Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Multi-Family and Apartment Investing
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated 12 months ago,

User Stats

1
Posts
1
Votes
Kristen Chuy
1
Votes |
1
Posts

Newbie trying to navigate off-market purchase from parent

Kristen Chuy
Posted

Hello everyone! I need to preface this by saying I’m a total newbie. I’ve been listening to biggerpockets, reading books and researching for the past year or so. I have the opportunity to purchase the duplex I currently rent one side of from my father. He lives in the other side. He wants to cash out and is willing to sell me the property for market value. I’ve been trying to find more info on if I would qualify for the parent-child tax exclusion through Prop 19. My father would also be interested in renting from me for a year or so while he figures out where he wants to relocate to. Has anyone  gone through a purchase like this recently? I’m debating whether we need to use an agent or real estate attorney. I talked to an attorney who explained the prop 19 changes this year and how it could limit our ability to rent out the other unit in the future. The property is likely valued less than 1 million limit, estimate is around $800k. It’s tough finding information on how it applies to multi family properties.

I've also reached out to a few lenders and it seems 15% down is the minimum for a duplex unless it's FHA. Has anyone heard otherwise?

Thanks to anyone willing to share information and reading my long post!

Loading replies...