All Forum Posts by: Amy Silva

I am going to take over my parents California home mortgage after they refinance to buy a home in Utah. They are looking in to adding me to the title of their home in San Jose, CA (both their names would stay). We plan on me living in the home as well. I’m concerned about capital gains and how this could possibly be a problem in the future. We may sell this home in 5 to 10 years from now, any advice? Also, if anyone knows a great real estate cpa that is familiar w/ California would love a referral :)

@Amy Silva edit to add that my parents and sibling discussed that we would not have access the equity of the home, we would share the assets once my parents pass on..etc I want to share the home with my sister and possible turn it into a rental in the future

Hi, I have an opportunity to purchase my parents home for $500,000 in the Bay Area (Home could be sold for about 1.2 mill). Obviously, I would love the chance to get ahead of this crazy market, but there is some agreements that need to made.

1) Parents would be able to come and go, they want to live in house w/ us 6 months out of the year

2) Sibling would get $100,000 from sale for down payment to purchase a home in Utah for my parents to share w/ them so they can see grandkids in Utah and California

3) We all as a family would have to agree-we all want it in writing and I'm concerned that if it goes south it can cause problems w/ family relationships.

How would you go about this? Who should I speak to to work the kinks out if we go through w/ this, a real estae lawyer?

Thank you for your knowledge and advice!

Hi, I have an opportunity to purchase my parents home for $500,000 in the Bay Area (Home could be sold for about 1.2 mill). Obviously, I would love the chance to get ahead of this crazy market, but there is some agreements that need to made.

1) Parents would be able to come and go, they want to live in house w/ us 6 months out of the year 

2) Sibling would get $100,000 from sale for down payment to purchase a home in Utah for my parents to share w/ them so they can see grandkids in Utah and California 

3) We all as a family would have to agree-we all want it in writing and I'm concerned that if it goes south it can cause problems w/ family relationships.

How would you go about this? Who should I speak to to work the kinks out if we go through w/ this, a real estae lawyer? 

Thank you for your knowledge and advice!