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Business question. XP: in pets
Hi! I am a regular poster on the Pets board. I just a have quick question regarding a new business. Any information would be great. Thanks.
We are trying to buy a sporting clay course to add to the ranch. We will have to finance this course and all the equipment to go with it. The loan we are looking for is about $50,000 (not huge, but more than we have saved)
We are having a hard time getting a bank loan or
county loan because we are only 10% share owners in the property,
FIL&MIL are 90%. (I can go into deal if you need it, but for times
sake, I'll leave it out)
I have heard of government funded small business loans for women to start new businesses. I cant seem to find anything though Google on the topic. Can you lead me in the right direction for this government loan? Or do you have any other ideas on how to find funding?
Re: Business question. XP: in pets
I will look this up, thank you.
ETA: Yes, thank you!
You want to make a $50K improvement on a property you do not owe 90% of? Why? What if they sell the property? Then what happens to your investment? What if they die - that improvement goes to their estate to be shared by everyone. What if your husband dies - will you still want to/be able to live there?
I hate to be morbid or a downer. But if you improve someone else's property, you should put your risks and obligations in writing. Like if they sell the property, they will use the proceeds to pay you the $50K +interest in improvements.
I wouldn't assume anything.
You want to make a $50K improvement on a property you do not owe 90% of? Each year my in-laws gift us a percentage of the property. As of right now we only own 10%.
Why? ILs have this "why wait" theory. Their thinking is why wait for them to die to inherit this land. So as of now they are letting us do whatever we would like to build and expand our business on the land.
What if they sell the property? It is highly unlikely that he will decide to sell.
Then what happens to your investment? But for some reason he decide to this $50,000 investment is mostly in equipment. We would move.
What if they die - that improvement goes to their estate to be shared by everyone. If they die the property and all investments to the property will be inherited solely by my husband and I. MH has only one sister and she will inherit a different piece of property that MH and I can not touch.
What if your husband dies - will you still want to/be able to live there? I am a allowed to stay and continue with what MH and I are doing as long as I would like.
If I were to up and leave MH on the other hand (unlikely, but for legal purposes it is covered) I would receive none of the property or the investment that I married into.
You are bring great points up. If did not cover something please dont stop questioning me. I want to clearly plan for everything.
As a point of law, if you recieved the gift of the property (10%) after you married ... and all future gifts of increasing value for each year ... it is considered an asset of the marriage and you ARE entitled to half of it if you divorce. Unless you've signed something to the contrary. Not that I am assuming you are planning to divorce, but you should have a clear understanding of your assets and rights of equity division. Just b/c your ILs would be appalled if you walked off with half the value of the property they gifted to their son, doesn't mean it wouldn't be awarded by a court of law.
I'm sure everything you stated is clear and settled. I urge you to get it in writing.
Things happen. Things change. And not even by choice. Your FIL could have a freak accident and run-up massive hospital bills for his care forcing him to liquidate assets. You want all financial agreements in writing.
If everyone is in agreement, no one will mind writing it down and signing it, right?