply wants to hang around, and have no big bills. Seven grand a year is over 500 bucks a month.
It's pretty simple. He's a very close friend. I'm not wealthy, but I *could* carry the burden of his property taxes.
Is this a good deal?... or is there more to know?