All Forum Posts by: Filipe Contaifer

Also curious on this! My TIP is 101.87%. 310,000 sales price, 3% down (9,3000), 5.375% interest rate. What is everyone else seeing?

Wow! Who you pick truly does matter. Especially for folks like me who are new and don't have connections. That is why I am so appreciative of this platform and community. Thank you for your help Lucia - I appreciate your help via DM. 

Thank you Henry! Replacing roof, 100% completely new. I spoke to roofer - they would ensure roof is properly vented at no extra cost.

Seems like $8,750 is somewhat of a fair price? Any other tips? Also taking recommendations of roofers in Dallas, TX! 

Howdy folks! New to REI, closing on my first property this Friday! Sad news is it looks like I may need a new roof. Hoping you folks who have been doing this a lot longer than I could provide some guidance.

Below is the home inspection assessment and quote I received from the roofing company.

I'm closing on this property this Friday and need to make a decision if I replace the roof now or later. This will also impact my home owners insurance per month. The current roof is 8-10 years old (per Sellers Disclosure). I live in Dallas, TX which is known for bad hail storms. I have the cash to replace the roof now. Here's a couple of questions, feel free to answer as many as you'd like! All input is welcome :)

1) Per the inspection report and information above, do you suggest replacing the roof now or later?
2) If I replaced the roof now, could I deduct it from my taxes? I am buying this home as a primary residence. Living in it and renting out spare bedrooms to buddies (house-hacking).
3) Per the quote, is $8,750 a fair price for the work done?
4) Per the quote, would you suggest any different type of work done / approach?
5) Do you have any recommendations of roofers in the Dallas area?

This was lengthy, thanks for bearing with me. Appreciate your time folks!

@Grace Modl way to go! You're asking the right questions. You've got great wisdom from the folks above and here's what I'll add. 

It sounds like you're spending about $1,600+ on rent? That's enough to cover a mortgage. I'd buy. Now if you were spending $500/600 on rent.. then you'd have to get into House Hacking for buying to make more sense.

I just went through this process of analyzing rent vs. buying. I'm happy to share my journey and thoughts with you. Let me know if you'd like to chat!

@Charles Cathey there are lots of factors to consider here and the folks above gave some great insights. Interest rates have risen, but they are still historically low. If interest rates is what is keeping you from pulling the trigger, I'd say shoot baby!

I just bought my first property and likely had many of the thoughts you're having. If you'd like somebody to talk with or bounce ideas off of, I'm all ears! 

Best of luck - I'm sure you'll make the right decision. Trust your gut.

Howdy folks! I'm closing on my first ever property (praise God!) and got a couple of questions.

1. Any recommendations for real estate savvy tax advisors in Dallas, TX? Looking for somebody who is going to ask me questions as I don't know what I don't know. Also looking for somebody who is willing to invest in a long-term relationship and work with me throughout the year, not just during tax season. I'm a young investor who is willing to learn and looking to invest in the right relationships for the long-term!

2. What can I deduct from taxes if I'm House Hacking? I'm buying the property as my primary residence. It's a single family with 4 bedrooms. I will be living in one bedroom and renting out the other bedrooms to my buddies. A friend of mine told me that I should keep the receipts of everything I spend on the property (new roof, home inspection, plumbing, furniture, etc.) so that I can deduct it from my taxes. Am I still able to deduct these things if I am getting a loan for this house as my primary residence? My goal is to deduct as much as possible as I will be itemizing deductions instead of the standard tax deduction. Is this possible? If not, what options do I have to make this possible?

Thanks in advance for reading. Appreciate your time and inputs! If you're local in Dallas and looking to connect, let me know, I'm new to real estate and am looking to learn as much as possible.

@Jason Hirko got it. Makes sense. Thank you for explaining! Appreciate your time.

Hi everyone! My relator sent me a Buyer Representation Agreement to sign. However, the below bolded section seems to me that I would be liable in the event seller did not pay commission? Is this standard? Should I ask for an addendum clarifying I am not liable if seller does not pay commission in the event of a sale? 

This is my first time buying a home. Thank you for the guidance!

Client and Broker agree to the following Terms and Conditions:

1.Earned and Payable; Commission; For purposes of Section 4 - Commission set forth opposite this page, Broker's commission is deemed earned when: (1) Client enters into a contract to buy or lease property in the Market Area; or (2) Client breaches this Agreement. Broker's commission is payable, either during the Term or after it ends, upon the earlier of: (1) the closing of the transaction to acquire the property; (2) Client's breach of a contract to buy or lease a property in the Market Area; or (3)Client's breach of this Agreement. If Client acquires more than one property under this Agreement, Broker's commissions for each property acquired are earned as each property is acquired and are payable at the closing of each acquisition. Broker will first seek to obtain payment of the Commission first from the seller, landlord or their agents but in the event such persons refuse or fail to pay the Commission to Broker, Client agrees to pay Broker the Commission less any amounts broker receives from such persons.