All Forum Posts by: Darryl Gill

Elisa you make great points. I do like the idea of keeping the house with my parents so I don't burden myself with lots of tax and another loan that I would be back in the hole more. An option that may benefit my experience is act like a property management company and handle the property for them. I would get the experience I am looking for. Then pay them the monthly payments. Currently, I have 10k saved but looking to redo my backyard that I will need a loan for. I would be looking out of state for an initial investment property. Sparks, NV sounds appealing. Need more research. Ideally property around 200k. I am very open to other markets. Great point on the trust. I will need to check with my parents. They have been clear with my sister and I everything will be 50/50. Proof will be in the paperwork. Thanks for your guidance.

I looked on zillow of the house value and was 568k. This will be interesting. Next steps is to just start the conversation with my parents. Thanks for the guidance.

Agreed, that is what my parents told me about inheriting the house when they pass.  They are in their 70's and expect them to live another 20 years ish.

I do want to leverage that property somehow and I would say yes to purchasing investment property from the trust.  Although, my wife told me that I need to secure the rental property house first to be a landlord and ensure I can handle having a rental smoothly before investing in other properties.  

Hi BP community,

First I wanted to say, 'Hi' to the community. I've been listening to podcasts and been learning a lot. Yes, I want to have a few real estate investments, but first I have a scenario I hope someone can guide me.

My parents have a rental home which they have invested in for me. I've since moved out and have purchased my own home four years ago, which is awesome. My parents have told me that I am not able to take over the property yet because the house is in a trust with my parents and my name on it. The title of the house is in their names, not mine. Thus I can't do anything with it yet. They are still managing the house. I have not seen any documents yet. I have had a small conversation with them about taking over the house but nothing serious. Since, listening to podcasts. I want to make it more serious and what to be prepared with what we can do to move forward. I believe everything is paid off.

What I am looking for is guidance to see what steps or resource I can look up about taking over the property.

Appreciate your guidance and if there are other questions I should be asking, please let me know.

I posted this originally in another category mistakenly.  

Thanks

Darryl

Hi Bret,

Thanks for responding.  I have an older sister.  

Yes, my parents were looking out for both of us.  What they did was buy two properties in the 70's and held on to them until we got older.  They had a house for each of us to make our lives easier.  My parents sold the first house for my sister as an initial down payment for her home of her choosing.  Worked out well for her.  The house my parents have for me is currently their rental.  They've stated to me a couple of times that it is a hassle for them and would rather not have to deal with a rental.  

My main objective is to acquire the property so that that i can pull money out of that house and invest in two other properties.  Basically, the same thing my parents did for me I want to do for my two sons.  They are 9 & 7.

So, I am wondering what the best approach is when I have a discussion with my parents about the property.  I am assuming do I need to at least have my name on the title to take over?

Hi BP community,

First I wanted to say, 'Hi' to the community.  I've been listening to podcasts and been learning a lot.  Yes, I want to have a few real estate investments, but first I have a scenario I hope someone can guide me.

My parents have a rental home which they have invested in for me.  I've since moved out and have purchased my own home four years ago, which is awesome.  My parents have told me that I am not able to take over the property yet because the house is in a trust with my parents and my name on it.  The title of the house is in their names, not mine.  Thus I can't do anything with it yet.  They are still managing the house.  I have not seen any documents yet.  I have had a small conversation with them about taking over the house but nothing serious.  Since, listening to podcasts.  I want to make it more serious and what to be prepared with what we can do to move forward.  I believe everything is paid off.

What I am looking for is guidance to see what steps or resource I can look up about taking over the property.  

Appreciate your guidance and if there are other questions I should be asking, please let me know.

Thanks

Darryl