bambi12601
New Member
Self Directed Disability Trust – Commercial Property Involved
I have a 7 family apartment house where tenants make their rent checks out to my name. The bills to pay for the house's utilities and taxes are in my name too.
Ideally with all the apartments rented and with no major expensive catastrophes, the house makes maybe $52,000 gross income a year and the expenses are about $30,000 a year. At times a lot of apartments are vacant. Under this PERFECT situation the house makes $22,000 profit a year. Then the mortgage has to be paid out of this amount which I think is about $4000 a year.
I have a disability and have not been able to work. This house cannot support me financially. It would never be a PERFECT scenario. It's a very old house and repairs could cost anywhere from $5000 to $13000 or more extra a year which would come out of the above income amount of $18000 that was left over. That could possibly eat up the rest of the money leaving nothing to live off of. I can't depend on the place to support me because I would never know what would happen and what would have to be fixed out there.
For my own personal residence, I rent a place in a different location. My boyfriend has been supporting me here but he has done things that were not right and I do not want to be depending on him to support financially me anymore.
It's not going to work for me to live in the apartment house.
The way things are with the economy and property sales; this apartment house is on the market as low as it can go. It is not selling.
I have been advised by my therapist to apply for SSI assistance due to my disability. I got denied because I owned the property.
I found trusts that I could self direct and move the house into but this gets confusing.
My mother has the same exact name as me... first and last name. She had volunteered to be a trustee. The rent checks are being made out to my name right now. If my mother became the trustee how would that work? I wonder what name the tenants would make the rent checks out to. Pretend my name is Jane Smith. My mother's name is Jane Smith. The trust would be named Jane Smith Trust? And the rent checks would be made out to Jane Smith?
And what would happen if something happened to my mom? Who would run the trust for an apartment house?
I am sure I have more questions but right now my head is swimming with confusion.
I also live in New York State USA
I have a 7 family apartment house where tenants make their rent checks out to my name. The bills to pay for the house's utilities and taxes are in my name too.
Ideally with all the apartments rented and with no major expensive catastrophes, the house makes maybe $52,000 gross income a year and the expenses are about $30,000 a year. At times a lot of apartments are vacant. Under this PERFECT situation the house makes $22,000 profit a year. Then the mortgage has to be paid out of this amount which I think is about $4000 a year.
I have a disability and have not been able to work. This house cannot support me financially. It would never be a PERFECT scenario. It's a very old house and repairs could cost anywhere from $5000 to $13000 or more extra a year which would come out of the above income amount of $18000 that was left over. That could possibly eat up the rest of the money leaving nothing to live off of. I can't depend on the place to support me because I would never know what would happen and what would have to be fixed out there.
For my own personal residence, I rent a place in a different location. My boyfriend has been supporting me here but he has done things that were not right and I do not want to be depending on him to support financially me anymore.
It's not going to work for me to live in the apartment house.
The way things are with the economy and property sales; this apartment house is on the market as low as it can go. It is not selling.
I have been advised by my therapist to apply for SSI assistance due to my disability. I got denied because I owned the property.
I found trusts that I could self direct and move the house into but this gets confusing.
My mother has the same exact name as me... first and last name. She had volunteered to be a trustee. The rent checks are being made out to my name right now. If my mother became the trustee how would that work? I wonder what name the tenants would make the rent checks out to. Pretend my name is Jane Smith. My mother's name is Jane Smith. The trust would be named Jane Smith Trust? And the rent checks would be made out to Jane Smith?
And what would happen if something happened to my mom? Who would run the trust for an apartment house?
I am sure I have more questions but right now my head is swimming with confusion.
I also live in New York State USA
