All Forum Posts by: Eidref Laxa

This is probably the only rote to cash flow with this type of purchase. Corporate housing via Airbnb is quite possibly the best  strategy. Let's talk after I solidify a plan. 

@Katie L. I put it in the creative financing forum for a reason! Lol. Thanks for your time. I appreciate it.

@Katie L. That all makes sense. Wow, I wouldn't want the carryover basis, considering she probably bought the house for 100k back in the day- and seeing that the 1031 can be changed at any given moment, I wouldn't want to take on that risk. Now I'm thinking,  she puts it in a trust and we inherit it. And I apologize for going back to the refi idea so many times, but lets say she does take a refi- and we pay that balance off while she is living. Should we inherit the home, would we just owe whatever money is owed on the property?

@Matt K. Long term lease would be great, but we need to get her the money in this lifetime. 800 grand in a 10 year lease is hefty.

So we want to "inherit" the property while she is living- maybe I'm not using the right word here. Maybe we just do a refinance on that house, take however much she wants, and we can just pay that off. Then when she passes, she can leave us the house in her will? What do you think of that?

**We want to avoid buying the house out right to avoid the taxes** So far, I'm reading that if she were to deed the house to us, she will still have to pay taxes? Taxes on what? the appraised value of the house?

I don't think she wants to do the 1031, but my fiancee and I might do that in the future.

@Steven Hamilton II @Katie L. @Account Closed

We are entertaining the idea of purchasing my fiancee's grandmother's home in Mountain View, CA. This house is in a PRIME location, walking distance to google. COMPS are going for 1.2-1.4 mil ARV. We want to present the best proposition to both parties, she is our grandmother of course.

Currently:

-The Mountain View house is being rented to family.

-We are renting a room from her in the San Jose home she lives in. Her Mountain View home is being rented by family, but we would switch places upon taking ownership.

-The Mountain View house is paid off.

-There is a mortgage on the San Jose house.

Her Wants:

-Keep the property within the family rather than sell it, but would ultimately sell it if her kids don't want to purchase the house (let's assume none can purchase).

-Avoid capital gains taxes as much as possible.

Our Wants:

-House hack- either renting rooms, renting the house, AirBnB, Build an ADU - The more privacy the better

-Find a price that works. We are thinking in the range of 600-700k. Her capital gains would literally be over 200k in taxes should she sell it on the market other wise.

-Build equity to leverage for future investments

Are there any legal ramifications if she Quitclaim/Quickclaim Deeds us into the property, and we cash out Refi money and essentially use that to buy her out? Are there Pros and Cons to this and is there a better way to do this?

Are you looking to live in the property? If so, I would suggest looking for a 2 or 3 unit instead. Better chances of raising rents to market through an owner occupied property.

@Ronan M. I appreciate the offer. Let me talk to the agent first thing in the morning to see what I can find before using up your precious time. I'll keep you updated. 

@Ronan M. wow thank you for deciphering through that. You pointed out the development I was trying to capitalize on. With whole foods and Starbucks, I figure the area would be prime for appreciation, granted the property was already cash flowing and not a problem not worth having. 

Let me go ahead and just post the deal. It looks like it's 90% rehabbed. Rents are low so I'm trying to figure out what is going on! 

www.loopnet.com/Listing/7201-S-Vincennes-Ave-Chicago-IL/9974811/

Hello BP,

I am a beginning investor in the Bay Area. I recently got pre-approved for a mortgage and  teared up a little when I found out what I could "afford." Upon realizing that my house hack plans may be delayed, I decided on opening up my investing options out of state. 

I found an apartment complex in the  South Chicago 60621 zip code off 72nd street in between I-94 and Memorial Park.

Can any locals/investors give me any low down on properties in that area and confirm if the rents are about right. I mainly want to know if the area is safe and not a war zone? If anyone can also throw in any development they may know of, starbucks, grocery stores.

1 Bedroom 600

2 Bedroom 700

Any input is greatly appreciated!

Hello everyone. I spent  about 4 hours here today to get preapproved and take a first time homebuyers mini class.  The reason that it was a ghost town was because it was jampacked yesterday and yes, walk ins did not get reservations. They stopped giving reservations to folks after 1:30pm yesterday.   

Details for Jan 23rd: 

Reservations that do not close on a property within the 60 day period  will give up their grant. If you want this money go to the Lift website and make a reservation on Jan 23rd. 

Requirements for the new deadline: 

Must have a purchase contract

Must be preapproved

Please be aware: Grant funds will take anywhere from 30-45 days. You can also "layer" multiple programs if they meet the qualifications.