Need investor to build house on my land. I live there till passing, then investor owns land/house. Thoughts?

Asked by linesquared, Seattle, WA Mon Feb 11, 2013

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Jirius Isaac’s answer
Jirius Isaac, Agent, Kenmore, WA
Mon Feb 11, 2013
Ok, this is really possible as a life estate, but as already noted it depends on your age, where the lot is, etc. If you are serious about this, what you want to do is start talking to some of us & give us more details so we can help you find somebody that would do this for you.

Good luck to you in any case,
Jirius Isaac
Isaac Real Estate Team
Champions Real Estate Services
TriStar Finance #MLO-107799
Office: 425-483-6849 Cell: 206-841-9976
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Debra Hamilt…, Agent, Everett, WA
Mon Feb 11, 2013
Sounds like a fabulous deal, if you could find an investor to agree. Cheers to you!
0 votes
Kary Krismer, Agent, Renton, WA
Mon Feb 11, 2013
What you're basically talking about is retaining a "life estate" in your property. As Ray mentioned, the willingness of someone to do that would be dependent in a significant part, on your age.

Back in my attorney days I represented the bankruptcy trustee for the broker of what was then a very large real estate firm. That broker somehow found a woman in her 90s who owned a house out on Perkins Lane in Seattle. He cut a life estate deal with her that he would pay her money each month which would allow her to live there until she died. I don't remember the number for certain, but I think it was at least $2,000 a month, and this was over 20 years ago, so that was a fairly good sum. In your case though, what you're talking about would be more of an upfront investment, so that would make it more difficult to find someone.

If you do find someone willing to do this, make sure you hire your own attorney to set it up properly.
0 votes
Ray Akers, Agent, Seattle, WA
Mon Feb 11, 2013
You win the prize for creativity! This is possibly the most creative real estate idea I've heard in quite some time. The first thing that popped into my head was "How old are you?" Today's investors are not too keen on waiting for a return on their investment. However, if your land is waterfront (or other choice location) then perhaps an investor would wait longer? I wonder if you've talked to lenders about financing the construction yourself? For example, Washington Federal Savings has a unique 'custom construction' loan program. Beyond that, I'd need more details about your situation before advising you further. Thanks for an interesting question!
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