2,400 sqft
2 Bathrooms
Available
3 Bedrooms
275,000.00 USD
9 Bradmere Cove, Jackson, TN 38305
Additional information
Bedrooms & bathrooms
- Bedrooms: 4
- Bathrooms: 3
- Full bathrooms: 2
- 1/2 bathrooms: 1
- Main level bathrooms: 1
Heating
- Forced Air, Gas
Cooling
- Central Air
Appliances
- Included: Dryer, Disposal, Microwave, Range, Refrigerator, Washer
- Laundry: In Basement
Features
- Basement: Full, Storage Space, Unfinished, Sump Pump
- Number of fireplaces: 1
- Fireplace features: Living Room
Interior area
- Total structure area: 2,460
- Total interior livable area: 2,460 sqft
- Finished area above ground: 2,460
FAQ
Frequently asked question
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What Are Your Responsibilities and Benefits?
You are responsible for taxes, mortgage, and any expenses associated with operating and maintaining the home. Capital Improvements and the sharing of costs and benefits must be agreed to prior to starting a project. Repairs fall under a section of the Agreement. You may have a tenant to help with your payments. Covest is your JV partner, not your landlord.
Is the Model Joint Venture Agreement Thorough?
Yes. Agreement has been used for thousands of transactions. You should have someone review the Agreement for you before entering the Program.
Why Do You Need for A Joint Venture Agreement?
In a standard purchase, ALL ownership rights and obligations are held by a single entity – the Buyer(s). With co-ownership, an agreement must be created to ALLOCATE these rights and duties between owners and set up procedures for circumstances that may arise. The model Joint venture Agreement becomes the "go-to" document when owner cannot reach agreement. In addition, if tax benefits are allocated, the IRS REQUIRES an agreement.
What Is in The Joint Venture Agreement?
The Joint venture Agreement contains the basic details of the agreement between the Parties regarding the property including the length of agreement, the payments to be made by You, the procedures for making improvements to the property, how the proceeds will be shared at the end of the Agreement, what happens if there is a default and more.
How Does THE PROGRAM Work?
You (called the “Tenant Investor”) select the house you want from those available and purchase a minority interest in ownership (not a renter). Covest Properties or an Investor pays approximately 85% of the down payment while you (the You) pay the remainder.
You are added to the title to the property in escrow. Your down payment is split into 3 sections – 1/3 in escrow, 1/3 in 12 months, and 1/3 in 24 months. Ownership interest increases with each payment to a maximum of 49%. No loan now or ever!
A 20-year loan payment builds equity quickly without loan qualification. May be able to buy the entire property without adding any more cash!
You make all required payments to a loan. They report on time payments to all 3 credit bureaus (credit improvement) and statements of Loan Interest and Taxes paid – lower taxes at tax time.
At some future the the joint venture ends. There are 4 different solutions going forward. AND, unlike lease to own scams, you can re-sell your interest.
Finally, when things go wrong, and they do, a recorded Joint Venture agreement covers your interests. In addition, Covest has established solutions to help if this occurs.
FAQ
Q: How Does THE PROGRAM Work?
You (called the “Tenant Investor”) select the house you want from those available and purchase a minority interest in ownership (not a renter). Covest Properties or an Investor pays approximately 85% of the down payment while you (the You) pay the remainder.
You are added to the title to the property in escrow. Your down payment is split into 3 sections – 1/3 in escrow, 1/3 in 12 months, and 1/3 in 24 months. Ownership interest increases with each payment to a maximum of 49%. No loan now or ever!
A 20-year loan payment builds equity quickly without loan qualification. May be able to buy the entire property without adding any more cash!
You make all required payments to a loan. They report on time payments to all 3 credit bureaus (credit improvement) and statements of Loan Interest and Taxes paid – lower taxes at tax time.
At some future the the joint venture ends. There are 4 different solutions going forward. AND, unlike lease to own scams, you can re-sell your interest.
Finally, when things go wrong, and they do, a recorded Joint Venture agreement covers your interests. In addition, Covest has established solutions to help if this occurs.
Q: What Is in The Joint Venture Agreement?
A: The Joint venture Agreement contains the basic details of the agreement between the Parties regarding the property including the length of agreement, the payments to be made by You, the procedures for making improvements to the property, how the proceeds will be shared at the end of the Agreement, what happens if there is a default and more.
Q: Why Do You Need for A Joint Venture Agreement?
A: In a standard purchase, ALL ownership rights and obligations are held by a single entity – the Buyer(s). With co-ownership, an agreement must be created to ALLOCATE these rights and duties between owners and set up procedures for circumstances that may arise. The model Joint venture Agreement becomes the "go-to" document when owner cannot reach agreement. In addition, if tax benefits are allocated, the IRS REQUIRES an agreement.
Q: Is the Model Joint Venture Agreement Thorough?
A: Yes. Agreement has been used for thousands of transactions. You should have someone review the Agreement for you before entering the Program.
Q: What Are Your Responsibilities and Benefits?
A: You are responsible for taxes, mortgage, and any expenses associated with operating and maintaining the home. Capital Improvements and the sharing of costs and benefits must be agreed to prior to starting a project. Repairs fall under a section of the Agreement. You may have a tenant to help with your payments. Covest is your JV partner, not your landlord.
Q: Do You Have to Live in The Home During the Joint Venture?
A: Yes, but if a situation arises where you cannot, the Joint Venture Agreement allows alternate solutions with the Covest consent.
Q: How does this compare with renting?
A: Superior in every detail. Under Program, home becomes a savings plan – loan reduction. No appreciation necessary to create equity for Tenant Investor
Q: Can the You Make Improvements to The Property?
A: Yes, the You can make improvements to the property with the written consent of the Investor because it will impact future value - positively or negatively.
Q: Will the You Get the Cost of Improvements Back?
A: Yes, capital contributions such as improvements in the house by you or Covest are returned. before the property's appreciation is split.
Q: Do You Pay All the Expenses of The Property?
A: Usually the You gets exclusive occupancy of the property and pay all its expenses. There may be other expenses that arise, and their treatment is covered in the agreement.
Q: What Is Rental Reimbursement?
A: It is a shifting of some expenses from the You to the Investor. Since you live in the entire property but only own part, the IRS requires you to rent back the Investor’s interest in the property with a lease. Total payments stay the same.
Q: Do You Receive All the Tax Deductions?
A: Yes, except for the small amount called rental reimbursement described above and depreciation which is granted to Covest or the Investor for his percentage of the property.
Q: How Is Ownership of The Property Split Between the Co-Owners?
A: It starts with 15 % and goes up to 49% with each partial down payment made. So, everything that happens going forward benefits you 49% and Covest 51%. Covest has a stake in your success!
Q: How Long Can the Joint Venture Agreement Last?
A: The joint venture partnership is established at 10 years to allow for cyclical economic activity. It is expected that the life will be about 5 years because of the build-up of equity from the reduction in the institutional loan. It could go on longer than this, but 5 years is the typical timeframe.
Q: How Does Co-Ownership End?
A: The co-ownership ends at the end of the term agreed to in the Joint venture Agreement or sooner if there has been sufficient equity build-up and/or the Parties elect to terminate. You might buy out the Investor, the Investor may buy out You, or the property could be re-financed or sold. Finally, the Agreement could be continued for an additional period.
Q: Are the Investor and You Committed to Co-Own the Property for The Entire Term?
A: Yes, all co-owners are in the investment for the term of the agreement. But, if something unexpected happens and either party needs out, they should choose the best solution described in the agreement.
Q: How Is the Property Valued at The End of The Partnership?
A: As established in the Agreement. Typically, an appraisal.
Q: How Are the Proceeds Split?
A: Before splitting the property's appreciation, each partner gets back the capital contributions they have made (down payment, and cost of improvements) first.
Q: What About Tax Benefits?
A: You get the same benefits you would get from a wholly owned principal residence. You also receive the tax exemption at sale as it applies to your ownership portion of the sale price.
info@covestproperties.com
(442) 472-9538