005: How to Help Your Children Own a Home the Right Way with Denae Budde

In this episode, Kirsten talks to Denae Budde, managing shareholder of Budde Law Group, a niche practice that focuses in on handling either transactions or litigation in the real estate and business.

 

During her conversation with Kirsten, Denae discusses the rising trend of parent/child real estate transactions. Denae highlights some of the unique things that parents are doing to ensure their children are living in the home or area they want. Denae addresses some of the challenges and roadblocks that face these types of deals and offers effective strategies that can be used to make intrafamily real estate transactions more successful.

 

Top Two From Episode # 005:

1. See your attorney before any decisions are made
2. Communicate with your family members and loved ones – those the transaction could affect 

Time-stamped Show Notes:

2:04 – Kirsten and Denae discuss techniques regarding parent/child real estate transactions

3:50 – Denae shares the most challenging real estate transaction – house swapping – and highlights roadblocks of this type of deal

6:15 – Denae offers parents a reasonable alternative option to help parents help their children

6:55 – Kirsten and Denae discuss children purchasing the home that the parents are living in

7:40 – The best way to make this deal favorable if there is more than one child in the family

8:28 – Kirsten and Denae discuss the importance of family harmony and communication to aid in the smooth sailing of these types of deals

11:15 – Denae highlights an important point – make sure your landlord actually owns the property you are about to rent

13:19 – Kirsten and Denae discuss challenges surrounding commercial leases

15:40 – Denae gives advice of protection to those who own rental properties that are investment properties and not intrafamily rentals

17:56 – Kirsten and Denae discuss an LLC versus a Corporation

24:40 – Denae’s parting wisdom on business deals

Episode # 005 Freebie:

As a parent you’ll do anything for your child, but how far would you go to make sure your child has the type of home they want or is living in the location they want to be in? Many people jump in not wanting to spend the extra money on the front end to protect their transactions and make sure that no surprises arise. Absolute Trust Talk guest Denae Budde recommends talking to an attorney first and to remember that the upfront costs will save you more on the back end. Denae offers listeners this exclusive tool “Consider This – A Brief Guide to Owning and Renting Property,” that takes you through the considerations, questions like “How should we own our rental property?” and “What’s involved in setting up an LLC?” The guide lays out clear actionable steps and what you have to pull together to get started. In addition, she talks about things to consider when you’re thinking about leasing a property.