All Forum Posts by: Barry Underwood

@Heath Thomas Jr

Thank you for the confirmation. I appreciate it.

@Harjeet Bhatti

I think I have explained it incorrectly. Here is the statement from the bank

“When I was looking over our guidelines on conventional investment properties, I confirmed that gift funds aren’t acceptable in any way. What this would mean is you would need those funds deposited into your account as soon as possible and they would need to be in there long enough to be a part of your 60 day average balance with the bank so that we would not have to treat them as gift funds.”

Thoughts?

Looking to purchase my first STR in August. What is the best way to start having bookings immediately? What should my real expectations be Gatlinburg area? for the first six months?

My mother is selling the farm, literally. She inherited a house and small piece of land from her mother in which she has a contract on with closing next month. she plans on gifting me the money and intern I will purchase a STR. I am looking at using Veterans United to handle the conventional mortgage loan. They told me that the gifted funds will need to sit in my bank account for 60 days before we can use it on the conventional loan. I am looking for advice to understanding why this is a requirement, are there are any questions that I need to be asking, are there any tax penalties problems that could arise?