Thanks Everyone (except Ervino) who has contributed so far:
Let's clear up some things:
My Fiancee's dad did not have to take an additional mortgage. But she did sign an IOU to her dad to the value of the property. This makes it 'enforcable' to a degree.
With regards to the plans for the property- It is actually a pretty valuable property but it's not exactly a property I would necessarily want to raise a family in. The plan is the property was bought by her dad with the view that there is En-Bloc Potential in the next few years, so hopefully it will be disposed soon.
The plan for our own property is, yes- It will be under my name and not my fiancee's so that we don't incur ABSD, and I will probably have to sign an IOU for any loan her dad gives us.
As for Ervino- he clearly doesn't understand how REITS work, so I am ignoring him entirely.
Can we get back onto the main topic of discussion?
Let's clear up some things:
My Fiancee's dad did not have to take an additional mortgage. But she did sign an IOU to her dad to the value of the property. This makes it 'enforcable' to a degree.
With regards to the plans for the property- It is actually a pretty valuable property but it's not exactly a property I would necessarily want to raise a family in. The plan is the property was bought by her dad with the view that there is En-Bloc Potential in the next few years, so hopefully it will be disposed soon.
The plan for our own property is, yes- It will be under my name and not my fiancee's so that we don't incur ABSD, and I will probably have to sign an IOU for any loan her dad gives us.
As for Ervino- he clearly doesn't understand how REITS work, so I am ignoring him entirely.
Can we get back onto the main topic of discussion?
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