Family Business is in need of some help.
My moms mom sold a business and bought a bunch of commercial properties in North Carolina some time ago for her children, grand children, etc. to have sustained income for years to come. Perhaps unsurprisingly, the business has all been left to shrink and die aside from pulling checks out. I’m new to real estate investing, but given the climate, I’m thinking it would be wise to sell some of the properties in favor of diversifying the portfolio outside of one small NC city. Thinking Vacation Homes as the one I have in CA is pushing off close to 30% returns (though I doubt that will last). Any advice? How’s best to structure the transition? What should I know that I likely don’t?
[{"id": "g23uku9", "text": "You want a RE Attorney &amp; a Trust accountant if your dealing with large sums of cash and family.", "replies": [], "depth": 1}, {"id": "g24je47", "text": "Third the advise above, options are totally dependent on how the properties are held (owned and titled). This will determine what options exist, transfer taxes if necessary, and the the owners basis for tax purposes. I just unwound something like this and it got messy. While you are at it I'd determine who has control of the bank accounts and is making property decisions. If a 3rd party property manager is in place this could be a good starting point, however I'd independently verify some of the details. AFTER all of this is done you can start to think about a structure for possible transactions. If they still exist a like-kind exchange (\"1031\") might be an option to differ capital gains if you have any.", "replies": [], "depth": 1}, {"id": "g24swll", "text": "Happy to help depending on the location. Located in the middle of the state of NC. \n\nLinkedin profile: [https://www.linkedin.com/in/richardmossman/](https://www.linkedin.com/in/richardmossman/)", "replies": [], "depth": 1}, {"id": "g25g9nf", "text": "Definitely hire a professional or three.However, since you're talking about potentially liquidating some assets here and potentially acquiring some assets elsewhere, you definitely want to consider that previously mentioned 1031 exchange.  Discuss this option with your people.", "replies": [], "depth": 1}, {"id": "g28kv3v", "text": "Agreed with the other comments on here. Give us some more details to see how we can help you. \n\nI specialize in a very specific real estate niche that might be a perfect fit for your needs, and would be happy to help, but I cannot provide any details without getting more information from you.", "replies": [], "depth": 1}, {"id": "g2mxmqc", "text": "If she has capital gains to offset from selling the business she should look for an OZ to invest in. We have an OZ fund coming up soon, would love to talk.", "replies": [], "depth": 1}]