All Forum Posts by: Alicia Rivera

We are looking to purchase a second home to use as an IP, but undecided what would make more sense. Continue living in primary and rent out second one? Or rent out our primary residence and move into the second home? I appreciate any guidance/advice on how to best come to this decision. We are new to RE investing. 

Solid information and guidance. Thank you

Thank you all for the wonderful advice. I really appreciate it and will keep you posted!

Hello, in the process of purchasing our first investment property and I’m meeting with the GC- first quote and first time.
The home will most likely be a complete rehab. 
Any advice/guidance on what to ask or make sure to cover during our meeting? 

Thanks! 

Hello, excited to be here and connect with all of you.

Husband and I are in the process of buying our first investment property. Unique case where I already own 33.3% of the home- cousins own the other 66% and want nothing to do with it. It was our grandmothers from the 60's. I'd just be buying them out, so looking forward to more options/creative ways to finance/obtain the home. 

Already had it inspected and having realtor run comparables so they we can come up with a price. To take full ownership, would I only need a quitclaim deed? And perhaps a good contract spelling out all the details and agreements between cousins and I? 

What other steps and plans of action should we be taking? 

Thank you!

Thank you all for the guidance!

I learned that I already own 33% of the property, so I would just be buying my cousins out- they want nothing to do with it. I was told I would just need a quick claim deed after we agree to a purchase price. We're trying to find creative ways to finance, so we thought about having them agree to give up their rights (we would provide a contract with all the details ensuring them the amounts they would be paid), begin rehabbing the home, have it appraised with the ARV and pull funds out and finally pay them. Anyone have any experience/advice going this route?

 Thank you!

I'm having a meeting with them this weekend to discuss and ask if they already have a price in mind. My aunt made the executor of her will, so although I filed the will with the state, I was told I did not have to go through probate. She does not really have much, assets, etc. I've been dealing with her affairs, closing accounts, etc. 

Not 1st time home buyers, just first time buying a home for investment. We were pre-approved about 6 months ago when we started looking for investment properties. It just so happened that the best, current opportunity is my grandmothers house. 

Thank you for this information! So, no need to get real estate attorney involved? Does lender set up appraisal of home? At what point are we getting appraisal/inspection of home? Reason I ask about attorney is bc the house was passed down to my mom and her brother and deceased sister. They hold the will which stated home goes to them, but no one is occupying the home and they do not interest in keeping it. 

My husband and I are interested in purchasing our first investment property from family. Since it is not a typical home buying transaction with an agent involved, what should are first steps be? Other than calling a meeting with the family members that own the home to discuss and begin the process of getting wills, deeds, etc., where/what do we do first to begin the buying process? Thank you