I am part owner of 84 acers of land in a small town in Georgia. The deed has 5 primary holders and they are dead but their heirs are alive. My father before he did paid the taxes on the land every year. I did a verbal agreement with my cousin to take over this process and make sure the taxes are paid and he can keep whatever profits are left from the farmer who leases the land for field crops. Now, I just turned 60 and want to "figure out" a way to put at least 3 tiny homes and maybe as small store for lease on that land. I live in California and own a house and a condo already. How do get the land in Georgia setup to have 3 tiny homes and a store ? -I need a real east lawyer I know that -Do I apply fore a business loan under an LLC in Georgia -Do I just take out a loan in ca and setup the 3 house and store -most importantly would I have to buy out the 10 grand kids on the deed. -since high school no one has pad for taxes but my dad - does that mean all the other cousins that live out of state have now rights to the land ? Goals - I would like to be able to pay my cousins monthly and keep the estate in the family name as a fair distribution of wealth but I don't' know if that's logical or possible. -put 3 homes for rent -leave it for my kids and generations to come as generational wealth with a monthly distribution or should I just sell my 3 acers that is deeded to me and be done with this - I really don't want to do that :-( I have some money but not a lot of money - I think I'm look at a minim of 200k if I want to put 3 tiny homes on that land - I have know idea how much the lawyers fee would be but I assume at least $150 to $200 an hour. Oh BIG NEWS!! -2 car companies have built a factory and there is now an instdutal park allocated just "1 mile" from our land -they will hire 1500 new workers and already have about 200 new works - I'm told -so that's why I'm thinking rent some homes and open a little store and the works will live and work and shop near by. What do you guys think and what would you do ? How do I get started ? Thanks any advice. A small town guy living in the Bay Area with big retirement dreams :-)
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I am part owner of 84 acers of land in a small town in Georgia.
The deed has 5 primary holders and they are dead but their heirs are alive.
My father before he did paid the taxes on the land every year.
I did a verbal agreement with my cousin to take over this process and make sure the taxes are paid and he can keep whatever profits are left from the farmer who leases the land for field crops.
Now, I just turned 60 and want to "figure out" a way to put at least 3 tiny homes and maybe as small store for lease on that land.
I live in California and own a house and a condo already.
How do get the land in Georgia setup to have 3 tiny homes and a store ?
-I need a real east lawyer I know that
-Do I apply fore a business loan under an LLC in Georgia
-Do I just take out a loan in ca and setup the 3 house and store
-most importantly would I have to buy out the 10 grand kids on the deed.
-since high school no one has pad for taxes but my dad - does that mean all the other cousins that live out of state have now rights to the land ?
Goals
- I would like to be able to pay my cousins monthly and keep the estate in the family name as a fair distribution of wealth but I don't' know if that's logical or possible.
-put 3 homes for rent
-leave it for my kids and generations to come as generational wealth with a monthly distribution
or should I just sell my 3 acers that is deeded to me and be done with this - I really don't want to do that :-(
I have some money but not a lot of money - I think I'm look at a minim of 200k if I want to put 3 tiny homes on that land
- I have know idea how much the lawyers fee would be but I assume at least $150 to $200 an hour.
Oh BIG NEWS!!
-2 car companies have built a factory and there is now an instdutal park allocated just "1 mile" from our land
-they will hire 1500 new workers and already have about 200 new works - I'm told
-so that's why I'm thinking rent some homes and open a little store and the works will live and work and shop near by.
What do you guys think and what would you do ?
How do I get started ?
Thanks any advice.
A small town guy living in the Bay Area with big retirement dreams :-)