Posted by motorv8N on February 04, 2008 at 20:02:16 from (24.141.47.138):
In Reply to: appreciate a listening ear posted by old fashioned farmer on February 03, 2008 at 17:43:48:
Some very interesting and varied advice here. I'd chip in with hold on to the essence of your dream, and...family and money almost never mix properly. Even with iron-clad contracts.
Case in point my mother and uncle owned some land together they inherited from my grandparents in the seventies. Way back they had an agreement drawn up with the following options. At any time one party could ask to either buy the second out for fair market value; or ask to be bought out at fair market; or failing agreement on that both sides had to sell on the open market and split the net after expenses.
They co-existed fairly well until my mom got some pretty bad arthritis last two years and couldn't get out on the land. So she tried to action one of the clauses. Well, don't old Uncle refuse all of them. He was content to let her hold up her half and more of the upkeep and take the place over on the day to day use of it. She wasted thousands on lawyers just trying to get a perfectly valid contract upheld.
It was finally sold but it's ripped the family right apart. My mother and brother probably won't speak again in their lifetimes. Recently I got word my cousin wasn't going to let our little boys play together any more becuase of what my "b**ch" of a mother did to his dad. Our boys are six years old...Three generations of family split forever just like that.
So, hold on to your dream but at all costs make it 100 percent your own and not reliant on deals with any relative.
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