investment property with family question
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Thread created 04-30-2012 by barom
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As you will not be occupying it immediately deems it an investment property, despite your future intentions.
I would be more concerned with what contingencies you and your father will have in...
investment property with family question
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Thread created 04-30-2012 by barom
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The 30k note is held by the same company that holds the primary note. I understand where you are coming from about the bad investment, but I see no reason to walk out I the current house as I can...
investment property with family question
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Thread created 04-30-2012 by barom
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1. I would NEVER do business with family or friends. What you are describing falls under business.
2. If your dad's ultimate goal is to gift you the property, then he should simply buy it and,...
investment property with family question
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Thread created 04-30-2012 by barom
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with the money he is giving you plus your safety net, how close would you be to paying off your house?
investment property with family question
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Thread created 04-30-2012 by barom
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http://boss.blogs.nytimes.com/2009/08/13/a-house-is-a-home-not-an-investment/
investment property with family question
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Thread created 04-30-2012 by barom
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My father has no interest in the property other than to see it go to me. Is it possible for only my name to be on the title even if he is co-signing the mortgage?
investment property with family question
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Thread created 04-30-2012 by barom
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I don't understand this.
Take the gift from your dad to offset any loss in the house and/or the 30k loan and sell it. Take what is left over and use it for a downpayment on a new house.
Sounds...
investment property with family question
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Thread created 04-30-2012 by barom
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Referring to it as an investment is misleading. It's not so much of a business proposition from my father as it is a gift. He originally wanted to give the money for us to renovate our current house....
investment property with family question
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Thread created 04-30-2012 by barom
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Much of what you're asking hinges on what name(s) are on the Deed of the new property, have you given this any thought?
investment property with family question
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Thread created 04-30-2012 by barom
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I'm sorry to say it, but you need to just stop. Read up on real estate investing and basic cost benefit analysis. This IS an investment. So wake up and do you homework. Don't go based on feeling go...
investment property with family question
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Thread created 04-30-2012 by barom
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gunit00, I will eventually grow out of my current house and have to move. Passing up on this opportunity is simply throwing money away. Mortgage, insurance, taxes come to less than 1000 on my current...
investment property with family question
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Thread created 04-30-2012 by barom
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If you just want out of your current house and into a new one right now, I can see doing this. if you do get the new one in your name though, and later need to short-sale the old house, they are...
investment property with family question
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Thread created 04-30-2012 by barom
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I would hate to short-sell the current house. It's only upside down by about 10k and I've got less than fifteen years of payments left. The 30k was deferred for the first five years of the loan and...
investment property with family question
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Thread created 04-30-2012 by barom
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This is the thinking that bankrupts a lot of people. It makes no difference at all what you paid, how long you have been paying or how much is left to pay. The house is worth less now than you owe on...
investment property with family question
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Thread created 04-30-2012 by barom
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Unless your father is moving in with you, this is probably not a good idea. Business and relatives do not mix.
If he dies is he willing the property entirely to you?
Money received from rent...
investment property with family question
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Thread created 04-30-2012 by barom
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I currently own a smaller house that I bought in 2007 (still upside down on it, but up to date on all payments). My dad has recently come into some money from selling a business and he wants us to...
